Budget 2024: Sitharaman announces plan for Viksit Bharat; a look at key numbers

Budget 2024 Key Numbers: Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2024 in Parliament today, marking her seventh consecutive budget, surpassing the late Morarji Desai's record of six. The budget was anticipated to focus on changes in the income tax structure and enhancing the ease of doing business in India.

At 11 am, Sitharaman unveiled the full budget for 2024-25, the first under the Modi 3.0 government, in Lok Sabha.

The finance minister will present a statement in English and Hindi of the estimated receipts and expenditures for 2024-25 in the Rajya Sabha.


Here are the key numbers to watch out for the first full Budget of Modi 3.0:

Tax-related numbers:

• Standard Deduction on New Tax Regime raised from Rs 30,000 to Rs 75,000. Rs 17,500 saving
• New Tax slabs announced under New Tax Regime

1. Up to Rs 3 lakh no tax
2. Rs 3 -7 lakh 5 percent
3. Rs 7-10 lakh 10 percent
4. Rs 10-12 lakh 15 percent
5. Rs 15 lakh 30 percent

• STT increased from 0.1 percent to 0.2 percent
• STT also increased for Future & Options: STT on F&Os proposed to be increased to 0.02% and 0.01% respectively
• TDS on e-commerce cut to 0.1 percent from 1 percent
• Capital gains taxation to be hugely simplified: Short-term capital gains to be 20%. LTCG to be 12.5 percent for some asset.
• Employer NPS deduction increased to 14 per cent

Capex, fiscal deficit

• Capex outlay for infrastructure retained at interim budget target of Rs 11.1 lakh crore
• Fiscal deficit estimate lowered at Rs 4.9% of GDP for the current fiscal from 5.1% of GDP.

Industrial allocation

• Defence: Rs 4,54,773 crore
• Rural: Rs 2,65,808 crore
• Agriculture: Rs 1,51,851 crore
• Home affairs: Rs 1,50,983 crore
• Education: Rs 1,25,638 crore
• IT & Telecom: Rs 1,16,342 crore
• Health: Rs 89,287 crore
• Energy: Rs 68,769 crore
• Social welfare: Rs 56,501 crore
• Commerce & Industry: Rs 47,559 crore

Allocation for various schemes

• Pradhan Mantri Janjatiya Unnat Gram Abhiyan announced for 63,000 tribal villages, benefitting 5 crore tribals.
• Rs 10 lakh crore allocated for providing 1 crore houses to urban poor and middle class
• The limit of mudra loans will be enhanced to Rs 20 lakh from Rs 10 lakh for those who have availed and successfully repaid loans under TARUN category.
• Credit Guarantee schemes for MSMEs will be introduced. A guarantee cover of Rs 100 crore will be provided for higher amount of loan.
• Government to provide Rs 15,000 crore financial assistance for Andhra Pradesh for development of Amaravati. Additional amounts promised for future years
• Road connectivity projects to be developed at the cost of Rs 26,000 crore.
• Govt to launch three employment-linked schemes. Budget proposes to allocate Rs 2 lakh crore for job creation over 5 years. New employment skilling scheme to provide skills 20 lakh youth in 5 years, says FM Sitharaman. The scheme will also enhance woman participation, she said.
• Internship scheme for youth announced. 1 crore youth in 500 top companies with Rs 5,000 per month as internship allowance and one-time assistance of Rs 6,000 to be provided.
• Financial support for loans up to Rs 10 lakh will be provided for higher education in domestic institutions.
• Govt to provide incentive to 30 lakh youth entering job market by providing 1 month PF contribution.
• Rs 1.52 lakh crore allocated for agriculture and allied sectors
• Rs 3 lakh crore allocation announced for women centric schemes
• Rs 2 lakh crore package announced for 5 schemes.