Welcome to today’s article. Today we will discuss about India’s Annual Budget 2024, in which how much budget will go to which scheme in Budget 2024 and what will be the new plan of Finance Minister of India Nirmala Sitharaman, what has she said for 2024? In which scheme will she present more budget? Know further on whom the Finance Minister has implemented tax in Budget 2024 and how much tax will be levied.
Budget 2024: India’s Finance Minister Nirmala Sitharaman has announced which projects will get more funding in the 2024 budget, along with which schemes will get additional funding. Finance Minister Nirmala Sitharaman unveiled the interim budget in Parliament today, detailing which taxes and how much will be collected in Budget 2024. This budget does not make any adjustment in income tax. He said that under the new tax system, income up to Rs 7 lakh will remain tax-free as before. According to the information given by the Finance Minister in the interim budget, 2 crore people will get free housing under the PM Gramin Awas Yojana. Nirmala Sitharaman said that 40,000 common rail coaches will also be refurbished as per Vande Bharat standards. In his budget speech (Budget 2024) he said that the top main goal of the government is youth, Annadata, poor and women empowerment.
Budget 2024 Income Tax Update
A blueprint for the developed India would be provided by the July full budget, as declared on Thursday by Finance Minister Nirmala Sitharaman. In 2024–2025, efforts are being made to reduce the fiscal deficit to less than 4.5 percent. It is projected that the fiscal deficit for 2024–2025 will be 5.8% of GDP. We have offered tax reduction for incomes up to Rs. 7 lakhs under the new tax regime. Refund issuing has been expedited since the refund process now takes 10 days instead of 93. There have been 2.4 times as many people filing income taxes. In a single year, 26.02 lakh crores of taxes were collected. The amount of GST collected has grown to 1.66 lakh crores. In the last ten years, direct tax collection has tripled.
The Budget 2024 contains no modifications to tax exemptions. Both direct and indirect taxes continue to be levied at their previous rates.
Budget 2024 Share Market News
The country’s interim budget was unveiled on Thursday by Finance Minister Nirmala Sitharaman. The Finance Minister delivered an hour-long address about the budget, and while she made no big disclosures, the stock market was not impressed. Following the budget, there was a little dip in the stock market. Nifty finished 28 points lower at 21,697, while Sensex fell 106 points to close at 71,645.
1. Big Growth in Agriculture Shares
Finance Minister Nirmala Sitharaman made a number of announcements pertaining to the agriculture industry during her interim budget speech. The Finance Minister stated that the food subsidy for the fiscal year 2024–25 will be ₹1.64 lakh crore, which is less than the ₹1.89 lakh crore allotted for the current fiscal year (FY23). The fisheries company’s BSE share increased by 3.74% to ₹264. Moreover, Godrej Agrovet’s share hit ₹581, the highest amount in 52 weeks. Patanjali Foods’ portion rose by 0.80% as well, reaching ₹1570.
2. Shares Of Solar Companies Increased Rapidly
One crore homes will receive free power for up to 300 units per month, according to Finance Minister Nirmala Sitharaman. These one crore houses will all have solar panels placed on their roofs. The stock prices of companies that supply solar facilities have increased after this announcement. Shares of Sterling-Wilson and KP Green Energy increased. KP Green Energy’s shares increased by 9.50 percent on the BSE to Rs 1,997.15, the highest level in 52 weeks. The shares of Sterling-Wilson Renewable Energy and Adani Green Energy both saw increases of 2.14 and 4.16 percent, respectively.
Budget 2024 Scheme To Increase Dairy Production
On Thursday, the country’s finance minister, Nirmala Sitharaman, unveiled a plan to boost milk and dairy production. Although India produces more milk than any other country in the world, she claimed that production is low. India produced 23.05 crore tonnes of milk in 2022–2023 a four percent rise. Additionally, she stated that a plan would be created to produce sesame independently. The minister declared that more work would be done to improve farmers’ incomes and boost value addition in the agriculture industry.
Budget 2024 Railway Budget Update
Three significant economic train lines will be built, according to information disclosed by Finance Minister Nirmala Sitharaman in the railway budget on Thursday. In contrast, a committee will be established to address population-related concerns, with a particular focus on Lakshadweep’s development. In India, 40,000 bogies from ordinary trains will be upgraded to Vande Bharat. In the next ten years, there will be twice as many airports. Under the UDAN scheme, 517 new aviation routes have been discovered.
Budget 2024 Farmers Benifits
Union Finance Minister Nirmala Sitharaman on Thursday said that more than 38 lakh farmers will benefit from the Modi government’s policies for farmers. Finance Minister Nirmala Sitharaman said that the government is working towards making India a developed country by 2047. He said that the Modi government has been increasing the minimum support price (MSP) for farmers from time to time and appropriately. This will continue further also. The government works hard to guarantee farmers receive fair prices for their produce. According to them, social justice serves as an essential and successful’model’ for government. They stated that there will be more efforts made in the agriculture sector to raise crop prices and farmers’ earnings. The crop insurance programme has helped almost 4 crore farmers. Benefits from the PM Kisan Samman Nidhi scheme total 38 lakh farmers. The process of creating 10 lakh job possibilities has begun. Under the Prime Minister’s Micro Food Processing Enterprise official plan, sixty thousand people and 2.4 lakh Self-Help Groups (SHGs) have benefited from financial facilities. The administration has continuously emphasised the need to fix the system’s flaws that affect farmers.
Budget 2024 Which Department Got How Much Money
Union Finance Minister Nirmala Sitharaman provided comprehensive information about the funding allotted for different projects on Thursday during her presentation of the Interim Budget 2024 in Parliament. The Finance Minister stated at this time that plans for the development of the common people poverty, farmers, businesspeople, working professionals, and women are made by the Modi administration. The government has given special attention to the advancement of women, farmers, youth, and the impoverished.
Finance Minister Nirmala Sitharaman announced during the presentation of the Budget 2024 that the Defence Ministry has been given Rs 6.2 lakh crore. Rs 2.78 lakh crore has been provided to the Ministry of Road Transport and Highways, Rs 2.55 lakh crore to the Ministry of Railways, and Rs 2.13 lakh crore to the Ministry of Consumer, Food, and Public Distribution. In addition, the Home Ministry received Rs 2.03 lakh crore, the Ministry of Chemicals and Fertilisers received Rs 1.77 lakh crore, the Ministry of Rural Development received Rs 1.68 lakh crore, the Ministry of Communications received Rs 1.37 lakh crore, and the Ministry of Agriculture and Farmers Welfare received Rs 1.27 lakh crore. Are.
Budget 2024 PM Modi Praised The Budget
The Modi government’s final budget was presented by Finance Minister Nirmala Sitharaman. In response to this budget, Prime Minister Narendra Modi has also spoken. PM Narendra Modi praised Budget 2024 as amazing and claimed it would realise Young India’s dreams. He said that although this budget is temporary, it is also creative and inclusive. The four foundations of a developed India youth, the impoverished, women, and farmers will all be strengthened by this budget. It’s a budget for constructing the future of the country. Additionally, Prime Minister Narendra Modi stated that the goals of the younger generation in young India are reflected in this budget. The budget has two significant decisions made. The budget also includes an announcement regarding the extension of tax breaks for entrepreneurs, along with a fund of one lakh crore designated for research and innovation. An unprecedented amount of 11 lakh 11 thousand 111 crore rupees has been set aside for capital expenditures, all while maintaining control over the fiscal deficit.
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