New Delhi: Union Finance Minister Nirmala Sitharaman presented her seventh consecutive Budget in Parliament today – Tuesday, July 23. Nirmala Sitharaman announced key employment schemes and also revised the tax structure in the new tax regime, while the slabs in old tax regime remain the same. Finance Minister announced a major reduction in customs duty on cancer medicines and mobile phones. Imported gold, silver, leather goods and seafood will also get cheaper.
The Budget for 2024-25 is the action plan for the Modi 3.0 government to outline a roadmap towards India’s developmentin the next five years. Prime Minister of India Narendra Modi welcome the Union Budget presented by Nirmala Sitharaman. He said the Budget 2024 will benefit all sections of society and lay the foundation for a developed India.
In a major Budget highlight standard deduction for salaried employees will be raised to ₹75,000, from ₹50,000 under the new income tax regime in FY25. The Union Budget 2024-25 identified nine priorities for generating ample opportunities — Productivity and Resilience in Agriculture, Employment and Skilling, Inclusive Human Resource Development and Social Justice, Manufacturing and Service, Urban Development, Energy Security, Infrastructure, Innovation, Research and Development and Next Generation Reforms.
