Budget Summary 2024: A Focus on Jobs, Education, and Infrastructure

The Union Budget for 2024-2025 prioritized social welfare, job creation, and infrastructure development. Here's a breakdown of key announcements:

• Fiscal Prudence: The government aims to maintain a fiscal deficit of 4.9% of GDP.

• Investing in People:

  • Job creation schemes with support for new hires and skilling initiatives.
  • Increased education spending, including student loan support and ITI upgrades.

• Tax Tweaks:

  • New tax slabs and higher standard deduction for middle-class relief.
  • Increased tax on short-term capital gains(from 15% to 20%), long-term capital gains (from 10% to 12.5%), and futures & options(0.02% & 0.1%).

• Boosting Infrastructure:

  • Transit-oriented development plans for 14 major cities.
  • Focus on water supply, sanitation, and waste management in 100 large cities.

• Social Welfare:

  • Encouraging states to lower property stamp duties for women.
  • Initiatives for street food vendors and tribal development.

Ministry Budget Allocations: The budget increased spending across key sectors, with:

Defence receiving ₹4.55 lakh crore.
Rural development allocated ₹2.66 lakh crore.
Education budgeted at ₹1.26 lakh crore.
Healthcare seeing an increase to ₹89,287 crore.