Union Budget 2024: Taxation, schemes, other highlights
Union Finance Minister Nirmala Sitharaman presented the Interim Budget for the financial year 2024-2025 on February 1. Here are the key highlights of the Union Budget 2024 tabled by the minister.
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Taxation
The interim budget does not highlight any change in tax rates in direct and indirect taxes including import duties.
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Rooftop solarisation and free electricity
One crore households will benefit from rooftop solarisation, providing up to 300 units of free electricity monthly.
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Charging of electric vehicles
Entrepreneurship opportunities will be provided to vendors and employment prospects to youth skilled in manufacturing, installation, and maintenance of electric vehicles.
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Promotion of post-harvest activities
The government will promote private and public investment in post-harvest activities, including aggregation, modern storage, supply chains, processing, marketing and branding.
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Expansion of Nano DAP application
Following the successful usage of nano urea, Indigenous fertiliser Nano DAP will be used on various crops across all agroclimatic zones.
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Housing for the middle-class
A scheme will be launched to assist the deserving sections of the middle class living in rented houses, slums, chawls, or unauthorized colonies to buy or build their own houses.
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Expansion of medical colleges
The government aims to establish more medical colleges by utilising existing hospital infrastructure. A committee will be set up for examination and recommendations for the expansion.
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Vaccination for girls
The finance minister encouraged vaccination for girls aged 9 to 14 years to prevent cervical cancer.
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Comprehensive maternal and child healthcare programme
Various schemes under maternal and child healthcare will be combined into one comprehensive programme for improved implementation.
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Extension of Ayushman Bharat coverage
All ASHA workers, Anganwadi workers, and helpers will be extended the healthcare cover under Ayushman Bharat.
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Agriculture and food processing
The government will increase its efforts to boost farmers' income by focussing on reducing post-harvest losses and improving productivity.
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Aatma Nirbhar Oilseeds Abhiyan
The incumbent government aims to achieve self-reliance in oilseeds through research, adoption of modern farming techniques, market linkages, and crop insurance through this initiative.
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Dairy development programme
A comprehensive programme will be formulated by the government to support dairy farmers, leveraging the already existing schemes to enhance productivity.
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Matsya Sampada
The government is aiming to promote investments in fisheries to generate employment opportunities. A separate department will be set up for fisheries under this initiative.
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Promoting investments
The government has drafted measures to encourage sustained foreign investment. The plan includes negotiating bilateral investment treaties and providing ₹75,000 crores as interest-free loans to support milestone-linked reforms by state governments.
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Societal changes
A committee will be formed to address challenges arising from population growth and demographic changes, with recommendations for solutions.