Key highlights of India's 2024 Budget:

Here are the key highlights of India's 2024 Budget:

1. Income Tax Changes: The standard deduction for salaried employees has been increased from ?50,000 to ?75,000.The family pension limit has been raised from ?15,000 to ?25,000. No new changes to direct and indirect tax rates, but long-term capital gains tax has been increased from 10% to 12.5%, and short-term capital gains tax from 15% to 20% (mint) (PIB).
2. Fiscal Deficit: The fiscal deficit target for FY25 has been set at 4.9% of GDP, down from the previous target of 5.1%. The aim is to reduce it further to 4.5% by FY26 (mint) (PIB).
3. Infrastructure and Capital Expenditure: A significant allocation of ?11.11 lakh crore over the next five years for capital expenditure and infrastructure development. Focus on developing three major railway corridors and converting 40,000 rail bogies to Vande Bharat coaches (mint) (mint).
4. Employment and Skilling: New schemes with a budget of ?2 lakh crore to upskill and create employment opportunities for 4.1 crore youth over the next five years. A scheme to provide internships at top 500 companies for 1 crore youth, with interns receiving ?5,000 per month (https://www.oneindia.com/) (mint).
5. Agriculture and Rural Development: Allocation of ?1.52 lakh crore for agriculture and allied sectors. Plan to help 1 crore farmers adopt natural farming practices and release 109 new crop varieties (https://www.oneindia.com/) (Hindustan Times).
6. Support for MSMEs: Initiatives such as opening 24 new SIDBI branches in MSME clusters and establishing e-commerce export hubs to help MSMEs expand globally (mint).
7. Green Initiatives: Continued focus on renewable energy and electric vehicles, with initiatives to support green infrastructure (Hindustan Times).
8. Women's Empowerment: Enhanced focus on boosting women's workforce participation through skilling and employment programs (https://www.oneindia.com/) (mint).
9. Social Welfare: Continuation of welfare schemes like PM-KISAN for farmers and new initiatives for marginalized groups (PIB).
10. Housing: Plan to build three crore additional houses for rural and urban areas, with necessary allocations made to support this initiative (Hindustan Times).

These highlights indicate a comprehensive approach aimed at strengthening the economy, supporting infrastructure development, promoting social welfare, and ensuring sustainable growth