Blockbuster or Disaster? | Budget 2024 EXPLAINED in just 15 minutes

Summary

The Indian government's budget for 2024-25, led by Prime Minister Modi, focuses on employment, with new schemes like the 'Plan for All-Round Development' targeting states like Bihar and Andhra Pradesh. It introduces tax reliefs and hikes, new initiatives for students and businesses, and reforms in land and health sectors. The budget also addresses long-term capital gains tax, with changes affecting investments in stocks, real estate, and mutual funds. Additionally, it proposes incentives for startups and alterations in the new tax regime, aiming to boost the economy and provide relief to taxpayers.

Takeaways

• 😀 The budget presented is for the fiscal year 2024-25, focusing on employment and development with schemes like PM Rozgar Protsahan Yojana and Atmanirbhar Bharat Rozgar Yojana.
• 📈 The budget aims to provide financial support to states like Bihar and Andhra Pradesh for their development plans.
• 💼 Special emphasis is placed on employment with new schemes targeting fresh graduates and the manufacturing sector, offering incentives for both employers and employees.
• 🏫 An internship scheme is introduced to provide opportunities for 1 million youths in top 500 companies, incentivizing companies for internship costs.
• 🏠 The government announces initiatives to reduce stamp duty on land transactions and digitize land records to increase transparency and reduce fraud.
• 💰 The budget introduces a new savings scheme, NPS Vaatsalya, for parents to invest in their minor children's future, with tax benefits.
• 🌟 The government offers a subsidy on import duties for precious metals, aiming to reduce the prices of gold and silver in the domestic market.
• 📉 Changes in tax rates for long-term capital gains on equities and real estate are announced, potentially increasing tax liabilities for investors.
• 📈 The budget proposes an increase in the surcharge on short-term capital gains from equities, impacting traders and investors.
• 💼 For salaried employees, the standard deduction on income tax has been increased, providing some tax relief.

Q & A

What is the focus of the Union Budget 2024 presented by the Modi government?

The Union Budget 2024 is focused on overall development across India, with special emphasis on certain states like Bihar and Andhra Pradesh, and introducing new schemes for employment and loans.

What are the significant changes in the tax policies as per the budget 2024?

The budget 2024 has introduced several changes in tax policies, including reductions and increases in tax rates, and the introduction of new schemes and incentives for various sectors.

How does the budget plan to address employment opportunities in India?

The budget introduces new schemes designed to provide employment opportunities, such as incentives for freshers in manufacturing sectors and internship programs for youth with top 500 companies.

What incentives are provided for businesses and investors in the budget?

The budget offers incentives for businesses and investors, including tax breaks and subsidies, to encourage investment and business growth.

What is the significance of the 'Plan for All-Round Development' mentioned in the budget?

The 'Plan for All-Round Development' is a significant part of the budget that aims to provide comprehensive development across various sectors, including infrastructure and social welfare.

How does the budget propose to support the manufacturing sector in India?

The budget proposes to support the manufacturing sector by providing salary support to freshers joining the sector and reducing the tax burden on employers who increase their employment strength.

What are the key features of the internship scheme introduced for youth employment?

The internship scheme targets providing internships to 1 million youth in top 500 companies, with the government incentivizing companies for the internships provided.

How does the budget plan to impact the real estate sector?

The budget introduces changes in stamp duty and land registration processes, aiming to increase transparency and potentially make land prices more affordable for the middle class.

What are the tax implications for investments in gold and silver as per the budget?

The budget reduces the customs duty on gold and silver, which is expected to lower the prices of these metals, and there is speculation about a possible increase in GST rates on gold.

What is the 'PM Suraksha Bima Yojana' and how does the budget impact it?

The 'PM Suraksha Bima Yojana' is a government-backed accident insurance scheme. The budget does not directly impact this scheme, but it emphasizes the importance of insurance, including term insurance, for individuals.

How does the budget propose to support startups and their funding in India?

The budget offers benefits for startups by abolishing angel tax and reducing the tax rate for foreign entities investing in Indian startups, thereby encouraging funding and growth in the startup ecosystem.