IMPACT of Union Budget 2024 on Digital Marketing Professionals and Jobs in INDIA 🇮🇳

Summary

The video script discusses the impact of the 2024 budget on digital marketing professionals, emphasizing the importance of understanding the economy for effective marketing. It highlights tax relief measures, changes in tax slabs, and the abolition of angel tax to boost startups. The script also touches on reduced customs duty on mobile phones and a decrease in corporate tax for MNCs, suggesting positive implications for digital marketing, e-commerce, and manufacturing in India. It concludes with advice on personal finance and the importance of English proficiency in the job market.

Takeaways

• 📢 The Indian Union Budget 2024 focuses on employment, skill building, MSMEs, and middle-class employment, aiming to create more jobs and equip people with the right skills for job sustainability.
• 💼 The government emphasizes the importance of understanding the economy for digital marketing professionals, as it impacts their ability to be effective marketers.
• 📉 The budget introduces tax relief measures, including changes to income tax slabs and rates, which could potentially impact disposable income and savings for individuals.
• 🚫 The budget abolishes Angel Tax, which previously taxed individual investors when their investments resulted in a high profit, thereby encouraging entrepreneurship and investment in startups.
• 📈 Long-term capital gains tax is increased from 10% to 12.5%, which may affect the tax liabilities of individuals holding financial or non-financial assets for over a year.
• 🛒 The reduction of customs duty from 1% to 0.1% for e-commerce merchants is expected to boost the sector by reducing the tax burden on transactions, making online shopping more affordable.
• 📱 Corporate tax rates for foreign companies have been reduced from 40% to 35%, with a 5% deduction, to attract more international businesses to invest and operate in India.
• 💡 The budget simplifies tax regulations, particularly around capital gains tax, to make it easier for taxpayers to understand and calculate their tax liabilities.
• 🌐 The government's focus on skill development and investment in MSMEs is expected to open up opportunities for digital marketing professionals to cater to a growing market.
• 💰 The budget's emphasis on job creation and skill development suggests an increased demand for skilled labor, which could benefit individuals looking to upskill and advance their careers.
• 🛍️ The reduction in customs duty on mobile phone parts and chargers to 15% is likely to result in lower prices for consumers, potentially increasing demand for mobile devices and related products.

Q & A

What is the main theme of the budget discussed in the script?

The main theme of the budget discussed in the script is employment, skill building, MSME (Micro, Small, and Medium Enterprises), and middle-class employment.

What is the focus of the government regarding job creation and skill development according to the budget?

The government aims to create more jobs and emphasizes skill development so that people have the right skills to perform and excel in their jobs.

How does the budget address the role of MSMEs in the economy?

MSMEs are highlighted as the foundation of the country, employing over 70% of the workforce, and the budget aims to boost small businesses to contribute more to the economy.

What changes have been made to the tax regime as per the script?

The script mentions several changes to the tax regime, including tax relief for different income brackets, an increase in the standard deduction, and the abolition of angel tax.

What is the new tax relief provided for different income brackets as mentioned in the script?

The new tax relief includes no tax on income up to ₹2.5 lakhs, 5% tax for income between ₹3-7 lakhs, 10% for ₹7-10 lakhs, 15% for ₹10-12 lakhs, and 30% for income above ₹15 lakhs.

What does the script say about the standard deduction for tax?

The script mentions that the standard deduction has been increased from ₹50,000 to ₹75,000 for individual taxpayers.

What is the significance of the abolition of angel tax as mentioned in the script?

The abolition of angel tax is significant as it removes a financial burden on startups and individual investors, encouraging investment and growth in the startup ecosystem.

How does the budget impact digital marketing professionals according to the script?

The budget impacts digital marketing professionals by providing them with opportunities to launch and promote products in the economy, create ads, banners, campaigns, and scripts, and hire influencers.

What is the script's stance on the importance of understanding economics for a professional?

The script emphasizes that understanding economics is crucial for a professional, especially a marketer, as it enables them to better navigate and contribute to the economy.

What are the incentives provided for investments in the budget, as per the script?

The script mentions incentives for investments, such as the reduction of long-term capital gains tax from 10% to 12.5% and the increase in the limit for short-term capital gains tax.

How does the script discuss the simplification of the income tax act?

The script suggests that the government plans to simplify the income tax act, clarifying the classes of capital gains and making it easier for individuals to calculate their tax liabilities.