{"id":103659,"date":"2024-07-24T16:05:09","date_gmt":"2024-07-24T10:35:09","guid":{"rendered":"https:\/\/www.practicemock.com\/blog\/?p=103659"},"modified":"2024-07-24T17:04:34","modified_gmt":"2024-07-24T11:34:34","slug":"union-budget-2024-25","status":"publish","type":"post","link":"https:\/\/www.practicemock.com\/blog\/union-budget-2024-25\/","title":{"rendered":"Union Budget 2024-25, Check Detailed Key Highlights"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/www.practicemock.com\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/www.practicemock.com\/blog\/category\/current-affairs\/\">Current Affairs<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\">Union Budget 2024-25<\/span><\/span><\/div>\n\n\n<p><\/p>\n\n\n\n<p><strong>Union Budget 2024- 25: <\/strong>The Finance Minister Nirmala Sitharaman has released the Union Budget 2024-25 on 23rd July 2024 in the parliament. There are two types of budgets presented every year: an interim budget presented on February 1 and the Union Budget 2024-25 (full) presented on Tuesday, 23rd July 2024 as the budget of the newly elected government. The Union Budget is a roadmap of the government\u2019s financial plan for the upcoming fiscal year. this year Union budget focused on nine priorities Productivity and resilience in Agriculture, Employment &amp; Skilling, Inclusive Human Resource Development and Social Justice, Manufacturing &amp; Services, Urban Development, Energy Security, Infrastructure, Innovation, Research &amp; Development and Next Generation Reforms. The government has reduced customs duties while also implementing changes to capital gains taxes for the upcoming financial year. The \u201cTaxation budget&#8221; will result in revised tax slabs under the new tax policy. Interested aspirants can check our article and know all the details about the union budget.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-vivid-cyan-blue-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.practicemock.com\/rbi-grade-b-test-series\/?ref=11519\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Take RBI Grade B 2024 Free Mock Test &amp; Boost Your Preparation <\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Union Budget 2024- 25 Highlights<\/h2>\n\n\n\n<p>The Union Budget is the Annual Financial Statement of the Indian Constitution in Article 112, prepared annually by the Department of Economic Affairs (DEA). Here we are providing the Union Budget 2024- 25 key highlights in the table below.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td colspan=\"2\">Union Budget 2024-25 Highlights<\/td><\/tr><tr><td>Date of Presentation<\/td><td>23rd July 2024<\/td><\/tr><tr><td>Union Budget Presented By<\/td><td>Department of Economic Affairs (DEA), Ministry of Finance<\/td><\/tr><tr><td>Components of Union Budget<\/td><td>Revenue Budget and Capital Budget.<\/td><\/tr><tr><td>Parts<\/td><td>Annual financial statement and Demand for grants<\/td><\/tr><tr><td>Vision<\/td><td>Prosperous Bharat in harmony with nature, modern infrastructure, and opportunities for all<\/td><\/tr><tr><td>Economic Growth<\/td><td>Projected at 6.5-7% for FY 2025.<\/td><\/tr><tr><td>Fiscal Deficit Target<\/td><td>Reduced to 4.5% for FY 2025<\/td><\/tr><tr><td>Capital Expenditure<\/td><td>Allocated \u20b911.11 lakh crore, maintaining 3.4% of GDP<\/td><\/tr><tr><td>Tax Revenue<\/td><td>Increased through higher long-term capital gains tax and securities transaction tax<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-vivid-cyan-blue-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.practicemock.com\/sebi-grade-a-test-series\/?ref=11519\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Take SEBI Grade A 2024 Free Mock Test &amp; Boost Your Preparation <\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Union Budget 2024-25 Important Key Announcements<\/h2>\n\n\n\n<p>The Union Budget has announced by the Finance Minister Nirmala Sitharaman on 23rd July 2024. The Finance Minister Nirmala Sitharaman has announced nine priority.<\/p>\n\n\n\n<div class=\"wp-block-uagb-image aligncenter uagb-block-e871a492 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-center\"><figure class=\"wp-block-uagb-image__figure\"><img decoding=\"async\" srcset=\"https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2024\/07\/9-PRIORITIES-OF-BUDGET-2024-1.png ,https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2024\/07\/9-PRIORITIES-OF-BUDGET-2024-1.png 780w, https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2024\/07\/9-PRIORITIES-OF-BUDGET-2024-1.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2024\/07\/9-PRIORITIES-OF-BUDGET-2024-1.png\" alt=\"\" class=\"uag-image-103667\" width=\"517\" height=\"517\" title=\"\" loading=\"lazy\"\/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Budget Theme<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gareeb (Poor), Mahila (Women), Yuva (Youth) and Anndata (Farmer)<\/li>\n\n\n\n<li>Focus on employment, skilling, MSMEs, and the Middle class<\/li>\n\n\n\n<li>5 scheme package with outlay of 2 lakh crore<\/li>\n\n\n\n<li>1.48 lakh crore for education employment and skilling<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Productivity Resilience in Agriculture<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u20b91.52 lakh crore for agriculture and allied<\/li>\n\n\n\n<li>109 High-yielding climate varieties of 32 crops<\/li>\n\n\n\n<li>Natural Farming\n<ul class=\"wp-block-list\">\n<li>1 Crore farmers<\/li>\n\n\n\n<li>Certification and Branding<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Mission for pulses and Oil seeds<\/li>\n\n\n\n<li>Improve vegetable supply chains<\/li>\n\n\n\n<li>Digital Public Infrastructure for Agriculture<\/li>\n\n\n\n<li>Shrimp production and export \u2013 Through NABARD<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Employment &amp; Skilling<\/h2>\n\n\n\n<p>EPFO has discussed three employment-related schemes in the Union Budget. The budget released by Finance Minister Sitharaman proposes to allocate Rs 2 lakh crore for employment generation over 5 years.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXf70KOMkzYrg0VU4PvhiblHy-YgNm4uXQNtlZTcBP0N0U6gzTMzHrXRe4LSM_s4rtWQ6sJCY1e1w8g9u2Si1HguqAxj2KbiXYrLFtJwbEh9fAbq3r1Hz0JRcW7-qTf3gnoeJTfUAAkE5xFuSUBDGfGUnow?key=nmtlAwVRH2mGhnUptOXpHA\" alt=\"\" style=\"width:552px;height:276px\" width=\"552\" height=\"276\"\/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\">Inclusive Human Resource Development and Social Justice<\/h2>\n\n\n\n<p><strong>Purvodaya Plan:<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Plan for endowment-rich states in the Eastern parts covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh for generation of economic opportunities to attain Viksit Bharat.&nbsp;<\/li>\n\n\n\n<li>Amritsar Kolkata Industrial Corridor with the development of an industrial node at Gaya.<\/li>\n<\/ul>\n\n\n\n<p><strong>Allocation for Women Schemes :<\/strong> Allocation of more than \u20b93 lakh crore for schemes benefitting women and girls.<\/p>\n\n\n\n<p><strong>Pradhan Mantri Janjatiya Unnat Gram Abhiyan: <\/strong>Improving the socio-economic condition of tribal communities covering 63,000 villages benefitting 5 crore tribal people.<\/p>\n\n\n\n<p><strong>Indian Post Payment Bank: <\/strong>More than 100 branches of India Post Payment Bank will be set up in the North East region.<\/p>\n\n\n\n<p><strong>Andhra Pradesh Reorganization Act:<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Financial support of \u20b915,000 crores will be arranged in FY 24- 25.&nbsp;<\/li>\n\n\n\n<li>Completion of Polavaram Irrigation Project ensuring food security of the nation.<\/li>\n\n\n\n<li>Essential infrastructure such as water, power, railways and roads in the Kopparthy node on the Vishakhapatnam-Chennai Industrial Corridor and the Orvakal node on the Hyderabad-Bengaluru Industrial Corridor.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Manufacturing &amp; Services<\/h2>\n\n\n\n<p><strong>Scheme:<\/strong> Scheme for providing internship opportunities in 500 top companies to 1 crore youth in 5 years.<\/p>\n\n\n\n<p><strong>Allowances: <\/strong>Allowance of \u20b95,000 per month along with a one-time assistance of \u20b96,000 through the CSR funds.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Urban Development<\/h2>\n\n\n\n<p><strong>PM Awas Yojana Urban 2.0: <\/strong>The needs of 1 crore urban poor and middle-class families will be addressed with an investment of \u20b910 lakh crore.<\/p>\n\n\n\n<p><strong>Rental Housing Markets:<\/strong> Enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXeaVHILc_ZC74uVuTg6YstDgNu0XzZepDzV6DK1kdcy6oFQlCTWFno1VO66XAJJQ2bFXvvYkQYr5ezhaRn6ttPkpo_06oJHSWV-8t9abX2c7BapYrIMiWDknhF9-Dm9HaAf8ANKd4qAzj-0Lvu7VL1AYdQj?key=nmtlAwVRH2mGhnUptOXpHA\" alt=\"\" style=\"width:496px;height:340px\" width=\"496\" height=\"340\"\/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\">Energy Security<\/h2>\n\n\n\n<p><strong>Initiatives with the private sector in Nuclear Energy:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Setting up Bharat Small Reactors&nbsp;<\/li>\n\n\n\n<li>R&amp;D of Bharat Small Modular Reactor and newer technologies for nuclear energy<\/li>\n<\/ul>\n\n\n\n<p><strong>Pumped Storage Policy: <\/strong>For electricity storage and facilitation of smooth integration of the growing share of renewable energy.<\/p>\n\n\n\n<p><strong>AUSC Thermal Power Plants: <\/strong>A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant.<\/p>\n\n\n\n<p><strong>Energy Audit:&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Financial support for shifting of micro and small industries to cleaner forms of energy.<\/li>\n\n\n\n<li>Facilitate investment-grade energy audit in 60 clusters, next phase expands to 100 clusters.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXcBCiAcyQPdDSRQY6BhawCcYBtDuEEoGJRl8Pif315Tp7ML459LVx5yCU3Jy5wp6k8h2ZDMBJ1JGwQObHcSZjkZ0CUMzSyrwWaFVyJTK9-_De3YfGc3OqFJTCZT_y2GtjSgjugMFUfsQxFKdebjcuuMvCM?key=nmtlAwVRH2mGhnUptOXpHA\" alt=\"\" style=\"width:545px;height:291px\" width=\"545\" height=\"291\"\/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\">Infrastructure<\/h2>\n\n\n\n<p><strong>Tourism:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;Development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor modelled on Kashi Vishwanath Temple Corridor&nbsp;<\/li>\n\n\n\n<li>A comprehensive development initiative for Rajgir will be undertaken which holds religious significance for Hindus, Buddhists and Jains.&nbsp;<\/li>\n\n\n\n<li>The development of Nalanda as a tourist centre besides reviving Nalanda University to its glorious stature.&nbsp;<\/li>\n\n\n\n<li>Assistance to the development of Odisha\u2019s scenic beauty, temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes and pristine beaches making it an ultimate tourism destination.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Innovation, Research &amp; Development<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Operationalization of the Anusandhan National Research Fund for basic research and prototype development.&nbsp;<\/li>\n\n\n\n<li>Private sector-driven research and innovation at a commercial scale with a financing pool of \u20b91 lakh crore.<\/li>\n\n\n\n<li>Space Economy: A venture capital fund of \u20b91,000 crore is to be set up.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Next Generation Reforms<\/h2>\n\n\n\n<p><strong>Taxonomy for climate finance:<\/strong> Enhancing the availability of capital for climate adaptation and mitigation-related investments.<\/p>\n\n\n\n<p><strong>FDI and Overseas Investments:<\/strong> Simplified to facilitate FDIs and promote opportunities for using Indian Rupee as a currency for overseas investments.<\/p>\n\n\n\n<p><strong>NPS Vatsalya: <\/strong>A plan for contribution by parents and guardians for minors.&nbsp;<\/p>\n\n\n\n<p>Improvement of data governance, collection, processing and management of data and statistics.<\/p>\n\n\n\n<p><strong>New Pension Scheme (NPS):<\/strong> A solution that addresses the relevant issues, protects the common citizen and maintains fiscal prudence will be formed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sector-Specific Customs Duty Proposals<\/h2>\n\n\n\n<p>A comprehensive review of the rate structure for ease of trade, removal of duty inversion and reduction of disputes.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td colspan=\"2\"><strong>Sector-Specific Customs Duty Proposals<\/strong><\/td><\/tr><tr><td><strong>Changes in Custom Duty<\/strong><\/td><td><strong>Beneficiaries<\/strong><\/td><\/tr><tr><td>Fully exempt 3 more cancer medicines from custom duties<\/td><td>Affordable medicines<\/td><\/tr><tr><td>Reduce BCD to 15% on Mobile phone, Mobile PCBA and charger<\/td><td>Mobile industry<\/td><\/tr><tr><td>Reduce custom duty on gold and silver to 6% and platinum to 6.4%<\/td><td>Domestic value addition<\/td><\/tr><tr><td>Reduce BCD on shrimp and fish feed to 5%<\/td><td>Enhance competitiveness in marine exports<\/td><\/tr><tr><td>Exempted more capital goods for manufacturing of solar cells &amp; panels<\/td><td>Support energy transition<\/td><\/tr><tr><td>Fully exempt custom duties on 25 critical minerals<\/td><td>Boost to strategic sectors<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Direct Tax Proposals<\/h2>\n\n\n\n<p>To reduce the compliance burden, promote entrepreneurial spirit and provide tax relief to citizens.<\/p>\n\n\n\n<p><strong>Rationalisation of capital gains<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Short term gains of financial assets to attract 20% tax rate.&nbsp;<\/li>\n\n\n\n<li>Long term gains on all financial an non-financial assets to attract a tax rate of 12.5%.<\/li>\n\n\n\n<li>Increase in limit of exemption of capital gains on financial assets to \u20b91.25 lakh per year.<\/li>\n<\/ul>\n\n\n\n<p><strong>Employment and Investment<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Abolish ANGEL tax for all classes of investors.&nbsp;<\/li>\n\n\n\n<li>Simpler tax regime to operate domestic cruises.<\/li>\n\n\n\n<li>Provide for safe harbour rates for foreign mining companies (Selling raw diamonds)&nbsp;<\/li>\n\n\n\n<li>The corporate tax rate on foreign companies reduced from 40% to 35%<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXfNH9KJs89P3dFmBvo_P5olaA64VyQh7xWIMKvM7LHvabbMs-SPJ9W0JrnQCfIedTp7DJgz71vT9xzpPRmI6RwyfH4W2ZH046IMS2rFaRW6vQ54QUSwZBvNwH0PPhpA5CAdSP87TEhSMMTEoVkr3B2QVth5?key=nmtlAwVRH2mGhnUptOXpHA\" alt=\"\" style=\"width:458px;height:281px\" width=\"458\" height=\"281\"\/><\/figure><\/div>\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-vivid-cyan-blue-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.practicemock.com\/?next=https%3A%2F%2Fs1.practicemock.com%2Fpricing%2Findex.php%3Fc%3Drbi24&amp;ref=11519\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Boost Your Preparation For RBI Grade B &amp; SEBI Grade A 2024 Exam<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Union Budget 2024-25 FAQ<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1721820501394\"><strong class=\"schema-faq-question\">Which date is budget 2024 in India?<\/strong> <p class=\"schema-faq-answer\">Finance Minister Nirmala Sitharaman has presented the Union Budget 2024-25 on 23rd July 2024.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1721820594406\"><strong class=\"schema-faq-question\">How sectors will benefit from the Union Budget 2024-25?<\/strong> <p class=\"schema-faq-answer\">The \u00a0education, agriculture, manufacturing, and infrastructure more benefits form the Union Budget 2024-25.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1721820816886\"><strong class=\"schema-faq-question\">Who is Presented the Union Budget 2024-25?<\/strong> <p class=\"schema-faq-answer\">The Finance Minister Nirmala Sitharaman has presented the Union Budget 2024-25.<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>In this article we are sharing the Union Budget 2024-25, Check Detailed Key Highlights and more details in the article below.<\/p>\n","protected":false},"author":13,"featured_media":103670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-103659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Union Budget 2024-25, Check Detailed Key Highlights<\/title>\n<meta name=\"description\" content=\"In this article we are sharing the Union Budget 2024-25, Check Detailed Key Highlights and more details in the article below.\" \/>\n<meta name=\"robots\" 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I cleared many bank exams time by time but couldn't join because of my passion towards writing. I write blogs to help aspirants prepare for Banking and Insurance exams. These blogs turn out to be a one-stop destination for comprehensive information on some of the biggest competitive exams like SBI PO\/Clerk, IBPS PO\/Clerk, IBPS RRB PO\/Clerk and RBI. My ultimate goal is to provide accurate and easy-to-understand information, covering topics like exam patterns, syllabus, study techniques, and more. 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