Union Budget of India

 Union Budget of India-

 

 

What is Union Budget?

Union budget of India is the annual financial statement of the central government for the upcoming financial year—from April 1 to March 31—which is tabled before both houses of the parliament by the government. In other words, the budget of India is the statement of revenue and expenditure of the government. Under Article 112 of the Constitution of India, the government has to present the budget to inform both the houses about its projected income and expenditure. The budget of India is divided into two parts: Capital Budget and Revenue Budget. Apart from these, the budget of India also includes the fiscal estimates for the next financial year.

 

Indian Union Budget 2024

India's Interim Budget 2024, presented earlier on 1^st FEB  by Hon’ble Finance Minister Smt Nirmala Sitharaman, lays out the government's spending plans for the first half of the upcoming fiscal year.The Union Budget of India for the fiscal year 2024-25 has been unveiled, setting the tone for the nation's economic priorities and financial strategies for the upcoming year. As always, it's a document that captures the attention of the entire nation, from economists to common citizens, as it outlines the government's plans for revenue generation, expenditure allocation, and policy initiatives. Let's delve into the key highlights of India's Budget 2024, examining it point by point

1. Economic Growth Targets:

-The budget sets ambitious targets for economic growth, aiming to propel India towards a trajectory of sustained and inclusive growth.

-Growth projections are based on various factors including domestic consumption, investment, exports, and global economic trends.

2.Infrastructure Development:

-Significant allocations are made towards infrastructure development projects across various sectors including roads, railways, ports, and airports.

-Emphasis is placed on enhancing connectivity, promoting sustainable development, and boosting economic activity.

3. Healthcare Initiatives:

-In light of recent challenges posed by the COVID-19 pandemic, the budget prioritizes strengthening healthcare infrastructure and services.

-Investments are directed towards expanding healthcare facilities, improving access to healthcare in rural areas, and bolstering disease surveillance mechanism

 4. Education and Skill Development:

-The budget underscores the importance of education and skill development in driving India's socio-economic progress.

-Initiatives are announced to enhance the quality of education, promote digital literacy, and foster innovation and entrepreneurship among the youth.

 

 

 

5. Agriculture Sector Reforms:

-Given the significance of agriculture in India's economy, the budget outlines reforms aimed at boosting agricultural productivity, increasing farmers' income, and ensuring food security.

-Measures include investments in irrigation infrastructure, agricultural research and development, and market reforms.

6.Employment Generation:

-Addressing the issue of unemployment, the budget focuses on initiatives aimed at generating employment opportunities, particularly for the youth.

-Strategies include promoting labor-intensive sectors, skill development programs, and entrepreneurship support schemes.

 

 

 

 

7. Taxation Reforms:

-The budget introduces reforms in taxation policies aimed at promoting ease of doing business, enhancing compliance, and ensuring equity.

-Measures may include rationalization of tax rates, simplification of tax procedures, and incentives for voluntary compliance.

 

Income Tax Slab

In India, income tax is calculated using income tax slabs and rates for the applicable financial year (FY) and assessment year (AY).

 Individual taxpayers must pay income tax based on the slab system into which they fall. Individuals may fall into a different tax bracket depending on their Income. As a result, persons with higher incomes will have to pay more taxes.

Income Tax Slab for FY 2023-24

The following tables show the Revised Income Tax Slabs, not the old tax regime. These new tax slabs in India were presented in the Budget 2024. The table for the new tax regime slabs-

 

In conclusion, India's Budget 2024 reflects a comprehensive vision aimed at driving economic growth, fostering social development, and addressing key challenges facing the nation. While the budget outlines various initiatives and allocations, its successful implementation will depend on effective governance, stakeholder collaboration, and adaptability to evolving circumstances. As citizens, it's essential to stay informed about the budget's implications and actively participate in the nation's journey towards prosperity and inclusive development.

-Chief Aptitude Director

-Om Gosavi