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Union Budget 2024: Is it a Growth-Driven Budget Or Not?

FM Nirmala Sitharaman announced the Modi 3.0 Union Budget on July 23, 2024. This budget appears unsupportive to financial marketu00a0participants

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Union Budget 2024: Is it a Growth-Driven Budget Or Not?

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  1. Union Budget 2024 Is it a Growth-Driven Budget Or Not?

  2. FM Nirmala Sitharaman announced the Modi 3.0 Union Budget on 23 July 2024. This Budget does not seem very supportive to the financial market participants. However, this Budget has kept 9 priorities for generating ample opportunities for all. 

  3. Union Budget Estimates for Financial Year 2025 • Fiscal deficit estimate lowered to 4.9% of GDP from 5.1% in the interim Budget. • FM aims to reach a fiscal deficit of below 4.5% by FY26. • Market borrowing decreased to Rs 14.01 lakh crore from Rs 15.43 lakh crore for FY24. • Receipts for FY25 were seen at Rs 32.07 lakh crore. • The expenditure for FY25 is seen at Rs 48.21 lakh crore.

  4. New Income Tax Slab Announced in Union Budget 2024

  5. Key Takeaways From the Union Budget 2024 • Capital Expenditure: Retained at Rs 11.11 lakh crore for FY 2025, amounting to 3.4% of India's GDP. • Capital Gains Tax: Long-term capital gains tax increased to 12.5% from 10%. Short-term capital gains tax increased to 20% from 15%. Exemption limit for capital gains set at Rs 1.25 lakh per year.

  6. Customs Duty: Reduction in Basic Customs Duty (BCD) on mobile phones, mobile PCDA, and mobile chargers to 15%. Customs duty on gold and silver reduced to 6%, platinum to 6.4%. BCD increased to 15% on printed circuit board assemblies for specific telecom equipment. Exemption on customs duties for 25 critical minerals and lower BCD for two of them.

  7. Futures and Options Segment: Security Transaction Tax (STT) rate raised from 0.01% to 0.02%. Negative market reaction with a decline in Nifty and Sensex. • Agriculture and Rural Development: Rs 1.52 lakh crore allocated to the agriculture sector. Comprehensive review of agricultural research for productivity and climate resilience. Rs 2.66 lakh crore for rural development initiatives. Introduction of one crore farmers to natural farming over two years.

  8. Infrastructure: Additional Rs 26,000 crore allocated to road connectivity projects. • Affordable Housing: Rs 10 lakh crore investment to address housing needs of 1 crore urban poor and middle-class families. PM Surya GharMuft Bijli Yojana to install rooftop solar panels for one crore households. • Mudra Loans: Limit increased to Rs 20 lakh from Rs 10 lakh for previous borrowers who have repaid their loans.

  9. Higher Education Loans: Financial support for loans up to Rs 10 lakh with e-vouchers issued to 1 lakh students annually, including a 3% interest subsidy. • MSME: New scheme for term loans to purchase machinery and equipment without collateral. Guarantee fund up to Rs 100 crore for MSME credit guarantees. Technology support package for MSMEs. SIDBI to open 24 new branches to serve MSME clusters

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