Budget 2024 : Defence budget reduced, focus on job, middle class ::::: "A lot of incentives moving towards new tax regime and also money in the hands of people"

"The Budget 2024–25 not only exemplifies Bharat's newfound sense of purpose, hope and optimism under the PM Modi Ji -led NDA government but also fortifies them.  Harnessing the power of Bharat's youth, Nari Shakti and farmers, the budget fuels the nation's pace on the path of emerging as a developed nation by ushering in a new era of employment and opportunities".  - Home Minister Amit Shah

"Under the leadership of PM Modi, in the new Parliament of the country, honourable Finance Minister has presented an all-inclusive, pro-developmental Budget, which will prove to be one that fulfills the hopes and aspirations of 140 crore Indians and the resolves of Amrit Kaal. 

The Budget 2024-25 is a financial document for the construction of Aatmanirbhar and Viksit Bharat," says UP CM Yogi Adityanath 

The new tax slabs under the new income tax regime will be effective from April 1, 2024. (Assessment Year 2025-26).

FM Nirmala Sitharaman said income of up to Rs 3 lakh will continue to be exempted from income tax under the new regime.

As per the proposal, a 5 per cent tax will be levied on income between Rs 3-7 lakh, 10 per cent between Rs 7-10 lakh, 15 per cent for Rs 10-12 lakh.

Finance Minister Nirmala Sitharaman on Tuesday hiked standard deduction by 50 per cent to Rs 75,000 and tweaked tax slabs under the new income tax regime to provide more money in the hands of salaried class with a view to boost consumption.

She said salaried employees in the new tax regime could save up to Rs 17,500 in income tax annually following the changes announced in the Budget.

The standard deduction for salaried employees is proposed to be increased from Rs 50,000 to Rs 75,000 annually. Similarly, deduction on family pension for pensioners is proposed to be enhanced from Rs 15,000 to Rs 25,000.

"This will provide relief to about four crore salaried individuals and pensioners," Sitharaman said in her Budget speech. In the last fiscal, more than two-thirds individual taxpayers have availed the new personal income tax regime. Over 8.61 crore I-T returns were filed in 2023-24 fiscal.

However, 20 per cent tax will continue to be levied on income between Rs 12-15 lakh and 30 per cent for income above Rs 15 lakh.

 Budget 2024: 

Union Minister Jyotiraditya Scindia says -- "...Every sector from agriculture, rural development, education, healthcare has been kept focussed in the budget...

In the last 1 years, BSE Sensex has increased 20,000 points.  Our economic growth has reached 8.2%, which has set a record in the world...".

Sunil Munjal says, "Wide-ranging areas have been covered in this Union Budget. Special focus on the development of the eastern region, startups and programs for employment generation are good."  

Director General of the Confederation of Indian Industry (CII), Chandrajit Banerjee says, "...The partnership which was talked about in the economy was very well reflected in the budget... We have seen a huge focus on areas like the rural economy." 

"It will not only elevate the rural economy but will also get into a lot of non-agricultural rural jobs. That's one segment. Second is the employment generation focus. That was a big area of the announcement today... ". 

"The third segment focused on the midsized and the small companies and their participation...One must also talk about the way taxation has been dealt with. So there is a lot of incentive moving towards a new tax regime and also money in the hands of the people, especially the middle class...". 

FM Sitharaman has proposed slashing import duty on mobile phones, chargers and some components that are used for manufacturing of handsets in the Union Budget for fiscal year 2024-25.

Finance Minister Nirmala Sitharaman said with a three-fold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured.

"In the interest of consumers, I now propose to reduce the BCD (basic customs duty) on mobile phone, mobile PCBA and mobile charger to 15 per cent". 

“The Budget talks about giving more than 5 crore youth employment and stipend. It also has provisions for women, poor and farmers,” says BJP MP Brijmohan Agrawal  

"You will get to know all things slowly, and slowly (sab kuchh dhire dhire jaan jaaiyega)," Bihar CM Nitish Kumar on Centre saying 'no' to Special Category Status to Bihar 

Finance Minister Nirmala Sitharaman's 7th Union Budget highlights a Rs 4.54 lakh crore allocation for defence in FY25, slightly lower than the Rs 6.22 lakh crore announced in the Interim Budget. 

Key focuses include employment and the middle class, with Rs 2 trillion allocated for job creation over five years. 

Capital expenditure for defence stands at Rs 1.72 trillion. India's defence production hit a record Rs 1.27 lakh crore in 2023-24, reflecting efforts to boost domestic manufacturing. 

Plans include increasing military hardware exports to Rs 50,000 crore by 2028-29.