Budget Explainer 2024 : Finance Minister Nirmala Sitharaman has presented the first budget of Modi Government 3.0 on Tuesday. This was the seventh budget presented by Nirmala Sitharaman. In this budget, the Finance Minister gave a big gift to the taxpayers. Let us understand with some points what the common man has got in this budget.
- Standard deduction for salaried employees has been increased from Rs 50,000 to Rs 75,000. Slabs of the new tax regime have been changed. This will help taxpayers save up to Rs 17,500.
- The limit of Mudra loan will be increased from Rs 10 lakh to Rs 20 lakh.
- It is proposed to increase the employer’s contribution to NPS from 10 per cent to 14 per cent of the employee’s salary.
- Gold and silver will become cheaper, there is a proposal to reduce the custom duty on these to 6% and on platinum to 6.4%.
- Giving relief to cancer patients, custom duty on three more medicines has been completely removed.
- Mobile phones, mobile PCBA and mobile chargers will become cheaper, there is a proposal to reduce the basic customs duty to 15 percent.
- Under PM Awas Yojana Urban 2.0, 1 crore urban poor and middle class families will get benefits.
- In 5 years, 1 crore youth will get skill training i.e. internship in the country’s top companies. A 12-month Prime Minister’s Internship Scheme has been announced with a monthly honorarium of Rs 5,000.
- Prime Minister’s Tribal Development Campaign has been announced. This will benefit 5 crore tribal people in 63 thousand villages.
- The government will pay the first salary of the youth for their first job.
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