Today is a big day for the country as Finance Minister Nirmala Sitharaman is presenting the budget in the House. While presenting the budget, the Finance Minister is mentioning all those things on which the government has special attention. Let us tell you which subjects the government is serious about and what steps it is going to take for them. Below we will tell you about these subjects through some points.
Read the Finance Minister’s announcements here
- There will be a comprehensive review of the Income Tax Act 1961 which will reduce disputes and litigation. It is proposed to complete this in 6 months.
- Three medicines used to treat cancer will be exempted from basic customs duty.
- The fiscal deficit is estimated to be 4.9% of GDP in 2024-25. The target is to bring the deficit below 4.5%.
- Customs duty on gold and silver to be reduced to 6% and on platinum to 6.5%
- A National Research Fund will be set up to fund basic research and prototype development.
- BCD on mobile phones, mobile PCBs and mobile chargers will be reduced to 15%.
- The government has proposed to set up a Rs 1,000-crore venture capital fund for the space economy.
- The government will give Rs 11,500 crore to Bihar to deal with floods.
- The Pradhan Mantri Gram Sadak Yojana will be launched in the fourth phase in such rural habitations which have become eligible due to population growth.
- 25 important minerals will be exempted from customs duty and BCD will be reduced on two of them.
Said this about urban housing
The Finance Minister said that Rs 2 lakh crore will be made available for Urban Housing. The Finance Minister said that the housing needs of the people will be met with a budget of ₹ 10 lakh crore under PMAY Urban Housing 2.0. He said that the central government will provide a financial assistance of ₹ 2 lakh crore, and concessional rates will be offered for these housing projects.
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