Union Budget 2024 Highlights and Announcements: Finance Minister Nirmala Sitharaman presented her first budget since the general elections, unveiling a series of measures aimed at providing relief to the middle class and bolstering job creation. The budget allocated Rs 2 lakh crore over the next five years for employment generation schemes and ramped up spending for states governed by the BJP’s new coalition partners.
Sitharaman’s budget also introduced tax reforms, such as the abolishment of ‘angel tax’ for all startup investors, a reduction in customs duty on mobile phones and gold, and the simplification of capital gains tax. However, the hike in securities transaction tax (STT) on futures and options of securities resulted in a downturn in stock markets.
Focus on Infrastructure Development
A significant portion of the budget has been earmarked for infrastructure projects in Bihar and Andhra Pradesh. Bihar is set to receive Rs 60,000 crore for expressways, power plants, heritage corridors, and new airports, especially with assembly elections on the horizon next year.
Andhra Pradesh, which recently aligned with the BJP-led NDA, secured Rs 15,000 crore in financial aid through multilateral agencies. For the middle class, the standard deduction saw a 50% increase to Rs 75,000, with adjusted tax slabs for taxpayers opting for the new income tax regime.
Focus on Water and Sanitation
The Department of Drinking Water and Sanitation has been allocated a budget of Rs 77,390.68 crores for the upcoming financial year 2024-2025, signaling a slight increase from the previous year. A notable portion of this budget is dedicated to the Jal Jeevan Mission (JJM), which has been granted Rs 69,926.65 crore.
Official data reveals that over 15 crore rural households have been connected with tap water connections to date. Union Minister for Jal Shakti C R Paatil praised this milestone, emphasizing how it has enhanced the quality of life for citizens.
Since the initiation of the Jal Jeevan Mission in 2019, 77.65% of rural households, totaling 15,00,27,135, have benefitted from tap water connections. The mission, through collaborative efforts with states, Union Territories, and development partners, aims to extend this connectivity to all rural households by the end of the year.
Achieving Full Coverage
States and Union Territories like Goa, Telangana, Haryana, Gujarat, Punjab, Himachal Pradesh, Mizoram, Arunachal Pradesh, Puducherry, Dadra and Nagar Haveli and Daman and Diu, and Andaman and Nicobar Islands have already achieved 100% tap water coverage, setting a precedent for others to follow suit.
Stay tuned for more updates on the Union Budget 2024 and its far-reaching impacts on various sectors. Let’s continue to track the progress and implementation of these critical measures for the betterment of the country’s economy and infrastructure.