Budget 2025 - Date, Time & Latest Updates

Income Tax

Enhanced Limit of Standard Deduction and Family Pension Deduction:

1. Standard deduction for salaried individuals increased to Rs.75,000 (from Rs.50,000).

1. Family pension deduction raised to Rs.25,000 (from Rs.15,000) under the new regime.

Changes in Tax Structure:

1. Income tax slabs revised with new lower rates for the Rs.3 lakh to Rs.15 lakh range.

1. Salaried individuals under the new tax regime can save up to Rs.17,500.

Simplification of Capital Gains Taxation:

1. Holding periods for long-term and short-term capital gains defined: 12 months for listed securities and 24 months for others.

1. Increased rates for Short-Term Capital Gains and higher exemptions for Long-Term Capital Gains on equity.

Changes in TDS Rates:

1. Reduced TDS rates across various sections such as insurance commissions and rent payments (effective from 1 October 2024).

Corporate Tax Proposals:

1. Reduction in corporate tax for foreign companies to 35%.

1. Increased deduction limits for pension scheme contributions.

Other Key Updates:

1. Introduction of TDS on payments made to partners by firms.

1. Reopening of income tax assessments allowed beyond three years in cases of Rs.50 lakh or more.

Customs Duty Reductions

1. Reduction in duties for mobile phones, gold, platinum, and critical agricultural inputs.

1. Cancer drugs and solar panel capital goods exempt from duty.

GST Reforms

1. Exemption for alcohol manufacturing and tax changes to streamline compliance.

1. New provisions for demand and recovery processes under GST.

Agriculture

1. Rs.1.52 lakh crore allocated to agriculture.

1. Focus on natural farming and high-yield crop varieties, including financial support for shrimp breeding.

Employment & Education

1. New employment-linked incentive schemes for first-time employees and job creation in manufacturing.

1. Collaboration with states for skilling 20 lakh youth over five years.

1. Expansion of Model Skill Loan Scheme with government-backed loan guarantees.

Women-led Development

1. Rs.3 lakh crore allocated for women and girls' development initiatives.

1. Introduction of a scheme to uplift tribal communities.

Manufacturing & Services

1. Credit guarantee schemes for MSMEs to improve machinery access.

1. Expansion of MSME financing, including a boost for food irradiation and testing labs.

Urban Development

1. Rs.10 lakh crore investment in urban housing and infrastructure.

1. Focus on reducing high stamp duties for properties bought by women.

Energy Security

1. Introduction of PM Surya Ghar Muft Bijli Yojana for free solar-powered electricity.

1. Promotion of pumped storage projects and small modular reactors.

Infrastructure

1. Rs.11.11 lakh crore allocated for capital expenditure.

1. Interest-free loans of Rs.1.5 lakh crore to states for infrastructure.

Innovation & R&D

1. Rs.1 lakh crore for private-sector-driven research and innovation.

1. Rs.1,000 crore fund to expand India’s space economy.

1. New land reform initiatives and enhanced e-Shram portal integration.

1. Promotion of climate finance for adaptation and mitigation.

1. Significant increases in allocations for MGNREGA, nuclear power projects, and solar power development.

1. Substantial funding towards semiconductor manufacturing, food security, and rural infrastructure.

Definition

Budget presented by the Central Government just before the General Election.

Annual Budget presented in Parliament by the Central Government.

How is it passed?

The Interim Budget is passed by passing vote-on-account without any discussion in the Lok Sabha.

The Union Budget is passed after discussion in the Lok Sabha.

What are the parts?

Income and expenses of the previous year are included in the Interim Budget until the new Government takes over the charge.

The Union Budget has two parts that includes the income and expenses, and other part is the details of government plans that are involved in raising funds, how it will be uitilised for development, various measures, and others.

Duration

Two to four months of the fiscal year

Entire financial year

What is all mentioned?

Summary of income and expenses of previous year only.

Details of the income and expenses of the previous years.

Components

The following components are not mentioned:

1. Income sources
2. Component of income earned through collection of taxes

The following components are included:

1. Component funds spent for development of country through various social welfare measures
2. Ways of raising funds through taxes

Theme

1. The aim of the Union Budget 2024 is the pursuit of ‘Viksit Bharat’.

1. The theme of the Union Budget 2024 is particularly focussed on ‘Employment’, ‘Skilling’, ‘MSMEs’ and ‘Middle Class’.

1. The Union Budget 2024 will focus on four castes, which are, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer).

Direct Tax Proposals

Enhanced Limit of Standard Deduction and Family Pension Deduction Under New Regime:

1. The standard deduction for salaried individuals increased to Rs. 75,000 from Rs. 50,000.

1. Deduction of family pensions for pensioners increased to Rs. 25,000 from Rs. 15,000 under the new regime.

Changes in Tax Structure Under the New Regime:

1. Income Tax Slabs:

1. Rs. 3 lakh: Nil

1. Rs. 3 lakh to Rs. 7 lakh: 5%

1. Rs. 7 lakh to Rs. 10 lakh: 10%

1. Rs. 10 to Rs. 12 lakh: 15%

1. Rs. 12 lakh to Rs. 15 lakh: 20%

1. Above Rs. 15 lakh: 30%

1. Note: Salaried employees in the new tax regime can save up to Rs. 17,500 in taxes.

Simplification of Taxation of Capital Gains:

1. Two holding periods for classifying assets into long-term and short-term: 12 months and 24 months.

1. Listed securities with a holding period exceeding 12 months are considered long-term. All other assets have a 24-month holding period

1. Unlisted bonds and debentures to attract tax on capital gains at applicable slab rates.

1. Short-Term Capital Gains on listed equity shares, units of equity-oriented funds, and units of business trusts increased to 20% from 15%.

1. The exemption limit for Long-Term Capital Gains on the transfer of equity shares or equity-oriented units increased to Rs. 1.25 lakh per year, with the tax rate increased to 12.5% from 10%.

1. Long-term capital gains on other financial and non-financial assets are taxed at 12.5% without indexation benefit.

1. Provision for availing the benefit of FMV of assets as of 1 April 2001 as cost is still available.

Changes in TDS Rates:

1. Section 194D (Insurance Commission): 5% to 2% (Effective from 1 April 2025)

1. Section 194DA (Life Insurance Policy Payment): 5% to 2% (Effective from 1 October 2024)

1. Section 194G (Lottery Commission): 5% to 2% (Effective from 1 October 2024)

1. Section 194H (Commission or Brokerage): 5% to 2% (Effective from 1 October 2024)

1. Section 194-IB (Rent Payment): 5% to 2% (Effective from 1 October 2024)

1. Section 194M (Certain Payments by Individuals or HUFs): 5% to 2% (Effective from 1 October 2024)

1. Section 194-O (E-commerce Payments): 1% to 0.1% (Effective from 1 October 2024)

1. Section 194F (Repurchase of Units by Mutual Funds or UTI): Omitted (Effective from 1 October 2024)

Introduction of TDS on Payments Made to Partners by Firms (Section 194T):

1. Payments exceeding Rs. 20,000 are subjected to 10% TDS.

Abolishment of Angel Tax:

1. Removal of Section 56(2)(viib) provisions.

1. Beneficial for startups due to frequent fundraising and reduced compliance costs.

Corporate Taxes on Foreign Companies:

1. Corporate tax on foreign companies was reduced from 40% to 35%.

Increased Deduction on Employer's Contribution to Pension Scheme:

1. Section 80CCD deduction limit increased to 14% of the salary

STT on Futures and Options:

1. STT on futures increased from 0.0125% to 0.02%.

1. STT on options increased from 0.0625% to 0.1%.

Other Direct Tax Updates:

1. Reopening of ITR:

1. Assessment can be reopened beyond three years if the escaped income is Rs.50 lakh or more, up to a maximum of five years.

1. The time limit for search cases was reduced from 10 years to six years.

1. Income Tax Appeals:

1. Increased monetary limits for filing tax dispute appeals in tax tribunals, high courts, and supreme courts to Rs. 60 lakh, Rs. 1 crore, and Rs. 2 crore, respectively.

1. Vivaad se Vishwas Scheme:

1. Reintroduced to facilitate the settlement of income tax disputes and eliminate litigation.

Indirect Tax Proposals

Customs Duties Reductions and Exemptions for Critical Goods:

1. Mobile Phone, Mobile PCBA, and Chargers: From 20% to 15%

1. Gold and Silver: From 15% to 6%

1. Platinum: From 15.4% to 6.4%

1. Broodstock, Polychaete Worms, Shrimp, and Fish Feed: From 10%, 30%, and 15%, respectively, to 5%

1. Alkali or Alkaline Earth Metals, 25 Rare Earth Minerals (like Lithium): From 5% to Exempted

1. Capital Goods for Manufacturing of Solar Panels: From 7.5% to Exempted

1. Cancer Drugs (Trastuzumab Deruxtecan, Osimertinib, and Durvalumab): From 10% to Exempted

1. Ferro Nickel and Blister Copper: From 2.5% to Nil BCD

1. Ammonium Nitrate: From 7.5% to 10%

1. PVC Flex Banners: From 10% to 25%

1. PCBA of Specific Telecom Equipment: From 10% to 15%

Major GST Reforms and Amendments:

1. Un-denatured Extra Neutral Alcohol: Exempt from GST for the manufacture of alcoholic liquor for human consumption.

1. Introduction of Section 74A:

1. Addresses tax unpaid, underpaid, erroneously refunded, or wrong ITC availed or utilised from FY 2024-25 onwards.

1. Notices issued within 42 months from the annual return due date or erroneous refund date.

1. Taxpayers have 60 days (up from 30 days) to pay demanded tax with interest to avail reduced penalties.

1. New Section 11A: Allows the government to regularise non-levy or short levy of central tax due to prevalent trade practices.

1. Amendments to Section 13(3): Specifies the time of supply when the recipient issues an invoice.

1. Sub-sections (5) and (6) in Section 16:

1. Retrospective ITC claims for invoices/debit notes for FY 2017-18 to 2020-21.

1. Allows ITC claims post-GST registration revocation, provided the claim period hasn't expired.

1. New Blocked Credit Item in Section 17(5): Disallows ITC on taxes paid under Section 74 for demands up to FY 2023-24.

1. New Proviso in Section 30(2): Adds conditions for revocation of GST registration cancellation.

1. Amendments to Section 31(3)(f): Sets a time limit for the recipient to issue invoices for RCM supplies.

1. Requirement to File GSTR-7: Mandatory filing even if no TDS is deducted in a month under Section 39(3).

1. Amendment to Section 54(15): No GST refund for unutilised ITC or IGST on zero-rated goods subject to export duty.

1. New Section 70(1A): Allows a summoned person to authorise another to appear on their behalf.

1. New Sections 73(12) and 74(12): Limits the applicability of demand and recovery provisions for FY up to 2023-24.

1. Amendments to Section 107:

1. Reduces maximum pre-deposit for filing appeals before the appellate authority from Rs. 25 crore to Rs. 20 crore.

1. IGST Act Section 20 pre-deposit reduced from Rs. 50 crore to Rs. 40 crore.

1. Amendments to Section 109: The government can notify case types for hearing by the Principal Bench of the Appellate Tribunal.

1. Amendments to Section 112:

1. The appeal deadline to the Appellate Tribunal is 1 August 2024.

1. The pre-deposit requirement for appeals was reduced from 20% to 10%, with the maximum pre-deposit lowered from Rs. 50 crore to Rs. 20 crore.

1. Amendments to Section 122(1B): Limits penalties to cases involving e-commerce operators subject to TCS under GST, effective 1 October 2023.

1. New Section 128A: Conditional waiver of interest and penalty for demand notices under Section 73 for FY 2017-18 to 2019-20.

1. Amendments to Section 140: Allows retrospective transitional credit for CENVAT credit for input services by an ISD.

1. New Schedule III Items: Declares co-insurance premium apportionment and reinsurance services as neither supply of goods nor services.

1. New Section 146: No refund of tax paid or ITC reversed under the clause if it would not have been so paid or reversed had the clause been in force.

Agriculture

Provision for Agriculture and Allied Sectors: The government has allocated Rs. 1.52 lakh crore for agriculture and allied sectors.

Release of New Crop Varieties: A total of 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation.

Promotion of Natural Farming:

1. One crore farmers will be initiated into natural farming over the next two years.

1. Support will be provided through certification and branding.

1. Ten thousand bio-input resource centres will be established.

Support for Vegetable Supply Chains:

1. Promotion of Farmer-Producer Organisations, startups, and cooperatives.

1. Focus on storage, collection, and marketing.

Strategy for Oil Seeds Self-Sufficiency:

1. Developing a strategy to achieve ‘Atmanirbharta’ for oil seeds like groundnut, mustard, soybean, sesame, and sunflower.

Digital Public Infrastructure (DPI) in Agriculture:

1. Implementation in partnership with states to cover farmers and their lands within three years.

1. Recording details of 6 crore farmers and their lands in registries.

1. Issuance of Jan Samarth-based Kisan Credit Cards in 5 states.

Support for Shrimp Broodstock Breeding:

1. Financial support is needed to establish a network of Nucleus Breeding Centres for Shrimp Broodstocks.

Employment & Education

New Employment Linked Incentive Schemes:

1. Scheme A: First Timers

1. Direct benefit transfer of one month’s salary in three instalments, up to Rs. 15,000, for first-time employees in the formal sector registered with EPFO.

1. Scheme B: Job Creation in Manufacturing

1. Incentives are provided to both employees and employers based on EPFO contributions for the first four years of employment. 

1. Scheme C: Support to Employers

1. Government reimbursement of up to Rs. 3,000 per month for two years, based on EPFO contributions for each additional employee earning up to Rs. 1 lakh per month.

New Centrally Sponsored Skilling Scheme:

1. Collaboration with industry and state governments.

1. Skilling 20 lakh youth over a five-year period.

1. Upgrading 1,000 Industrial Training Institutes (ITIs) in a hub-and-spoke arrangement focused on outcomes.

Model Skill Loan Scheme Revision:

1. Loans up to Rs. 7.5 lakh for students, guaranteed by a government-promoted fund.

Financial Support for Higher Education Loans:

1. Loans up to Rs. 10 lakh for students in domestic institutions.

1. Direct e-vouchers for annual interest subvention of 3% on the loan amount to 1 lakh students each year.

Inclusive Human Resource Development & Societal Justice

1. Allocation for Rural Development: The government has allocated Rs. 2.66 lakh crore for rural development and infrastructure.

1. Purvodaya Plan: A comprehensive development plan called Purvodaya will be implemented for the eastern region of India, including Jharkhand, Bihar, Odisha, West Bengal, and Andhra Pradesh.

1. Industrial Corridor Support: The development of the Amritsar-Kolkata Industrial Corridor in Gaya will be supported to boost industrial growth in the eastern region.

1. Road Connectivity Projects: Funding of Rs. 26,000 crore will be provided for road projects such as the Patna-Purnea Expressway, Buxar-Bhagalpur Expressway, spurs to Bodhgaya, Rajgir, Vaishali, and Darbhanga, and a new two-lane bridge over the Ganga at Buxar.

1. Power Projects: A new 2400 MW power plant will be established at Pirpainti with an investment of Rs. 21,400 crore.

1. Support for Andhra Pradesh: Special financial assistance amounting to Rs. 15,000 crore will be arranged this year through multilateral development agencies, with more funds expected in future years to fulfil the Andhra Pradesh Reorganisation Act.

1. Polavaram Irrigation Project: Financing will be provided for the early completion of the Polavaram Irrigation Project and for infrastructure in the Kopparthy and Orvakal nodes along the Vishakhapatnam-Chennai and Hyderabad-Bengaluru Industrial Corridors.

1. PM Awas Yojana Expansion: Three crore additional houses will be built under the PM Awas Yojana in both rural and urban areas.

1. Women-led Development: Over Rs. 3 lakh crore has been allocated to promote development initiatives benefiting women and girls.

1. Pradhan Mantri Janjatiya Unnat Gram Abhiyan: A new scheme will be launched to enhance the socio-economic conditions of tribal communities, covering 63,000 villages and benefiting five crore tribal people.

1. Expansion of Banking Services: Over 100 new branches of India Post Payment Bank will be established in the Northeast region.

Manufacturing & Services

Promotion of MSMEs

1. Credit Guarantee Scheme: A new scheme will be introduced to offer term loans to MSMEs for machinery and equipment purchases without requiring collateral or third-party guarantees. The self-financing guarantee fund will cover up to Rs. 100 crore per applicant.

1. In-House Credit Assessment: Public sector banks will develop internal capabilities to assess MSMEs for credit, replacing reliance on external assessments. They will also create a new credit assessment model based on MSME digital footprints.

1. Bank Credit Continuation: A new mechanism will ensure the continuation of bank credit to MSMEs during periods of financial stress.

1. Mudra Loan Limit Increase: The Mudra loan limit under the 'Tarun' category will be raised from Rs. 10 lakh to Rs. 20 lakh for entrepreneurs who have successfully repaid previous loans.

1. TReDS Onboarding Threshold: The turnover threshold for mandatory onboarding on the TReDS platform will be reduced from Rs. 500 crore to Rs. 250 crore.

1. SIDBI Branch Expansion: SIDBI will open new branches to enhance its service to major MSME clusters, providing direct credit within three years.

1. Food Irradiation and Testing Support: Financial support will be provided to establish 50 multi-product food irradiation units and 100 food quality and safety testing labs with NABL accreditation.

1. E-Commerce Export Hubs: E-Commerce Export Hubs will be set up through Public-private Partnerships (PPP) to help MSMEs and traditional artisans access international markets.

Promotion of Manufacturing and Services

1. Internship Scheme: A scheme will be launched to provide internships to 1 crore youth over five years in the top 500 companies, with a monthly allowance of Rs. 5,000 and a one-time assistance of Rs. 6,000.

1. Industrial Parks Development: The government will facilitate the creation of investment-ready 'plug and play' industrial parks in collaboration with states and the private sector.

1. National Industrial Corridor Development: Approval will be granted for the development of 12 new industrial parks under the National Industrial Corridor Development Programme.

1. Critical Mineral Mission: A mission will be established to recycle critical minerals, boost domestic production, and acquire critical mineral assets overseas.

1. Offshore Mining Blocks Auction: The government will launch the first tranche auction of offshore mining blocks based on previous exploration.

1. Integrated Technology Platform: An Integrated Technology Platform will be set up to enhance outcomes under the Insolvency and Bankruptcy Code (IBC).

1. C-PACE Services Expansion: The Centre for Processing Accelerated Corporate Exit (C-PACE) services will be extended to facilitate the voluntary closure of LLPs.

1. Additional National Company Law Tribunals: More National Company Law Tribunals will be created to expedite insolvency resolution, with some focused exclusively on cases under the Companies Act.

1. Additional Debt Recovery Tribunals: New Debt Recovery Tribunals will be established to accelerate the debt recovery process.

Urban Development

1. The government will develop a Transit Oriented Development (TOD) plan for 14 major cities with populations exceeding 30 lakh.

1. Under PM Awas Yojana Urban 2.0, the government will invest Rs. 10 lakh crore to address housing needs for one crore urban middle-class and low-income families, including central assistance of Rs. 2.2 lakh crore over the next five years.

1. State governments and Multilateral Development Banks will advance projects for sewage treatment, water supply, and solid waste management in 100 large cities, focusing on bankable projects.

1. A new scheme will support the creation of 100 weekly 'haats' or street food hubs in selected cities over the next five years.

1. The government will encourage states to reduce high stamp duty rates and consider further reductions for properties purchased by women.

Energy Security

1. PM Surya Ghar Muft Bijli Yojana: Launched to provide one crore households with 300 units of free electricity per month through rooftop solar installations.

1. Pumped Storage Projects Policy: A new policy will promote pumped storage projects to support electricity storage and the integration of renewable energy.

1. Partnership for Bharat Small Reactors: The government will collaborate with the private sector to develop Bharat Small Modular Reactors and advance nuclear energy technologies.

1. NTPC-BHEL Joint Venture: NTPC and BHEL will jointly establish an 800 MW commercial plant utilizing Advanced Ultra Super Critical (AUSC) technology.

1. Energy Efficiency in Industries: Investment-grade energy audits will be facilitated for traditional micro and small industries in 60 clusters, with financial support provided to transition to cleaner energy sources and implement energy efficiency measures.

Infrastructure

1. Capital Expenditure: The government has allocated Rs. 11,11,111 crore for capital expenditure.

1. Interest-Free Loans for States: Rs. 1.5 lakh crore will be provided in long-term interest-free loans to assist states with resource allocation.

1. Phase IV of PMGSY: The Pradhan Mantri Gram Sadak Yojana (PMGSY) Phase IV will be launched to ensure all-weather connectivity to 25,000 rural habitations.

1. Irrigation and Infrastructure Support: Financial support will be provided through the Accelerated Irrigation Benefit Programme and other sources for projects costing Rs. 11,500 crore, including the Kosi-Mechi intra-state link and various schemes for river pollution abatement, barrages, and irrigation.

1. Temple Corridor Development: The government will oversee the comprehensive development of the Vishnupad Temple Corridor and the Mahabodhi Temple Corridor in Rajgir, Nalanda, and Odisha.

Innovation, Research & Development

1. Private Sector Research and Innovation: A mechanism will be established to enhance private sector-driven research and innovation at a commercial scale, supported by a finance pool of Rs. 1 lakh crore.

1. Anusandhan National Research Fund: The Anusandhan National Research Fund will be operationalised to support basic research and prototype development.

1. Space Economy Expansion: A venture capital fund of Rs. 1,000 crore will be created to increase the space economy fivefold over the next decade.

Next Generation Reforms

1. Land Reforms: The government will collaborate with states to implement land-related reforms and actions for both rural and urban areas.

1. e-Shram Portal Integration: The e-Shram portal will be integrated with other platforms to offer a comprehensive one-stop solution for a wide range of labour services.

1. Portal Revamps: The Shram Suvidha and Samadhan portals will be upgraded to improve compliance and ease of trade and industry.

1. Climate Finance Taxonomy: A taxonomy for climate finance will be developed to boost capital availability for climate adaptation and mitigation.

1. Investment Regulations: Rules for Foreign Direct Investment (FDI) and Overseas Investments will be simplified to encourage prioritization, facilitate FDI, and promote the use of the Indian Rupee for overseas investments.

1. NPS Vatsalya: The government will introduce NPS Vatsalya, a scheme allowing parents and guardians to contribute to a fund for minors.

1. Jan Vishwas Bill 2.0: The government is working on the Jan Vishwas Bill 2.0 to improve the 'Ease of Doing Business'.

Allocation to Major Schemes 

Research and Development Projects

1. 2023-24 (BE): Rs. 840 crore

1. 2024-25 (BE): Rs. 1,200 crore

MGNREGA

1. 2023-24 (BE): Rs. 60,000 crore

1. 2024-25 (BE): Rs. 86,000 crore

Nuclear Power Projects

1. 2023-24 (BE): Rs. 442 crore

1. 2024-25 (BE): Rs. 2,228 crore

PLI for Pharmaceutical Industry

1. 2023-24 (BE): Rs. 1,200 crore

1. 2024-25 (BE): Rs. 2,143 crore

Solar Power (Grid)

1. 2023-24 (BE): Rs. 4,970 crore

1. 2024-25 (BE): Rs. 10,000 crore

Development of Semiconductors and Display Manufacturing

1. 2023-24 (BE): Rs. 3,000 crore

1. 2024-25 (BE): Rs. 6,903 crore

Lines of Credit under IDEA Scheme

1. 2023-24 (BE): Rs. 1,300 crore

1. 2024-25 (BE): Rs. 3,849 crore

Direct Benefit Transfer (LPG)

1. 2023-24 (BE): Rs. 180 crore

1. 2024-25 (BE): Rs. 1,500 crore

Expenditure of Major Items

1. Energy: Rs. 68,769 crore

1. Agriculture and Allied Activities: Rs. 1,51,851 crore

1. Home Affairs: Rs. 1,50,983 crore

1. Education: Rs. 1,25,638 crore

1. IT and Telecom: Rs. 1,16,342 crore

1. Health: Rs. 89,287 crore

1. Social Welfare: Rs. 56,501 crore

1. Rural Development: Rs. 2,65,808 crore

1. Defence: Rs. 4,54,773 crore

1. Commerce & Industry: Rs. 47,559 crore

Direct Tax Proposals

1. Individuals with an income of up to Rs.7 lakh will have no tax liability under the new tax regime.
2. Corporate tax rates: 22% for existing domestic companies and 15% for certain new manufacturing companies.
3. Direct tax collections have more than tripled over the last ten years.
4. The average processing time for tax returns has reduced from 93 days in 2013-14 to 10 days in 2023-24.
5. The finance minister proposes an extension of the time limit for specific tax benefits for start-ups and investments by sovereign wealth funds/pension funds.
6. A tax exemption for specific IFSC units, originally set to expire on 31 March 2024, has been extended to 31 March 2025. 

Agriculture and Food Processing

1. The government is set to promote both private and public investment in post-harvest activities. This initiative aims to enhance efficiency and infrastructure in the handling, processing, and storage of agricultural produce after harvest.
2. Plans to expand the application of Nano-DAP (Diammonium Phosphate) in all agro-climatic zones. This move aims to improve agricultural productivity and nutrient management through advanced agricultural inputs.
3. Formulation of the Atmanirbhar Oilseeds Abhiyan strategy. The objective is to achieve self-sufficiency (atma nirbharta) in oilseeds production, contributing to food security and reducing dependence on imports.
4. Formulation of a comprehensive programme for dairy development. This initiative focuses on enhancing the dairy sector, promoting sustainable practices, and improving the livelihoods of dairy farmers.
5. Stepping up the implementation of the Pradhan Mantri Matsya Sampada Yojana. The goal is to enhance aquaculture productivity, double exports, and generate more employment opportunities in the fisheries sector.
6. Establishment of five integrated aquaparks. These aquaparks are expected to contribute to the growth of the aquaculture industry, promoting innovation and economic development.

Goods and Services Tax

1. Plans to deepen and widen the tax base via the Goods and Services Tax (GST). This move is aimed at creating a more comprehensive and efficient tax system, contributing to economic stability and revenue generation.
2. Average monthly gross GST collection in FY24 doubled to Rs.1.66 lakh crore, reflecting robust fiscal performance.
3. Tax buoyancy of state revenue increased from 0.72 (2012-16) to 1.22 in the post-GST period (2017-23), indicating enhanced revenue growth.
4. Customs rates, including import duties, will remain unchanged in FY 2024-25, maintaining stability in trade policies.

Finance

1. Strengthening the financial sector to bring savings, credit, and investment back on track. This effort is crucial for ensuring a stable and robust financial environment, supporting economic activities and growth.
2. Establishment of a robust gateway called GIFT IFSC (International Financial Services Centre) for global capital and financial services. This initiative is expected to attract international investment, facilitating global financial services, and contributing to the overall economy.
3. Commitment to proactive inflation management. Ensuring control and management of inflation is essential for maintaining economic stability and safeguarding the purchasing power of the population.

Housing

1. The Pradhan Mantri Awas Yojana (Grameen) is nearing its target of providing 3 crore houses.
2. An additional target of 2 crore houses has been set for the next 5 years, emphasizing the government's commitment to rural housing development.
3. Introduction of a new scheme aimed at housing for the middle class.
4. The scheme is designed to encourage the middle class to either purchase or build their own houses, fostering homeownership and promoting housing development in this segment.

Sustainable Development

1. Finance Minister's commitment to achieving 'Net Zero' by 2070 for sustainable development.
2. Viability gap funding proposed for harnessing offshore wind energy with an initial capacity of one gigawatt.
3. Establishment of coal gasification and liquefaction capacity of 100 MT by 2030.
4. Phased mandatory blending of CNG, PNG, and compressed biogas for domestic purposes to promote cleaner fuels.
5. Financial assistance for the procurement of biomass aggregation machinery to encourage the use of bioenergy.
6. Initiative for rooftop solarisation, aiming to enable one crore households to obtain up to 300 units of free electricity per month.
7. Government plans to adopt e-buses for public transport, supporting the manufacturing and charging of electric vehicles. 
8. Introduction of a new scheme of biomanufacturing and bio-foundry to promote environment-friendly alternatives.
9. Installation of 1.3 crore LED street lights under the SNLP scheme to enhance energy efficiency in public spaces.
10. Launch of the Blue Economy 2.0 scheme to restore and adapt coastal aquaculture and mariculture for sustainable use of marine resources.

Healthcare

1. Active encouragement for cervical cancer vaccination targeting girls aged between 9-14 years. A proactive measure to prevent cervical cancer and promote the health of young girls. 
2. Implementation of the Saksham Anganwadi and Poshan 2.0 scheme. 
3. Aims to expedite the upgradation of Anganwadi centres to enhance nutrition delivery, early childhood care, and development. 
4. Introduction of the U-WIN platform for the immunisation efforts of Mission Indradhanush. 
5. Streamlining and improving the efficiency of immunisation processes for better public health outcomes. 
6. Extension of health coverage under the Ayushman Bharat scheme to include all ASHA (Accredited Social Health Activist), Anganwadi workers, and helpers. Ensuring broader health coverage for frontline health workers and their support staff. 
7. Formation of a committee to study the challenges and issues faced in setting up more medical colleges in India. 
8. Addressing the need for the expansion of medical education infrastructure to meet healthcare demands. 

Infrastructure and Investment

1. A commitment to the substantive development of all forms of infrastructure, including physical, digital, and social. This broad approach aims to address various aspects of the country's development, ensuring a well-rounded and inclusive growth.
2. Introduction of Digital Public Infrastructure (DPI) to promote formalisation and financial inclusion. 
3. This initiative is designed to leverage digital platforms for a more inclusive and accessible financial system, benefiting a wider population.
4. Energy, Minerals, and Cement Corridor; Port Connectivity Corridor; and High Traffic Density Corridor under the PM Gati Shakti.
5. Aimed at improving logistics efficiency and reducing costs in the transportation of energy, minerals, cement, and high-traffic goods.
6. Promotion of foreign investment through the negotiation of bilateral investment treaties.
7. An initiative to attract international investments, fostering economic growth and collaboration.
8. Airport Development under UDAN Scheme. Expansion of existing airports and comprehensive development of new airports.
9. Alignment with the UDAN scheme, contributing to enhanced air connectivity and accessibility.
10. Urban transformation initiatives under the Metro Rail and NaMo Bharat projects.
11. Focus on modernizing and enhancing urban infrastructure for improved living standards.

Tourism

1. States will be encouraged to undertake the development of iconic tourist centres to attract business and promote opportunities for local entrepreneurship.
2. Provision of long-term interest-free loans to states to encourage development. This financial support is intended to facilitate infrastructure development and other key projects, fostering economic growth and sustainability.
3. Undertaking projects for port connectivity, tourism infrastructure, and amenities. The focus on islands, including Lakshadweep, highlights a strategic approach to enhancing connectivity and tourism facilities in these regions, fostering economic development and promoting tourism.

Mahatma Gandhi National Rural Employment Guarantee Scheme- Rs. 86,000 crore

Ministry of Defence- 6.2

Ayushman Bharat-PMJAY- Rs. 7,500 crore

Ministry of Road Transport and Highways-2.78

Production Linked Incentive Scheme- Rs. 6,200 crore

Ministry of Railways-2.55

Modified Programme for Development of Semiconductors and Display Manufacturing Ecosystem- Rs. 6,903 crore

Ministry of Consumer Affairs, Food & Public Distribution-2.13

Solar Power (Grid)- Rs. 8,500 crore

Ministry of Home Affairs-2.03

National Green Hydrogen Mission-Rs. 600 crore

Ministry of Rural Development-1.77

Ministry of Chemicals and Fertilisers-1.68

Ministry of Communications-1.37

Ministry of Agriculture and Farmers’ Welfare-1.27

Taxes

1. A new direct tax proposal with the aim to promote Entrepreneural spirit, reduce the compliance burden, and offer tax relief to the citizens of India. 
2. Limits for micro enterprises and professionals to be increased so as to avail benefits of presumptive taxation. Note that 95% of receipts will be non-cash. 
3. If the payment to the MSME has been made, then only the deductions on those payments can be claimed. 
4. 15% corporate tax benefits to be extended to new co-operatives till 31 March 2024. 
5. Higher limits of Rs.2 lakh for each member for loans and deposits by PACS and PCARDBs. 
6. Higher limit of Rs.3 crore for TDS on withdrawal of cash for co-operative societies. 
7. Start-ups provided extension regarding the date of incorporation for one year for availing income tax benefits. 
8. The time period for carrying forward losses due to change in shareholding of start-ups increased from 7 years to 10 years. 
9. The period for providing tax benefits to funds relocating to IFSC, GIFT City to be extended till31 March 2025. 
10. Union or state set up authorities, boards and commissions to see their income being exempted from being taxed in certain sectors. 
11. Income limit for rebate of income tax increased from Rs.5 lakh to Rs.7 lakh under the new regime. 
12. New Tax slabs announced under the new tax regime. For those earning up to Rs.3 lakh, no income tax is to be paid. Individuals earning above Rs.3 lakh and up to Rs.6 lakh, income tax of 5% will be charged. Those earning above Rs.6 lakh and up to Rs.9 lakh will be taxed at 10%. Individuals earning above Rs.9 lakh and up to Rs.12 lakh, above Rs.12 lakh and up to Rs.15 lakh, and above Rs.15 lakh, will be taxed at 15%, 20%, and 30% respectively. 
13. Surcharge rate on income of Rs.5 crore and above to be reduced from 37% to 25%. 
14. Salaried class and pensioners under new tax regime to enjoy extended benefits. 
15. Non-government employees on retirement will be able to enjoy increased tax exemption limit of up to Rs.25 lakh on leave encashment. 

Manufacturing

1. Certain components and elements that go into every mobile phone or smartphone, would not be subject to customs tariffs on import for manufacturers in India. As a result, there will be no customs taxes applied on parts for mobile phones in the upcoming fiscal year. 2.5% is the typical charge for importing these components. 
2. A further year will be added to the concessional tariff on lithium-ion cells used to create battery packs for mobile phones. 

Power sector 

1. Eight state-owned power companies' combined investment would rise by roughly 15% to Rs 60,805.22 crore for FY23–24, according to a government proposal. 
2. The union territory's green energy initiatives and development are being pushed forward by a transmission line project to evacuate 13,000 MW of renewable energy with funding from the central government of Rs. 8,300 crores and a total project cost of Rs. 20,700 crores. 

Highways and airports 

1. In order to increase regional aviation connectivity in the nation, the government said on Wednesday that 50 more airports, heliports, water aerodromes, and advance landing grounds would be revived.
2. The government has allotted Rs 4,500 crores for the renovation of unused airports and airstrips owned by state governments, PSUs, and nonprofit organisations.

Custom duty 

1. The total number of basic custom duty on goods apart from duty charged on textile and agriculture has been reduced from 21% to 13%.

Infra sector

1. Capital investment outlay to be increased by 33.4% to Rs.10 lakh crore. 
2. Central Government to continue providing 50 years interest free loans to state governments to boost infrastructure. 
3. 100 more transport-based projects to be activated in order to improve connectivity for coal, ports, steel, fertilisers, and other sectors. 
4. Creating Urban Infrastructure Development Fund (UIDF) for creation of urban infrastructure in Tier 2 and Tier 3 cities.

Data and Technology 

1. Three specialised AI centres to be set up in educational institutes. 
2. Government to introduce National Data Governance Policy. 
3. Digilockers to be set up by business entities. 
4. For the development of 5G enabled services, 100 labs to be set up. 

Misc

1. R&D grant to be provided for lab grown diamonds sector. 
2. 50 destinations to be selected to be developed as complete tourist spots for domestic and foreign visitors in order to improve tourism. 
3. States to set-up unity malls for the promotion and sale of ODOP (one District One Product), handicraft, and GI products. 
4. States to be allowed to have fiscal deficit of 3.5% of GSDP.

Financial sector 

1. Setting up of National Financial Information registry. 
2. Setting up of Central Data Processing Centre. 
3. One-time new small saving scheme for women called Mahila Samman Bachat Patra to be launched where the deposit tenure is of 2 years and deposit facility of up to Rs.2 lakh available. 
4. Senior citizens to receive an enhanced maximum deposit limit ranging between Rs.15 lakh and Rs.30 lakh under Senior Citizens Saving Scheme.

For SC, ST, and other backward classes

1. Rs.53,700 crore allocated for the upliftment of Scheduled Tribes (STs).
2. Rs.85,000 crore allocated for the upliftment of Scheduled Castes (SCs) and other backward classes.

Healthcare

1. 157 new nursing colleges to be established. 
2. Sickle Cell Anemia Elimination mission to be bought into effect. 
3. A program with the aim of promoting research in the field of Pharmaceutical to be launched. 
4. Set up of Joint Public and Private Medical Reseach via select ICMR labs. 

MSME Sector

1. Vivad se Vishwas I which is a less stringent contract execution phase for MSMEs to be launched in order to help them get relief due to losses suffered during the Covid period. 
2. Corpus under Credit Guarantee Scheme to be expanded where MSMEs will receive additional collateral free credit of up to Rs.2 lakh crore. 

Railways

Highest ever capital outlay worth Rs.2.4 lakh crore to be provided for the growth of railways in India. 

Agriculture

1. In order to encourage innovative start-ups in rural area, a new Agriculture Accelerator Fund is to be set up. 
2. Agricultural Credit worth Rs.20 lakh targeted for the development of Animal, Husbandry, Dairy, and Fisheries sector has been set by the Central Government. 
3. ANB Horticulter Clean Plant Program aimed at boosting production of high value horticulture crops to be launched. 
4. Support to be provided to Indian Institute of Millet Research in Hyderabad for promoting research. 
5. Widely available storage capacity to be set up to enable to allow more sales by farmers and help them earn profit. 

Education

1. District Institutes of Education Training to aid in revamped teacher’s training. 
2. National Digital Library to be set up for children. 
3. States to set up public libraries at panchayat and ward level.  
4. PMKVY 4.0 to be launched where courses like Robotics, AI, 3D printing will be covered.