2024 Budget Insights: No Tax Changes, Free Electricity up to 300 Units for One Crore Families, Ayushman Bharat Coverage Expanded

Point-1: No Changes in Tax, Tax-Free Income Up to 2.5 Lakhs

In this budget, Finance Minister Nirmala Sitharaman’s speech was concise, but it included numerous small and significant announcements. Here, we’ll discuss 24 crucial aspects, including some data and policy decisions that can have an impact.

Point-2: No Tax Changes, Income Up to 2.5 Lakhs Is Tax-Free

The government has not provided any relief in income tax this time. If you prefer the old tax system, your income up to 2.5 lakh rupees will remain tax-free. Under section 87A of the Income Tax Act, you can get tax benefits on income up to 5 lakh rupees.

Point-3: Rooftop Solar – Free Electricity up to 300 Units, Benefits for One Crore Families

Through rooftop solarization, one crore families will receive free electricity up to 300 units per month. The National Rooftop Solar Scheme, initiated in 2014, and the recent announcement of the “Pradhan Mantri Suryodaya Yojana” aim to install rooftop solar in one crore households.

Point-4: Expansion of Ayushman Bharat, Covering Health Workers in Villages

The Ayushman Bharat scheme will now cover all health and wellness workers in its ambit. Started in 2018, the scheme provides free healthcare coverage up to 5 lakh rupees annually to economically vulnerable groups.

Point-5: Laadli Laxmi Yojana – Goal to Create 3 Crore Millionaires among Women

The Laadli Laxmi Yojana under the budget aims to create 3 crore women millionaires, significantly increasing the previous target of 2 crores. This scheme provides small loans to women for entrepreneurship, education, or other essential needs.

Point-6: Focus on Climate Change, 6,585 Charging Stations for Electric Vehicles

The government has decided to import ammonia and methanol gases to reduce carbon emissions, targeting zero carbon emissions by 2070. Additionally, 6,585 charging stations will be established for electric vehicles by 2030, contributing to the increase in electric vehicles in the country.

Point-7: 40,000 Coaches to be Manufactured under the Indian Standard Corridor

Apart from the other major announcements, a significant investment will be made in infrastructure. A new railway corridor will connect ports, create high-density corridors, and manufacture 40,000 coaches.

Point-8: Defense Budget Increases by 3.4%

India’s defense budget is now 6.20 lakh crores, up from 5.93 lakh crores last year, marking a 3.4% increase. The salaries of the three armed forces have been increased by 2.82 lakh crores.

Point-9: Tech-Savvy Youth – Announcement of 1 Lakh Crore Interest-Free Loan

Finance Minister Nirmala Sitharaman announced a long-term financing scheme of ₹1 lakh crore for technological research. The fund will benefit by promoting research and innovation in private sectors and will be interest-free for 50 years.

Point-10: Affordable Housing for the Middle Class, Expansion of PMAY (Rural)

The Pradhan Mantri Awas Yojana (PMAY), specifically for rural areas, has been expanded. Three crore rural houses will be built under this scheme.

Point-11: Attention to Climate Change in the Budget, 6,585 Charging Stations to be Established

The government has decided to reduce the import of ammonia and methanol gases to achieve zero carbon emissions by 2070. For this, facilities for producing biofuels by converting waste into gas will be established in the country by 2030. The number of electric vehicles will also be increased. 6,585 charging stations will be set up for charging electric vehicles.

Point-12: Agriculture Receives Over ₹1.27 Lakh Crore, 1.6% Increase

For the financial year 2024-25, the government has allocated ₹1.27 lakh crore for the agriculture sector. This marks a 1.6% increase from the previous year’s allocation of ₹1.25 lakh crore for the agricultural budget.

Point-13: Blue Economy 2.0 Initiative Begins, Scuba Diving for Tourists

Blue Economy refers to the development of ocean-based resources through research. The central government is focusing on the development through blue economy near the coastal states of the country. This is India’s first such maritime mission, which will include scuba diving for tourists. The contribution of the blue economy to the country’s GDP is approximately 4%.

Point-14: New Airports to be Built under UDAN Scheme

The Finance Minister stated that new airports will be built under the UDAN (Ude Desh Ka Aam Nagrik) scheme, and the existing airports will be expanded. This scheme was initiated in 2016 with the aim of focusing on infrastructure and developing air connectivity to make flight services accessible to the general public.

Point-15: Committee Formed for Establishing New Medical Colleges

The government is planning to establish more medical colleges by utilizing the infrastructure of existing hospitals under various departments. For this purpose, a committee will be formed.

Point-16: Flow of FDI to Double in 10 Years, Talks with Foreign Partners for Investment

The flow of FDI during 2014-23 was $596 billion. This flow doubled between 2005-14. The Finance Minister stated that to encourage foreign investment, continuous discussions are being held with our foreign partners on 22 bilateral investment treaties.

Point-17: States Encouraged for Tourism, Interest-Free Loans to be Provided

States will be encouraged to develop their established tourism centers and build their brand globally. A mechanism will be established to rate centers based on the quality of facilities and services. For this, states will be provided interest-free loans.

Point-18: Boost for Fisheries Resources Scheme, Aim to Create 55 Lakh New Jobs

The Prime Minister’s Fisheries Resources Scheme will be encouraged. Aquaculture production will be increased from 3 tons to 5 tons. This will generate revenue of ₹1 lakh crore. The Fisheries Resources Scheme will create 55 lakh new jobs.

Point-19: Expansion of Lakhpatis Didi’s Reach, Targeting 3 Crore Women as Crorepatis

In the budget, the target has been set to make 3 crore women crorepatis under the Lakhpatis Didi scheme. Previously, this target was 2 crore. Under this scheme, small loans will be provided to women for entrepreneurship, education, or other necessities.