"The Art of Budgetary Deception"

Introduced by Hon. Finance Minister, Mrs. Nirmala Sitharaman on 23rd July 2024 in the parliament, the 24-25 "Interim Budget" has faced severe criticism for the adoption of questionable taxation policies and for suspected indulgence in election gimmicks and political puppetry.

With a vision "Vikasit Bharat 2027", the budget aims to focus on 9 priorities: Productivity and Reliance in Agriculture, Employment and Skilling, Inclusive Human Development and Social Justice, Manufacturing and Services, Urban Development, Energy Security, Infrastructure, Innovation; Research and Development and Next Generation Reforms.

Let's have a look at the key highlights of the Budget 24-25.

Source: India Today Group

Key Highlights:

Skilling and Employment

1. Owing to the results of the Lok Sabha elections, the Union govt. is well aware that the youth is displeased with its performance in terms of employment generated.

2. Thus, a total budget of Rs. 2 lakh crore is allocated to employment generating programs and skill development for around 4 crore youth over a period 5 years, focused on 9 priorities for assuring equitable distribution of benefits.

3. Significant focus on supporting Micro, Small, Medium Enterprises (MSME). Initiatives such as expanded credit availability, interest free R&D loans etc. introduced.

Primary Sector

Taxation and Duties (Income, Angel Tax, STCG, LTCG and Custom Duties)

New Policies:

Healthcare and Education:

Technology and Infrastructure:

Estimates:

Source: Money Control - The Reset Budget 2024

The budget also provided with some provisions facilitating social welfare (including pensions and ECTSS), promoting women empowerment (Nari Shakti) etc.

Industry experts have had varying opinion on the budget 24-25, with certain sections applauding its initiatives while others expressing reservations.