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The Union Budget 2024-2025 introduces several measures that will impact individuals and various sectors. India’s inflation continues to be low, stable, and moving towards the 4% target. The budget prioritizes employment, skilling, Micro, Small, and Medium Enterprises (MSMEs), and the middle class, with the Prime Minister’s package of initiatives aimed at facilitating employment, skilling, and other opportunities for 4.1 crore youth over five years, backed by a central outlay of ₹2 lakh crore.
In the agriculture sector, efforts focus on boosting productivity and sustainability. To this end, 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation, while one crore farmers will be initiated into natural farming in the next two years. The budget allocates ₹1.52 lakh crore for agriculture and allied sectors.
For individuals, key changes include an increased standard deduction for salaried employees from ₹50,000 to ₹75,000, and enhanced deduction on family pension for pensioners from ₹15,000 to ₹25,000. Additionally, the limit of Mudra loans will be enhanced from ₹10 lakh to ₹20 lakh.
Urban development receives significant attention, with the PM Awas Yojana Urban 2.0 set to address the housing needs of one crore urban poor and middle-class families through an investment of ₹10 lakh crore. Furthermore, a comprehensive scheme will provide internship opportunities in 500 top companies to one crore youth in five years.
Other notable initiatives include expanding the space economy by five times in the next decade, supported by a ₹1,000 crore venture capital fund, and reducing corporate tax on foreign companies from 40% to 35%. Overall, the budget aims to generate ample opportunities for all, emphasizing employment, skilling, and inclusive human resource development.
