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The Union Budget 2024 is a key plan for India’s economic future. The new government has created a budget with a focus on long-term benefits. They are targeting several important areas, like agriculture, manufacturing, and support for small businesses. This balanced approach aims to help various sectors and drive overall growth.
Smart Fiscal Management
One of the biggest highlights of the Union Budget 2024 is its smart fiscal management. The budget keeps the fiscal deficit at 4.9% for this year. The goal is to lower it to 4.5% next year. This careful planning helps ensure that resources are used wisely. It also makes the country more attractive for investment and lowers the cost of borrowing.
Investing in Infrastructure
A major part of the Union Budget 2024 is the Rs 11.11 lakh crore set aside for infrastructure. This is about 3.4% of our GDP. The government’s focus on building infrastructure aims to boost economic activity and create jobs. This investment will support manufacturing and benefit many sectors.
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Helping Small and Medium Businesses
The Union Budget 2024 also gives a big boost to small and medium-sized businesses. It includes credit guarantees for loans up to Rs 100 crores. Additionally, Mudra Loans will help these businesses grow and innovate. This support is crucial for their success and for strengthening the economy.
For Salaried Employees and Startups
They could save up to Rs 17,500 in income tax. This extra money can increase spending on goods and services, which helps the economy. The budget also removes the angel tax, encouraging investment in startups and promoting new ideas.
Focus on Education and Social Welfare
The Union Budget 2024 places a strong emphasis on education and social welfare. It provides education loans up to Rs 10 lakh for students at domestic institutions. This makes higher education more affordable. The budget also allocates Rs 3 lakh crore for schemes that benefit women and girls, aiming to boost their participation in the workforce.
Market Impact and Future Outlook
There are increases in long-term and short-term capital gains taxes in the Union Budget 2024, along with a rise in the Securities Transaction Tax (STT) on futures. However, these changes are not expected to have a major impact on the market. The overall positive measures in the budget should keep the market in a good place.
In summary, the Budget 2024 sets a strong path for India’s growth. With its smart fiscal management, significant infrastructure investments, and support for small businesses and startups, the budget aims to drive our economy forward. This balanced approach aligns with the vision of a prosperous India in the coming years.