JK News Today
Jammu, July 24: Finance Minister Nirmala Sitharaman presented the full budget for the financial year 2024-25 in the Parliament. The budget focused on stimulating economic growth, enhancing social welfare programs, and addressing pressing challenges. Here are the key highlights and impacts of this year’s budget.
Economic Growth and Infrastructure: The budget places a significant emphasis on infrastructure development with an allocation of ₹10 lakh crore for various projects, including highways, railways, and urban development. This is expected to boost employment and stimulate economic activity across the country. Additionally, there are substantial investments in renewable energy projects, aimed at achieving the country’s climate goals and reducing dependence on fossil fuels.
Social Welfare Initiatives: To address social inequalities, the budget has increased funding for various welfare schemes. The allocation for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) has been raised to ₹80,000 crore. The Pradhan Mantri Awas Yojana (PMAY) also saw an increase in its budget, aiming to provide affordable housing to more citizens. Additionally, a new health scheme focused on preventive care has been introduced, with a budget of ₹30,000 crore.
Tax Reforms: The Finance Minister announced several tax reforms aimed at simplifying the tax system and providing relief to taxpayers. The income tax slabs have been restructured, offering greater relief to middle-class taxpayers. Corporate tax rates for small and medium enterprises (SMEs) have been reduced to encourage business growth and employment generation.
Cheaper
Electric Vehicles (EVs): The budget has reduced GST on electric vehicles from 12% to 5%, making them more affordable for consumers.
Solar Panels: Import duties on solar panels have been cut, aiming to promote the use of renewable energy.
Healthcare Products: Several essential healthcare products, including certain medicines and medical devices, have seen a reduction in taxes.
Costlier
Imported Luxury Goods: Import duties on luxury goods such as high-end electronics, branded apparel, and automobiles have been increased.
Cigarettes and Tobacco Products: Excise duty on cigarettes and other tobacco products has been hiked, in an effort to discourage consumption.
Plastic Items:The budget introduces higher taxes on single-use plastic items to combat environmental pollution.
The 2024-25 budget aims to balance economic growth with social welfare, addressing both immediate and long-term challenges. While it offers several benefits to the common man and promotes sustainable practices, certain luxury items and non-essential products have become costlier. As the country navigates through this new financial year, the impacts of these changes will become more evident in the coming months.
