Finance Minister Nirmala Sitharaman gave her seventh Budget on July 23. She broke former Prime Minister Morarji Desai’s record. This is the first Budget by the BJP-led NDA government since June. Let’s see the big announcements in the India budget 2024.
Ms. Sitharaman said they will stop the 2% equalisation levy. She also said the standard deduction for salaried workers will go up. It will be ₹75,000 now, from ₹50,000, under the new tax rules.
The India Budget 2024-25 has nine big priorities. These are Agriculture, Jobs and Skills, Human Development and Social Justice, Manufacturing and Services, Urban Development, Energy Security, Infrastructure, Innovation, Research, and Next Generation Reforms.
Ms. Sitharaman made big promises for Bihar and Andhra Pradesh. She said they will get more infrastructure and special financial help. She also said they will stop angel tax for all startup investors.
The stock market reacted to the Budget. Sensex and Nifty fell when Ms. Sitharaman announced higher STT (Securities Transaction Tax) on F&O (Futures and Options) securities. The 30-share BSE Sensex jumped when Ms. Sitharaman started speaking. But it quickly dropped and fell 1,266.17 points to 79,235.91 by afternoon trade.
That’s what happened in the Budget 2024-25. Ms. Sitharaman made many big announcements. We will see how these changes impact everyone in the India.
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