FM Nirmala Sitharaman’s Budget 2024 Speech: The Key Announcements
Sujata Muguda, Shreyas WebMedia Solutions
24th July 2024:introductory section Finance Minister Nirmala Sitharaman’s historic release of the Union Budget of 2024 has set the course for the Indian economy for the future year. A clear vision to support economic growth and improve the welfare of the people was presented in the much-awaited budget address, which was attended by stakeholders and accessible alike.
Key Announcements
Reforms and Relief for Taxes
One of the most significant announcements was that of FM Sitharaman to redesign the tax structure. The comprehensive modification of the Income Tax Act of 1961 has been mandated by the new budget to reduce disputes and lawsuits. If this evaluation is completed in six months, it would be possible to simplify the tax code and reduce the burden on taxpayers.
Additionally, the budget contains changes to the tax slabs that will benefit middle-class taxpayers; this is a well-received measure. In place of the previous ₹15,000 family pension deduction for pensioners, salaried employees now enjoy a ₹75,000 standard deduction.
Expanding the Innovation Base
The budget’s elimination of the Angel Tax for all investor classes was another noteworthy item. This is a big step toward supporting investments in the innovation industry and creating a favorable atmosphere for companies.
Improving the Infrastructure
A record capital expenditure was announced by FM Sitharaman, with an emphasis on enhancing the Indian Railways and roads. It is anticipated that this action will hasten the development of infrastructure and generate many job opportunities.
Increasing the Ecosystem of Innovation
Eliminating the Angel Tax for all investor classes was another noteworthy aspect of the budget. This is a big step in the direction of creating an atmosphere that is favorable for entrepreneurs and promoting investments in the innovation industry.
Improving Facilities
With an emphasis on enhancing roads and the Indian Railways, FM Sitharaman announced a record capital investment. This action is anticipated to hasten the construction of infrastructure and provide a large number of job opportunities.
In summary
Strong groundwork has been established by the Budget 2024 for additional changes and economic expansion. The initiatives made by FM Nirmala Sitharaman have been directed at developing strong infrastructure, encouraging innovation, and establishing a more equal tax system. These steps will help India move in the direction of a better and more affluent future.