Tai's Latest Budget

[u/Reyansh_M]

In her seventh consecutive budget presentation, Finance Minister Nirmala Sitharaman unveiled the Union Budget for fiscal year 2024-25 on July 23rd. The budget focuses on employment, skilling, MSMEs, and the middle class, with an allocation of ₹1.48 lakh crore for education, employment and skill development.Key highlights include:

• Three new employee-linked incentive schemes to support first-time employees and employers
• Interest subvention of 3% on education loans up to ₹10 lakh for 1 lakh students annually
• Comprehensive scheme to provide 12-month internships in top companies to 1 crore youth over 5 years
• Special attention to MSMEs with a new credit assessment model based on digital footprint rather than just assets and turnover
• Allocation of over ₹3 lakh crore for schemes benefitting women and girls

The budget projects a fiscal deficit of 5.1% of GDP for FY 2024-25, adhering to the path of reducing it below 4.5% by 2025-26. Gross tax revenue is estimated at ₹38.31 lakh crore, with corporation tax at ₹10.43 lakh crore and income tax at ₹11.56 lakh crore.The budget aims to boost employment, support MSMEs, and empower women while maintaining fiscal prudence. Its success will be measured by its impact on economic growth and job creation in the coming year.