On Tuesday, July 23, Finance Minister Nirmala Sitharaman unveiled the first budget under the Modi 3.0 administration.
Under the new tax system, Sitharaman raised the standard deduction and changed the tax rates for those who were salaried. In addition, a reduction in customs duties was announced for gold, silver, cell phones, and other items.
The Center’s infrastructure spending is 3.4% of GDP, and its FY25 capital expenditures are expected to be ₹11.1 lakh crore, unchanged from the Interim Budget.
The following updated tax rate under the new tax regime:
₹0–3 lakh with no taxes
5% of ₹3–7 lakh
₹7–10 lakh, or 10%
₹10–12 lakh, or 15%
₹12–15 lakh (20%)
More than ₹15 lakh – 30%
Highlights of the current budget
Employment and Skilling:
Five programs with a ₹2 lakh crore federal investment would target 4.1 crore youngsters over the course of five years.
Extensive five-year internship program for one crore young people at prestigious firms
MSME and Manufacturing Assistance:
MSMEs and the industrial sector receive particular emphasis
Program for credit guarantee and term loans for the acquisition of machinery
Monetary initiatives
For prior borrowers, the Mudra loan limit was raised from ₹10 lakh to ₹20 lakh.
Assistance in financing loans for higher education at domestic institutions up to ₹10 lakhs
Rural Development and Agriculture:
Amount allocated for rural development: ₹2.66 lakh crore
Shifting the focus of agricultural research to crop types that are adaptable to climate change and productivity
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