- Changes in standard deduction and STT increase in the new tax regime.
- Major infrastructure and financial support for Andhra Pradesh.
- Over ₹3 lakh crore allocated for women-centric schemes.
Finance Minister Nirmala Sitharaman, in her seventh consecutive Budget presentation, announced significant changes aimed at boosting economic growth and enhancing social welfare.
In a bid to promote urban development, the Budget proposed initiatives such as encouraging states to lower stamp duties for properties purchased by women and developing 100 weekly ‘haats’ or street food hubs. Additionally, Transit Oriented Development plans will be implemented in 14 large cities to improve urban mobility.
Transformative Steps in Budget 2024
The 2024 Union Budget, presented by Finance Minister Nirmala Sitharaman, emphasizes tax reforms and infrastructural development. The changes in standard deduction within the new tax regime aim to provide relief to taxpayers, while the hike in Securities Transaction Tax (STT) on futures and options reflects the government’s focus on increasing revenue from market transactions. A comprehensive review of the Income Tax Act is also on the agenda to modernize tax policies.
Urban development is another focal point, with significant initiatives proposed to enhance city living standards. The government encourages states to reduce stamp duties on properties bought by women, aiming to boost women’s property ownership. Additionally, the development of 100 weekly ‘haats’ or street food hubs in selected cities will support local economies and promote entrepreneurship.
Transit Oriented Development plans for 14 major cities are set to improve urban transportation and infrastructure, facilitating better connectivity and reducing congestion. In parallel, the Budget promotes water supply, sewage treatment, and solid waste management projects in 100 large cities, emphasizing sustainable urban growth through bankable projects.
A special focus on Andhra Pradesh was evident, with a significant financial support package of Rs 15,000 crores for FY 24-25. The completion of the Polavaram Irrigation Project is prioritized to ensure regional food security. Infrastructure enhancements in the Kopparthy and Orvakal nodes on major industrial corridors will drive economic growth and development in these areas.
Overall, the 2024 Budget demonstrates a balanced approach, combining tax reforms, urban development initiatives, and significant support for specific states to foster economic growth and social welfare.
“Promoting women-led development with an allocation of over ₹3 lakh crore demonstrates the government’s commitment to enhancing women’s role in economic development.”
