Modinomics 3.0 | Budget 2024 Decoded: Everything About, Growth, Jobs, LTCG, Income Tax & NPS

Finance Minister Nirmala Sitharaman presented her record seventh consecutive Union Budget 2024-25 on July 23.Key highlights include increased standard deductions and revised tax rates for salaried individuals under the new tax regime, along with cuts on customs duties for gold, silver, mobile phones, and other goods.The Centre's FY25 capital expenditure is projected at ₹11.1 lakh crore, unchanged from the Interim Budget, with infrastructure spending at 3.4% of GDP. Special attention is given to MSMEs and the manufacturing sector, including an increase in the Mudra loan limit from ₹10 lakh to ₹20 lakh for previous borrowers, and a ₹2.66 lakh crore provision for rural development.Other notable announcements include rental housing in PPP mode for industrial workers and recognition of India's economic growth as a "shining exception." The budget focuses on nine priority areas: Agriculture, Employment, Inclusive Development, Manufacturing and Services, Urban Development, Energy, Infrastructure, Innovation and R&D, and Next Generation Reforms. The fiscal deficit is estimated to be 4.9% of GDP for FY25, down from 5.1% in the Interim Budget. Capex remains steady at ₹11.1 lakh crore, amounting to 3.4% of India's GDP.Watch Business Today TV's Managing Editor Siddharth Zarabi in conversation with Dr. Rumki Majumdar, Economist at Deloitte India and Vivek Singh, Economic Analyst & Columnist-Ex OSD to FM.