{"id":8457,"date":"2024-07-24T16:43:04","date_gmt":"2024-07-24T16:43:04","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=8457"},"modified":"2026-02-26T12:35:36","modified_gmt":"2026-02-26T12:35:36","slug":"union-budget-2024","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/union-budget-2024\/","title":{"rendered":"UNION BUDGET 2024"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/union-budget-2024\/#Exploring_the_Indian_Budget_2024_Key_Changes_and_Their_Impact_on_the_Economy\" >Exploring the Indian Budget 2024: Key Changes and Their Impact on the Economy<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/union-budget-2024\/#Overview_of_the_Indian_Budget_2024\" >Overview of the Indian Budget 2024<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/union-budget-2024\/#A_Fiscal_Snapshot\" >A Fiscal Snapshot<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/union-budget-2024\/#Key_Dates_and_Implementation\" >Key Dates and Implementation<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/union-budget-2024\/#Major_Changes_Introduced_in_the_Budget\" >Major Changes Introduced in the Budget<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/union-budget-2024\/#Taxation\" >Taxation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/union-budget-2024\/#Sector-Specific_Investments\" >Sector-Specific Investments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/union-budget-2024\/#Impact_on_Personal_Finance\" >Impact on Personal Finance<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/union-budget-2024\/#Impact_on_Businesses_and_Investors\" >Impact on Businesses and Investors<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/union-budget-2024\/#Business_Reforms\" >Business Reforms<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/union-budget-2024\/#Investment_Opportunities\" >Investment Opportunities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/union-budget-2024\/#Conclusion_Envisioning_the_Impact_of_Indian_Budget_2024\" >Conclusion: Envisioning the Impact of Indian Budget 2024<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Exploring_the_Indian_Budget_2024_Key_Changes_and_Their_Impact_on_the_Economy\"><\/span><strong>Exploring the Indian Budget 2024: Key Changes and Their Impact on the Economy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><span style=\"font-weight: 400;\">The unveiling of the Indian Budget 2024 marks a pivotal moment, charting a strategic course towards \u2018Viksit Bharat\u2019 with a clear focus on bolstering employment, enhancing skills, empowering the middle class, and fortifying MSMEs. This budget is not just a financial statement but a blueprint for invigorating the economy through comprehensive fiscal changes aimed at maximizing productivity and resilience across key sectors including agriculture, manufacturing, and urban development. With nine priorities set to redefine the landscape\u2014from social justice and human resource development to energy security and infrastructure\u2014this budget promises to catalyze innovation and pave the way for next-generation reforms. Dive into how these thoughtful allocations and visionary policies are poised to reshape India\u2019s economic trajectory, influencing various sectors and heralding a new era of growth and opportunity.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Overview_of_the_Indian_Budget_2024\"><\/span><strong>Overview of the Indian Budget 2024<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h4><span class=\"ez-toc-section\" id=\"A_Fiscal_Snapshot\"><\/span><strong>A Fiscal Snapshot<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The Indian Budget for 2024 has laid out a comprehensive fiscal strategy aimed at bolstering the nation&#8217;s economy while adhering to stringent fiscal discipline. Here, we delve into the main financial figures and targets that form the backbone of this year&#8217;s budgetary allocations.<\/span><\/p>\n<p><b>Fiscal Consolidation Efforts:<\/b><span style=\"font-weight: 400;\"> The budget prioritizes <\/span><b>fiscal deficit reduction<\/b><span style=\"font-weight: 400;\">, aiming for a target of 4.9% of GDP for FY25. This signifies the government&#8217;s commitment to responsible spending and controlling debt levels.<\/span><\/p>\n<p><b>Boosting Infrastructure Growth:<\/b> <b>Capital expenditure<\/b><span style=\"font-weight: 400;\">, a crucial driver of economic activity, has been significantly increased to \u20b911.11 lakh crore, representing 3.4% of GDP. This allocation reflects the government&#8217;s focus on infrastructure development, which is expected to create jobs and stimulate economic growth.<\/span><\/p>\n<p><b>Understanding Expenditure and Revenue:<\/b> <b>Total expenditure<\/b><span style=\"font-weight: 400;\"> for FY25 is projected at \u20b947,65,768 crore, which is a 6% increase compared to the previous year. It&#8217;s important to note that <\/span><b>interest payments<\/b><span style=\"font-weight: 400;\"> constitute a significant portion (25%) of this expenditure, highlighting the government&#8217;s debt burden. Additionally, interest payments take up a substantial share (40%) of <\/span><b>Indian government revenue<\/b><span style=\"font-weight: 400;\"> receipts. This underscores the importance of fiscal consolidation efforts to free up resources for other priorities.<\/span><\/p>\n<p><b>Revenue and Borrowing Projections:<\/b><span style=\"font-weight: 400;\"> Excluding borrowings, <\/span><b>revenue receipts<\/b><span style=\"font-weight: 400;\"> are estimated at \u20b932.07 lakh crore, while <\/span><b>expenditure receipts<\/b><span style=\"font-weight: 400;\"> are projected at slightly higher, at \u20b948.21 lakh crore. This necessitates <\/span><b>net tax receipts<\/b><span style=\"font-weight: 400;\"> of \u20b925.83 lakh crore to bridge the gap. The budget also outlines a reduction in both <\/span><b>gross and net market borrowings<\/b><span style=\"font-weight: 400;\"> compared to the previous year, indicating a planned decrease in government borrowing. The gross and net borrowings are set at \u20b914.01 lakh crore and \u20b911.63 lakh crore respectively.<\/span><\/p>\n<p><b>Focus on Key Initiatives:<\/b><span style=\"font-weight: 400;\"> The budget dedicates a significant portion (7.5% of total capital outlay) to the <\/span><b>Department of Economic Affairs<\/b><span style=\"font-weight: 400;\">, with a new scheme allocation of \u20b970,449 crore. This underscores the government&#8217;s commitment to implementing key economic initiatives.<\/span><\/p>\n<p><img decoding=\"async\" class=\"size-large wp-image-8459 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/07\/24163522\/Chart-Redesign-2-858x1024.png\" alt=\"\" width=\"858\" height=\"1024\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/07\/24163522\/Chart-Redesign-2-858x1024.png 858w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/07\/24163522\/Chart-Redesign-2-251x300.png 251w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/07\/24163522\/Chart-Redesign-2-768x916.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/07\/24163522\/Chart-Redesign-2-585x698.png 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/07\/24163522\/Chart-Redesign-2.png 900w\" sizes=\"(max-width: 858px) 100vw, 858px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_Dates_and_Implementation\"><\/span><strong>Key Dates and Implementation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The Indian Budget 2024 sets a clear timeline for its implementation, with various initiatives and allocations taking effect from the beginning of the fiscal year on April 1, 2024. This budget is not just a set of numbers; it is a roadmap for the government&#8217;s commitment to fostering growth, creating jobs, and enhancing the quality of life for all citizens.<\/span><\/p>\n<p><strong>Budget Implementation 2024<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The budget&#8217;s implementation will be phased, with immediate effects on certain sectors while others will roll out over the fiscal year. For example, the capital expenditure allocation of \u20b911.11 lakh crore will be strategically deployed throughout FY25 to ensure that infrastructure projects are initiated promptly and completed efficiently. This allocation represents 3.4% of GDP, highlighting the government&#8217;s focus on sustainable growth through infrastructure development.<\/span><\/p>\n<p><strong>Key Dates and Milestones<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>July 23, 2024:<\/strong> The budget officially takes effect, with funds allocated for various projects and initiatives starting to flow.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Quarterly Reviews:<\/strong> The government plans to conduct quarterly reviews of capital expenditure to monitor progress and ensure that funds are utilized effectively. This will help in making necessary adjustments to keep projects on track.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Mid-Year Assessment (October 2024):<\/strong> A comprehensive review of the budget&#8217;s impact on economic growth and sectoral performance will be conducted. This assessment will focus on the effectiveness of the initiatives aimed at employment generation, skill development, and support for MSMEs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>End of FY25 Review (March 2025):<\/strong> A final evaluation will be conducted to measure the overall success of the budget in achieving its targets, including fiscal deficit reduction to 4.9% of GDP and revenue receipts projected at \u20b932.07 lakh crore.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">T<\/span><span style=\"font-weight: 400;\">he budget timeline underscores the government&#8217;s commitment to transparency and accountability, ensuring timely benefits reach the intended beneficiaries.<\/span><\/p>\n<p><a href=\"https:\/\/goldenpi.com\/corporate-fixed-deposits\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-8922\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/06\/06041456\/Start-Your-Investment-Journey-Today-with-GoldenPi.-Get-Expert-Advice-on-Fixed-Income-Options-scaled.jpg\" alt=\"Start Your Investment Journey Today with GoldenPi. Get Expert Advice on Fixed Income Options!\" width=\"2560\" height=\"283\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/06\/06041456\/Start-Your-Investment-Journey-Today-with-GoldenPi.-Get-Expert-Advice-on-Fixed-Income-Options-scaled.jpg 2560w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/06\/06041456\/Start-Your-Investment-Journey-Today-with-GoldenPi.-Get-Expert-Advice-on-Fixed-Income-Options-300x33.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/06\/06041456\/Start-Your-Investment-Journey-Today-with-GoldenPi.-Get-Expert-Advice-on-Fixed-Income-Options-1024x113.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/06\/06041456\/Start-Your-Investment-Journey-Today-with-GoldenPi.-Get-Expert-Advice-on-Fixed-Income-Options-768x85.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/06\/06041456\/Start-Your-Investment-Journey-Today-with-GoldenPi.-Get-Expert-Advice-on-Fixed-Income-Options-1536x170.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/06\/06041456\/Start-Your-Investment-Journey-Today-with-GoldenPi.-Get-Expert-Advice-on-Fixed-Income-Options-2048x226.jpg 2048w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/06\/06041456\/Start-Your-Investment-Journey-Today-with-GoldenPi.-Get-Expert-Advice-on-Fixed-Income-Options-1170x129.jpg 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/06\/06041456\/Start-Your-Investment-Journey-Today-with-GoldenPi.-Get-Expert-Advice-on-Fixed-Income-Options-1920x212.jpg 1920w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/06\/06041456\/Start-Your-Investment-Journey-Today-with-GoldenPi.-Get-Expert-Advice-on-Fixed-Income-Options-585x65.jpg 585w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Major_Changes_Introduced_in_the_Budget\"><\/span><strong>Major Changes Introduced in the Budget<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h4><span class=\"ez-toc-section\" id=\"Taxation\"><\/span><strong>Taxation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The Indian Budget 2024 has introduced several significant changes in the realm of taxation, aimed at simplifying the system, enhancing compliance, and providing relief to taxpayers. These changes span across various aspects, including income tax, GST, and corporate tax reforms.<\/span><\/p>\n<p><strong>Income Tax Changes<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The budget proposes a review of the Income Tax Act, 1961, to simplify the tax structure and make it more taxpayer-friendly. Key changes include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Revised tax slabs that could save individuals up to \u20b917,500 annually<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">\u20b90-3 lakh: Nil\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">\u20b93-7 lakh: 5%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">\u20b97-10 lakh: 10%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">\u20b910-12 lakh: 15%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">\u20b912-15 lakh: 20%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">\u20b915 lakh and above: 30%<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Standard Deduction for salaried employees increased from \u20b950,000 to \u20b975,000<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deduction on family pension for pensioners increased from \u20b915,000 to \u20b925,000<\/span><\/li>\n<\/ul>\n<p><strong>GST Amendments<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The budget proposes to deepen the tax base by simplifying GST compliance and reducing litigation. Key measures include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Simplification of charities and TDS provisions<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Streamlining of appeal processes to reduce litigation<\/span><\/li>\n<\/ul>\n<p><strong>Sector-Specific Customs Duty Proposals<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The budget also introduces targeted customs duty changes to support specific sectors:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fully exempt 3 more cancer medicines from custom duties to make them more affordable<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reduce Basic Customs Duty (BCD) on mobile phones, mobile PCBA, and chargers from 20% to 15% to support the domestic mobile industry<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reduce customs duty on gold and silver to 6% and platinum to 6.4% to encourage domestic value addition<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reduce BCD on shrimp and fish feed to 5% to enhance competitiveness in marine exports<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fully exempt custom duties on 25 critical minerals to boost strategic sectors<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These taxation changes aim to simplify the system, provide relief to taxpayers, and support the growth of specific industries. By enhancing compliance and reducing litigation, the government hopes to create a more favorable environment for businesses and individuals alike.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Sector-Specific_Investments\"><\/span><strong>Sector-Specific Investments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The Indian Budget 2024 has earmarked significant investments across various key sectors, demonstrating a focused strategy to drive growth and development nationwide. Here&#8217;s how the allocations break down for healthcare, education, infrastructure, and defense, reflecting the government&#8217;s priorities for the fiscal year.<\/span><\/p>\n<p><img decoding=\"async\" class=\"size-full wp-image-8458 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/07\/24163343\/blog.jpg\" alt=\"\" width=\"900\" height=\"557\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/07\/24163343\/blog.jpg 900w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/07\/24163343\/blog-300x186.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/07\/24163343\/blog-768x475.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/07\/24163343\/blog-585x362.jpg 585w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Impact_on_Personal_Finance\"><\/span><strong>Impact on Personal Finance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The Indian Budget 2024 implements key changes aimed at improving personal finance, with a focus on enhancing savings, investments, and pensions. Here\u2019s a concise summary of the updates:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Taxonomy for Climate Finance<\/b><span style=\"font-weight: 400;\">: Boosts access to funds for climate-friendly investments like green bonds, offering individuals attractive returns and potential tax advantages.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>FDI and Overseas Investments<\/b><span style=\"font-weight: 400;\">: Simplified regulations now make it easier to engage in Foreign Direct Investments and utilize the Indian Rupee for international investments, aiding global diversification and potentially enhancing returns.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>NPS Vatsalya Program<\/b><span style=\"font-weight: 400;\">: Enables parents to contribute to the National Pension System on behalf of minors, promoting early financial planning and long-term savings growth.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Data Governance Improvements<\/b><span style=\"font-weight: 400;\">: Strengthened data management practices will increase transparency and reliability, supporting better-informed financial decisions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>New Pension Scheme (NPS) Updates<\/b><span style=\"font-weight: 400;\">: Proposed reforms aim to fix current inefficiencies, protect contributors&#8217; interests, and ensure fiscal responsibility, leading to more secure and stable retirement savings.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These initiatives are designed to strengthen financial stability and expand investment opportunities across various sectors.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Impact_on_Businesses_and_Investors\"><\/span><strong>Impact on Businesses and Investors<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h4><span class=\"ez-toc-section\" id=\"Business_Reforms\"><\/span><strong>Business Reforms<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The Indian Budget 2024 introduces a range of business reforms designed to stimulate growth, encourage investment, and provide substantial support to startups and small and medium-sized enterprises (SMEs). Here\u2019s how these reforms could reshape the business landscape:<\/span><\/p>\n<p><b>Startup Incentives 2024:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Abolition of ANGEL Tax<\/b><span style=\"font-weight: 400;\">: In a significant move to boost startup funding, the ANGEL tax has been abolished for all classes of investors, making it more attractive for venture capital and individual investors to fund startups without the burden of additional taxes.<\/span><\/li>\n<\/ul>\n<p><b>Business Tax Reforms:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Simplification of Tax Regime for Domestic Cruise Operators<\/b><span style=\"font-weight: 400;\">: The tax regime for operating domestic cruises has been simplified, which is expected to boost tourism and related business revenues.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Corporate Tax Rate Cut<\/b><span style=\"font-weight: 400;\">: The corporate tax rate for foreign companies has been reduced from 40% to 35%, making India a more competitive destination for foreign investment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Safe Harbour Rates for Foreign Mining Companies<\/b><span style=\"font-weight: 400;\">: New safe harbour rates have been introduced for foreign companies dealing in raw diamonds, which will simplify tax issues and reduce litigation risks.<\/span><\/li>\n<\/ul>\n<p><b>SME Support:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Enhanced Mudra Loans<\/b><span style=\"font-weight: 400;\">: The limit for Mudra loans under the \u2018Tarun\u2019 category has been doubled to \u20b920 lakh. This expansion will provide greater financial flexibility to budding entrepreneurs and small businesses looking to scale.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Credit Support During Stress Periods<\/b><span style=\"font-weight: 400;\">: New credit support mechanisms have been introduced for MSMEs during economic downturns, including a new assessment model for MSME credit, aimed at ensuring continued financial support and stability.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Development of Industrial Parks<\/b><span style=\"font-weight: 400;\">: The commitment to develop twelve industrial parks under the National Industrial Corridor Development Programme aims to enhance industrial growth and provide state-of-the-art facilities for manufacturing and services sectors.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Investment_Opportunities\"><\/span><strong>Investment Opportunities<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Indian Budget 2024 presents a range of investment opportunities that will influence how investors approach various financial instruments, including bonds, real estate, and equities. Here\u2019s a closer look at how the budget impacts these sectors.<\/span><\/p>\n<p><b>Indian Bond Market:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Taxation on Gains<\/b><span style=\"font-weight: 400;\">: The tax rate on short-term capital gains from financial assets has been increased to 20%, which may affect short-term trading strategies in the bond market. Conversely, long-term gains on both financial and non-financial assets will now be taxed at a more favorable rate of 12.5%, promoting longer holding periods.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Exemption Limit Increase<\/b><span style=\"font-weight: 400;\">: The exemption limit for capital gains on financial assets has been raised to \u20b91.25 lakh per year, providing a slight relief and potentially increasing the attractiveness of investing in bonds and other financial assets.<\/span><\/li>\n<\/ul>\n<p><b>Real Estate Sector:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Removal of Indexation Benefit<\/b><span style=\"font-weight: 400;\">: The 2024 budget has eliminated the indexation benefit for property sales, where sellers previously could adjust the acquisition cost for inflation to reduce taxable capital gains. While the capital gains tax rate on property sales has been reduced to 12.5%, the removal of indexation could result in higher taxable gains, making real estate less attractive from a tax perspective compared to previous years.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These fiscal adjustments present a mixed bag of challenges and opportunities. Investors may find bonds more appealing due to the increased exemption limits and reduced tax on long-term gains, while the new real estate tax structure could shift investor interest towards more tax-efficient investment vehicles.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By recalibrating investment portfolios to align with these new tax rules, investors can continue to navigate the evolving financial landscape effectively, ensuring their investments are both strategic and compliant with the new regulations.<\/span><\/p>\n<p><img decoding=\"async\" class=\"size-full wp-image-8623 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/07\/02105656\/union-budget-2024.gif\" alt=\"union-budget-2024\" width=\"640\" height=\"640\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion_Envisioning_the_Impact_of_Indian_Budget_2024\"><\/span><strong>Conclusion: Envisioning the Impact of Indian Budget 2024<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Indian Budget 2024 marks a transformative stride towards a more inclusive and robust economy. Designed to stimulate growth and enhance the standard of living, its broad spectrum of initiatives is set to influence not just the economy but every citizen&#8217;s life directly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the average citizen, the revised tax slabs and increased exemptions promise more disposable income, fostering greater financial freedom and consumer spending. The abolition of the ANGEL tax and the enhancements in Mudra Loans and NPS schemes provide individuals and small businesses with new opportunities to invest, save, and grow.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the broader economic landscape, the emphasis on infrastructure spending and sector-specific allocations is likely to spur job creation and bolster industries across the board\u2014from agriculture to technology. This strategic infusion of capital is anticipated to accelerate India\u2019s journey towards becoming a global economic powerhouse.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As we digest these changes, it is crucial for individuals and businesses to consider how these reforms can be leveraged for personal and professional growth. Reflect on your financial strategies\u2014whether it&#8217;s reevaluating investment plans, reconsidering savings approaches, or even reshaping business models to align with new government policies.<\/span><\/p>\n<p><b>Disclaimer: The information provided in this blog is derived from initial budget commentary. For precise data and verification, please consult the Financial Bill once it is officially published.<\/b><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Exploring the Indian Budget 2024: Key Changes and Their Impact on the Economy The unveiling of the Indian Budget 2024 marks a&hellip;<\/p>\n","protected":false},"author":4,"featured_media":12258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[16],"tags":[],"class_list":["post-8457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UNION BUDGET 2024 - GoldenPi | Blogs<\/title>\n<meta name=\"description\" content=\"UNION BUDGET 2024\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/union-budget-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UNION BUDGET 2024 - GoldenPi | Blogs\" \/>\n<meta property=\"og:description\" content=\"UNION BUDGET 2024\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/bond-news\/capital-market\/union-budget-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"GoldenPi | Blogs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/goldenpitech\" \/>\n<meta property=\"article:author\" content=\"goldenpitech\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-24T16:43:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-26T12:35:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/07\/26123524\/Union-Budget-2024.png\" \/>\n\t<meta property=\"og:image:width\" content=\"731\" \/>\n\t<meta property=\"og:image:height\" content=\"347\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Abhijit Roy, CEO &amp; 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