TEAM KNOWLEDGEPEDIA : Finance Minister Nirmala Sitharaman presented first budget under Modi 3.0 government on Tuesday, July 23.
Sitharaman introduced increased standard deduction and revised tax rates for salaried individuals under the new tax regime. Besides this, cut on customs duty on gold, silver, mobile phones and other goods were announced.
The Centre’s FY25 Capex spend seen at ₹11.1 lakh crore — unchanged from Interim Budget, and infrastructure spend at 3.4% of GDP.
Revised tax rate under New Tax Regime as follows:
₹0-3 lakh – nil tax
₹3-7 lakh – 5%
₹7-10 lakh – 10%
₹10-12 lakh – 15%
₹12-15 lakh – 20%
Above ₹15 lakh – 30%
Today’s budget has brought new opportunities, new energy. It has brought a lot of new jobs and self-employment opportunities. It has brought better growth and bright future. This budget will give new scale to education and skills. Youth will get unlimited opportunities from this budget. This budget will give new dimension to education and skills. The budget will help women, small businessmen and MSMEs.
- Narendra Modi, Prime Minister
Internship to one crore youth, will get 5,000 rupees every month
After completing their studies, youth often have to wander. In such a situation, now the government has planned to give them a big opportunity of internship immediately in the top five hundred companies of the country. Where along with giving 12 months of training related to employment, they will also be given an internship of five thousand rupees every month.
500 Internship opportunity will be given in top companies
Each youth will get a help of 6000 rupees separately during internship
- Companies can spend 10% of the total expenditure on internship from CSR fund,
- Under this scheme, youth between 21 and 24 years can apply.
- A total of 63 thousand crore rupees will be spent on the internship of one crore youth.
Under this scheme, a target has been set to provide internship to one crore youth in the next five years. That is, every year about 20 lakh students will benefit from the internship scheme.
If you pursue higher education in the country, you will get a cheap loan of up to 10 lakhs
The government has made a big announcement to encourage students from weaker sections, who are not benefited by any other scheme or policy of the government, for higher education. Now, if they pursue higher education in the country, they will be provided a cheap education loan of up to 10 lakh rupees.
1 lakh students will get a benefit every year.
An e-voucher of 3% discount will be given annually.
- One lakh students who are not benefited by any other scheme or policy will get this benefit
- Students will be given e-vouchers for a discount of 3% in the annual interest rate
- Under this scheme, the migration of students going abroad for higher education will also stop.
Although the system of education loan for higher education already exists. But at present its annual interest rate is 10 percent. Also, guarantee has to be given on education loan above seven lakhs.
One thousand ITI’s will be upgraded to skill 20 lakh youth
It has been decided to upgrade one thousand ITI’s in five years. 60 thousand crore rupees will be spent in five years to develop them as skill hubs, increase the quality of skills, add new courses as per the requirement of the industry, redesign the existing courses and start short-term courses in hub ITI’s. In this, the central government will contribute 30,000 crores, state governments 20,000 crores, while industry groups will contribute 10,000 crores including CSR funds.
The government’s target is to skill 20 lakh youth in five years through these efforts. The government has kept the budget of the Ministry of Skill Development and Entrepreneurship at Rs 4,520 crore.
Participation of Nari Shakti will increase, establishment of women’s hostels
The Modi government has always believed that in order to give wings to the country’s economy and to take the GDP to double digits, women’s economic empowerment and their participation in the work place is necessary. This thinking of the government is also visible in this budget. In the budget, an allocation of more than three lakh crore rupees has been made for the schemes benefiting women and girls. Along with this, emphasis has been laid on training along with facilities to make the life of working women easier.
To ensure the participation of women workers, hostels and crèches will be established for working women with the cooperation of the industry.
This budget has kept the youth in mind. This has given the youth an opportunity to do next generation reforms. India’s economy is continuously performing better, and it is expected to continue in the future as well. Inflation is continuously under control. Food items are also within reach.
- Nirmala Sitharaman, Finance Minister
Table of Contents
- why Taliban say I love Hindustan - September 19, 2024
- International Day of Peace 2024 - September 18, 2024
- International Equal Pay Day 2024 - September 17, 2024