PART A
Union Budget Overview:
- Total receipts (excluding borrowings): ₹34.96 lakh crore
- Total expenditure: ₹50.65 lakh crore
- Net tax receipts: ₹28.37 lakh crore
- Fiscal deficit: Estimated at 4.4% of GDP
- Gross market borrowings: ₹14.82 lakh crore
- Capital expenditure (Capex): ₹11.21 lakh crore (3.1% of GDP)
Agriculture: The 1st Engine of Development
- Prime Minister Dhan-Dhaanya Krishi Yojana: A partnership with states to cover 100 low-productivity districts, benefiting 1.7 crore farmers.
- Aatmanirbharta in Pulses: A 6-year mission for self-sufficiency in pulses like Tur, Urad, and Masoor.
- Makhana Board in Bihar: To boost production and marketing of Makhana.
- National Mission on High Yielding Seeds: Targeting over 100 high-yield seed varieties.
- Mission for Cotton Productivity: To enhance cotton farming productivity with focus on extra-long staple varieties.
MSMEs: The 2nd Engine of Development
- Revised Classification: Investment and turnover limits for MSMEs increased.
- Customized Credit Cards: ₹5 lakh limit for micro-enterprises, 10 lakh cards to be issued.
- Fund of Funds for Startups: ₹10,000 crore allocated for startup funding.
- Toy Sector Scheme: India as a global hub for high-quality, sustainable toys.
Investment: The 3rd Engine of Development
- Saksham Anganwadi & Poshan 2.0: Enhanced nutritional support.
- Atal Tinkering Labs: 50,000 labs to be set up in government schools.
- Broadband Connectivity for Schools & PHCs: Bharatnet to connect rural schools and health centres.
- Expansion of IITs: Infrastructure for 6,500 more students across 5 IITs.
- Medical Education: 10,000 new seats to be added to medical colleges.
Infrastructure Development:
- Public-Private Partnership (PPP): States to identify a 3-year infrastructure pipeline.
- Urban Challenge Fund: ₹1 lakh crore announced for urban growth projects.
- Shipbuilding: Revamping policy with financial assistance for shipbuilding.
Innovation: The 4th Engine of Development
- Research, Development & Innovation: ₹20,000 crore for private-sector-driven R&D.
- Gene Bank for Crops: 10 lakh germplasm lines for food security.
- National Geospatial Mission: To develop foundational infrastructure for spatial data.
Exports & Financial Sector Reforms:
- Export Promotion Mission: A joint effort across ministries to boost exports.
- FDI in Insurance: Limit raised from 74% to 100% for companies investing premiums in India.
- Regulatory Reforms: A high-level committee to review non-financial sector regulations.
PART B: TAX REFORMS
Direct Tax:
- Income Tax Exemptions: No tax on income up to ₹12 lakh (₹12.75 lakh for salaried individuals).
- Revised Tax Slabs:
- ₹0–4 lakh: Nil
- ₹4–8 lakh: 5%
- ₹8–12 lakh: 10%
- ₹12–16 lakh: 15%
- ₹16–20 lakh: 20%
- ₹20–24 lakh: 25%
- Above ₹24 lakh: 30%
- TDS & TCS Rationalization:
- Senior citizens: Tax deduction on interest doubled to ₹1 lakh.
- TDS on rent increased to ₹6 lakh.
Indirect Tax:
- Customs Tariff Reforms:
- Seven tariff rates removed for industrial goods.
- 36 lifesaving drugs fully exempted from Basic Customs Duty (BCD).
- Lithium-ion battery components exempted from BCD.
- Duty reduction for export of fish and marine products.
