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Ministry of Finance
SUMMARY OF THE UNION BUDGET 2024-2025
Posted On: 23 JUL 2024 1:21PM by PIB Delhi
INDIA’S INFLATION CONTINUES TO BE LOW, STABLE AND
MOVING TOWARDS THE 4 PER CENT TARGET
PM’S PACKAGE OF 5 SCHEMES AND INITIATIVES WITH AN
OUTLAY OF  ? 2 LAKH CRORE TO FACILITATE EMPLOYMENT,
SKILLING AND OTHER OPPORTUNITIES FOR 4.1 CRORE
YOUTH IN  5 YEARS
FOR PURSUIT OF ‘VIKSIT BHARAT’, THE BUDGET ENVISAGES
SUSTAINED EFFORTS ON 9 PRIORITIES FOR GENERATING
AMPLE OPPORTUNITIES FOR ALL
BUDGET 2024-25 FOCUSES ON EMPLOYMENT, SKILLING,
MSME’s AND MIDDLE CLASS
NEW 109 HIGH-YIELDING AND CLIMATE-RESILIENT VARIETIES
OF 32 FIELD AND HORTICULTURE CROPS WILL BE RELEASED
FOR CULTIVATION BY FARMERS
IN THE NEXT TWO YEARS, 1 CRORE FARMERS ACROSS THE
COUNTRY WILL BE INITIATED INTO NATURAL FARMING
A PROVISION OF ? 1.52 LAKH CRORE FOR AGRICULTURE AND
ALLIED SECTOR ANNOUNCED FOR THIS YEAR.
1,000 INDUSTRIAL TRAINING INSTITUTES WILL BE UPGRADED
Page 2


Ministry of Finance
SUMMARY OF THE UNION BUDGET 2024-2025
Posted On: 23 JUL 2024 1:21PM by PIB Delhi
INDIA’S INFLATION CONTINUES TO BE LOW, STABLE AND
MOVING TOWARDS THE 4 PER CENT TARGET
PM’S PACKAGE OF 5 SCHEMES AND INITIATIVES WITH AN
OUTLAY OF  ? 2 LAKH CRORE TO FACILITATE EMPLOYMENT,
SKILLING AND OTHER OPPORTUNITIES FOR 4.1 CRORE
YOUTH IN  5 YEARS
FOR PURSUIT OF ‘VIKSIT BHARAT’, THE BUDGET ENVISAGES
SUSTAINED EFFORTS ON 9 PRIORITIES FOR GENERATING
AMPLE OPPORTUNITIES FOR ALL
BUDGET 2024-25 FOCUSES ON EMPLOYMENT, SKILLING,
MSME’s AND MIDDLE CLASS
NEW 109 HIGH-YIELDING AND CLIMATE-RESILIENT VARIETIES
OF 32 FIELD AND HORTICULTURE CROPS WILL BE RELEASED
FOR CULTIVATION BY FARMERS
IN THE NEXT TWO YEARS, 1 CRORE FARMERS ACROSS THE
COUNTRY WILL BE INITIATED INTO NATURAL FARMING
A PROVISION OF ? 1.52 LAKH CRORE FOR AGRICULTURE AND
ALLIED SECTOR ANNOUNCED FOR THIS YEAR.
1,000 INDUSTRIAL TRAINING INSTITUTES WILL BE UPGRADED
GOVERNMENT WILL FORMULATE A PLAN, PURVODAYA, FOR
THE ALL-ROUND DEVELOPMENT OF THE EASTERN REGION
COVERING BIHAR, JHARKHAND, WEST BENGAL, ODISHA AND
ANDHRA PRADESH
FOR PROMOTING WOMEN-LED DEVELOPMENT, THE BUDGET
CARRIES AN ALLOCATION OF MORE THAN ` 3 LAKH CRORE
FOR SCHEMES BENEFITTING WOMEN AND GIRLS
A PROVISION OF  ? 2.66 LAKH CRORE FOR RURAL
DEVELOPMENT INCLUDING RURAL INFRASTRUCTURE MADE
THIS YEAR
THE LIMIT OF MUDRA LOANS WILL BE ENHANCED TO ? 20
LAKH FROM THE CURRENT  ? 10 LAKH
GOVERNMENT TO LAUNCH A COMPREHENSIVE SCHEME FOR
PROVIDING INTERNSHIP OPPORTUNITIES IN 500 TOP
COMPANIES TO 1 CRORE YOUTH IN 5 YEARS
UNDER PM AWAS YOJANA URBAN 2.0, HOUSING NEEDS OF 1
CRORE URBAN POOR AND MIDDLE-CLASS FAMILIES WILL BE
ADDRESSED WITH AN INVESTMENT OF  ? 10 LAKH CRORE
PHASE IV OF PMGSY WILL BE LAUNCHED TO PROVIDE ALL-
WEATHER CONNECTIVITY TO 25,000 RURAL HABITATIONS
EMPHASIS ON EXPANDING THE SPACE ECONOMY BY 5 TIMES
IN THE NEXT 10 YEARS WITH A VENTURE CAPITAL FUND OF  ?
1,000 CRORE 
MAJOR RELIEF TO 4 CRORE SALARIED INDIVIDUALS AND
PENSIONERS IN INCOME TAX
STANDARD DEDUCTION INCREASED FROM  ? 50,000 TO  ?
75,000/- FOR THOSE IN NEW TAX REGIME
Page 3


Ministry of Finance
SUMMARY OF THE UNION BUDGET 2024-2025
Posted On: 23 JUL 2024 1:21PM by PIB Delhi
INDIA’S INFLATION CONTINUES TO BE LOW, STABLE AND
MOVING TOWARDS THE 4 PER CENT TARGET
PM’S PACKAGE OF 5 SCHEMES AND INITIATIVES WITH AN
OUTLAY OF  ? 2 LAKH CRORE TO FACILITATE EMPLOYMENT,
SKILLING AND OTHER OPPORTUNITIES FOR 4.1 CRORE
YOUTH IN  5 YEARS
FOR PURSUIT OF ‘VIKSIT BHARAT’, THE BUDGET ENVISAGES
SUSTAINED EFFORTS ON 9 PRIORITIES FOR GENERATING
AMPLE OPPORTUNITIES FOR ALL
BUDGET 2024-25 FOCUSES ON EMPLOYMENT, SKILLING,
MSME’s AND MIDDLE CLASS
NEW 109 HIGH-YIELDING AND CLIMATE-RESILIENT VARIETIES
OF 32 FIELD AND HORTICULTURE CROPS WILL BE RELEASED
FOR CULTIVATION BY FARMERS
IN THE NEXT TWO YEARS, 1 CRORE FARMERS ACROSS THE
COUNTRY WILL BE INITIATED INTO NATURAL FARMING
A PROVISION OF ? 1.52 LAKH CRORE FOR AGRICULTURE AND
ALLIED SECTOR ANNOUNCED FOR THIS YEAR.
1,000 INDUSTRIAL TRAINING INSTITUTES WILL BE UPGRADED
GOVERNMENT WILL FORMULATE A PLAN, PURVODAYA, FOR
THE ALL-ROUND DEVELOPMENT OF THE EASTERN REGION
COVERING BIHAR, JHARKHAND, WEST BENGAL, ODISHA AND
ANDHRA PRADESH
FOR PROMOTING WOMEN-LED DEVELOPMENT, THE BUDGET
CARRIES AN ALLOCATION OF MORE THAN ` 3 LAKH CRORE
FOR SCHEMES BENEFITTING WOMEN AND GIRLS
A PROVISION OF  ? 2.66 LAKH CRORE FOR RURAL
DEVELOPMENT INCLUDING RURAL INFRASTRUCTURE MADE
THIS YEAR
THE LIMIT OF MUDRA LOANS WILL BE ENHANCED TO ? 20
LAKH FROM THE CURRENT  ? 10 LAKH
GOVERNMENT TO LAUNCH A COMPREHENSIVE SCHEME FOR
PROVIDING INTERNSHIP OPPORTUNITIES IN 500 TOP
COMPANIES TO 1 CRORE YOUTH IN 5 YEARS
UNDER PM AWAS YOJANA URBAN 2.0, HOUSING NEEDS OF 1
CRORE URBAN POOR AND MIDDLE-CLASS FAMILIES WILL BE
ADDRESSED WITH AN INVESTMENT OF  ? 10 LAKH CRORE
PHASE IV OF PMGSY WILL BE LAUNCHED TO PROVIDE ALL-
WEATHER CONNECTIVITY TO 25,000 RURAL HABITATIONS
EMPHASIS ON EXPANDING THE SPACE ECONOMY BY 5 TIMES
IN THE NEXT 10 YEARS WITH A VENTURE CAPITAL FUND OF  ?
1,000 CRORE 
MAJOR RELIEF TO 4 CRORE SALARIED INDIVIDUALS AND
PENSIONERS IN INCOME TAX
STANDARD DEDUCTION INCREASED FROM  ? 50,000 TO  ?
75,000/- FOR THOSE IN NEW TAX REGIME
DEDUCTION ON FAMILY PENSION INCREASED FROM  ? 15,000/-
TO  ? 25,000/-
OVER 58 PER CENT CORPORATE TAX RECEIPTS COLLECTED
UNDER THE NEW REGIME
TWO THIRD OF INDIVIDUAL INCOME TAX PAYERS SWITCHED
OVER TO NEW INCOME TAX REGIME
ANGEL TAX ABOLISHED FOR ALL CLASS OF INVESTORS TO
BOOST START-UPS AND INVESTMENTS
CORPORATE TAX ON FOREIGN COMPANIES REDUCED FROM
40 TO 35 PER CENT TO INVITE INVESTMENTS
5 PER CENT TDS ON MANY PAYMENTS MERGED TO 2 PER
CENT TDS
CAPITAL GAIN EXEMPTION LIMIT INCREASED TO ? 1.25 LAKH
PER YEAR TO BENEFIT LOWER AND MIDDLE INCOME CLASSES
CUSTOM DUTY ON X-RAY PANELS, MOBILE PHONES & PCBA
REDUCED TO 15 PER CENT
PRECIOUS METALS INCLUDING GOLD AND SILVER TO BECOME
CHEAPER, CUSTOM DUTY REDUCED TO 6 PER CENT
PART A
Despite global economy remaining under the grip of policy uncertainties, India’s economic growth
continues to be the shining exception and will remain so in the years ahead. Minister of Finance and
Corporate Affairs Smt Nirmala Sitharaman, while presenting the Union Budget 2024-25 in Parliament
today said that India’s inflation continues to be low, stable and moving towards the 4 per cent target.
Core inflation (non-food, non-fuel) currently is 3.1 per cent and steps are being taken to ensure supplies
of perishable goods reach market adequately.
Interim Budget
The Finance Minister said that as mentioned in the interim budget, the focus is on 4 major castes,
namely  ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and  ‘Annadata’ (Farmer).
Budget Theme
Page 4


Ministry of Finance
SUMMARY OF THE UNION BUDGET 2024-2025
Posted On: 23 JUL 2024 1:21PM by PIB Delhi
INDIA’S INFLATION CONTINUES TO BE LOW, STABLE AND
MOVING TOWARDS THE 4 PER CENT TARGET
PM’S PACKAGE OF 5 SCHEMES AND INITIATIVES WITH AN
OUTLAY OF  ? 2 LAKH CRORE TO FACILITATE EMPLOYMENT,
SKILLING AND OTHER OPPORTUNITIES FOR 4.1 CRORE
YOUTH IN  5 YEARS
FOR PURSUIT OF ‘VIKSIT BHARAT’, THE BUDGET ENVISAGES
SUSTAINED EFFORTS ON 9 PRIORITIES FOR GENERATING
AMPLE OPPORTUNITIES FOR ALL
BUDGET 2024-25 FOCUSES ON EMPLOYMENT, SKILLING,
MSME’s AND MIDDLE CLASS
NEW 109 HIGH-YIELDING AND CLIMATE-RESILIENT VARIETIES
OF 32 FIELD AND HORTICULTURE CROPS WILL BE RELEASED
FOR CULTIVATION BY FARMERS
IN THE NEXT TWO YEARS, 1 CRORE FARMERS ACROSS THE
COUNTRY WILL BE INITIATED INTO NATURAL FARMING
A PROVISION OF ? 1.52 LAKH CRORE FOR AGRICULTURE AND
ALLIED SECTOR ANNOUNCED FOR THIS YEAR.
1,000 INDUSTRIAL TRAINING INSTITUTES WILL BE UPGRADED
GOVERNMENT WILL FORMULATE A PLAN, PURVODAYA, FOR
THE ALL-ROUND DEVELOPMENT OF THE EASTERN REGION
COVERING BIHAR, JHARKHAND, WEST BENGAL, ODISHA AND
ANDHRA PRADESH
FOR PROMOTING WOMEN-LED DEVELOPMENT, THE BUDGET
CARRIES AN ALLOCATION OF MORE THAN ` 3 LAKH CRORE
FOR SCHEMES BENEFITTING WOMEN AND GIRLS
A PROVISION OF  ? 2.66 LAKH CRORE FOR RURAL
DEVELOPMENT INCLUDING RURAL INFRASTRUCTURE MADE
THIS YEAR
THE LIMIT OF MUDRA LOANS WILL BE ENHANCED TO ? 20
LAKH FROM THE CURRENT  ? 10 LAKH
GOVERNMENT TO LAUNCH A COMPREHENSIVE SCHEME FOR
PROVIDING INTERNSHIP OPPORTUNITIES IN 500 TOP
COMPANIES TO 1 CRORE YOUTH IN 5 YEARS
UNDER PM AWAS YOJANA URBAN 2.0, HOUSING NEEDS OF 1
CRORE URBAN POOR AND MIDDLE-CLASS FAMILIES WILL BE
ADDRESSED WITH AN INVESTMENT OF  ? 10 LAKH CRORE
PHASE IV OF PMGSY WILL BE LAUNCHED TO PROVIDE ALL-
WEATHER CONNECTIVITY TO 25,000 RURAL HABITATIONS
EMPHASIS ON EXPANDING THE SPACE ECONOMY BY 5 TIMES
IN THE NEXT 10 YEARS WITH A VENTURE CAPITAL FUND OF  ?
1,000 CRORE 
MAJOR RELIEF TO 4 CRORE SALARIED INDIVIDUALS AND
PENSIONERS IN INCOME TAX
STANDARD DEDUCTION INCREASED FROM  ? 50,000 TO  ?
75,000/- FOR THOSE IN NEW TAX REGIME
DEDUCTION ON FAMILY PENSION INCREASED FROM  ? 15,000/-
TO  ? 25,000/-
OVER 58 PER CENT CORPORATE TAX RECEIPTS COLLECTED
UNDER THE NEW REGIME
TWO THIRD OF INDIVIDUAL INCOME TAX PAYERS SWITCHED
OVER TO NEW INCOME TAX REGIME
ANGEL TAX ABOLISHED FOR ALL CLASS OF INVESTORS TO
BOOST START-UPS AND INVESTMENTS
CORPORATE TAX ON FOREIGN COMPANIES REDUCED FROM
40 TO 35 PER CENT TO INVITE INVESTMENTS
5 PER CENT TDS ON MANY PAYMENTS MERGED TO 2 PER
CENT TDS
CAPITAL GAIN EXEMPTION LIMIT INCREASED TO ? 1.25 LAKH
PER YEAR TO BENEFIT LOWER AND MIDDLE INCOME CLASSES
CUSTOM DUTY ON X-RAY PANELS, MOBILE PHONES & PCBA
REDUCED TO 15 PER CENT
PRECIOUS METALS INCLUDING GOLD AND SILVER TO BECOME
CHEAPER, CUSTOM DUTY REDUCED TO 6 PER CENT
PART A
Despite global economy remaining under the grip of policy uncertainties, India’s economic growth
continues to be the shining exception and will remain so in the years ahead. Minister of Finance and
Corporate Affairs Smt Nirmala Sitharaman, while presenting the Union Budget 2024-25 in Parliament
today said that India’s inflation continues to be low, stable and moving towards the 4 per cent target.
Core inflation (non-food, non-fuel) currently is 3.1 per cent and steps are being taken to ensure supplies
of perishable goods reach market adequately.
Interim Budget
The Finance Minister said that as mentioned in the interim budget, the focus is on 4 major castes,
namely  ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and  ‘Annadata’ (Farmer).
Budget Theme
welling on the Budget theme, Smt Sitharaman said, turning attention to the full year and beyond, in this
udget, we particularly focus on employment, skilling, MSMEs, and the middle class. She announced the
rime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other
pportunities for 4.1 crore youth over a 5-year period with a central outlay of ?2 lakh crore. This year,
1.48 lakh crore has been allocated for education, employment and skilling.
udget Priorities
he Finance Minister said, for pursuit of ‘Viksit Bharat’, the budget envisages sustained efforts on the
ollowing 9 priorities for generating ample opportunities for all. 
1. Productivity and resilience in Agriculture
2. Employment & Skilling
3. Inclusive Human Resource Development and Social Justice
4. Manufacturing & Services
5. Urban Development  
6. Energy Security
7. Infrastructure
8. Innovation, Research & Development and
9. Next Generation Reforms
Page 5


Ministry of Finance
SUMMARY OF THE UNION BUDGET 2024-2025
Posted On: 23 JUL 2024 1:21PM by PIB Delhi
INDIA’S INFLATION CONTINUES TO BE LOW, STABLE AND
MOVING TOWARDS THE 4 PER CENT TARGET
PM’S PACKAGE OF 5 SCHEMES AND INITIATIVES WITH AN
OUTLAY OF  ? 2 LAKH CRORE TO FACILITATE EMPLOYMENT,
SKILLING AND OTHER OPPORTUNITIES FOR 4.1 CRORE
YOUTH IN  5 YEARS
FOR PURSUIT OF ‘VIKSIT BHARAT’, THE BUDGET ENVISAGES
SUSTAINED EFFORTS ON 9 PRIORITIES FOR GENERATING
AMPLE OPPORTUNITIES FOR ALL
BUDGET 2024-25 FOCUSES ON EMPLOYMENT, SKILLING,
MSME’s AND MIDDLE CLASS
NEW 109 HIGH-YIELDING AND CLIMATE-RESILIENT VARIETIES
OF 32 FIELD AND HORTICULTURE CROPS WILL BE RELEASED
FOR CULTIVATION BY FARMERS
IN THE NEXT TWO YEARS, 1 CRORE FARMERS ACROSS THE
COUNTRY WILL BE INITIATED INTO NATURAL FARMING
A PROVISION OF ? 1.52 LAKH CRORE FOR AGRICULTURE AND
ALLIED SECTOR ANNOUNCED FOR THIS YEAR.
1,000 INDUSTRIAL TRAINING INSTITUTES WILL BE UPGRADED
GOVERNMENT WILL FORMULATE A PLAN, PURVODAYA, FOR
THE ALL-ROUND DEVELOPMENT OF THE EASTERN REGION
COVERING BIHAR, JHARKHAND, WEST BENGAL, ODISHA AND
ANDHRA PRADESH
FOR PROMOTING WOMEN-LED DEVELOPMENT, THE BUDGET
CARRIES AN ALLOCATION OF MORE THAN ` 3 LAKH CRORE
FOR SCHEMES BENEFITTING WOMEN AND GIRLS
A PROVISION OF  ? 2.66 LAKH CRORE FOR RURAL
DEVELOPMENT INCLUDING RURAL INFRASTRUCTURE MADE
THIS YEAR
THE LIMIT OF MUDRA LOANS WILL BE ENHANCED TO ? 20
LAKH FROM THE CURRENT  ? 10 LAKH
GOVERNMENT TO LAUNCH A COMPREHENSIVE SCHEME FOR
PROVIDING INTERNSHIP OPPORTUNITIES IN 500 TOP
COMPANIES TO 1 CRORE YOUTH IN 5 YEARS
UNDER PM AWAS YOJANA URBAN 2.0, HOUSING NEEDS OF 1
CRORE URBAN POOR AND MIDDLE-CLASS FAMILIES WILL BE
ADDRESSED WITH AN INVESTMENT OF  ? 10 LAKH CRORE
PHASE IV OF PMGSY WILL BE LAUNCHED TO PROVIDE ALL-
WEATHER CONNECTIVITY TO 25,000 RURAL HABITATIONS
EMPHASIS ON EXPANDING THE SPACE ECONOMY BY 5 TIMES
IN THE NEXT 10 YEARS WITH A VENTURE CAPITAL FUND OF  ?
1,000 CRORE 
MAJOR RELIEF TO 4 CRORE SALARIED INDIVIDUALS AND
PENSIONERS IN INCOME TAX
STANDARD DEDUCTION INCREASED FROM  ? 50,000 TO  ?
75,000/- FOR THOSE IN NEW TAX REGIME
DEDUCTION ON FAMILY PENSION INCREASED FROM  ? 15,000/-
TO  ? 25,000/-
OVER 58 PER CENT CORPORATE TAX RECEIPTS COLLECTED
UNDER THE NEW REGIME
TWO THIRD OF INDIVIDUAL INCOME TAX PAYERS SWITCHED
OVER TO NEW INCOME TAX REGIME
ANGEL TAX ABOLISHED FOR ALL CLASS OF INVESTORS TO
BOOST START-UPS AND INVESTMENTS
CORPORATE TAX ON FOREIGN COMPANIES REDUCED FROM
40 TO 35 PER CENT TO INVITE INVESTMENTS
5 PER CENT TDS ON MANY PAYMENTS MERGED TO 2 PER
CENT TDS
CAPITAL GAIN EXEMPTION LIMIT INCREASED TO ? 1.25 LAKH
PER YEAR TO BENEFIT LOWER AND MIDDLE INCOME CLASSES
CUSTOM DUTY ON X-RAY PANELS, MOBILE PHONES & PCBA
REDUCED TO 15 PER CENT
PRECIOUS METALS INCLUDING GOLD AND SILVER TO BECOME
CHEAPER, CUSTOM DUTY REDUCED TO 6 PER CENT
PART A
Despite global economy remaining under the grip of policy uncertainties, India’s economic growth
continues to be the shining exception and will remain so in the years ahead. Minister of Finance and
Corporate Affairs Smt Nirmala Sitharaman, while presenting the Union Budget 2024-25 in Parliament
today said that India’s inflation continues to be low, stable and moving towards the 4 per cent target.
Core inflation (non-food, non-fuel) currently is 3.1 per cent and steps are being taken to ensure supplies
of perishable goods reach market adequately.
Interim Budget
The Finance Minister said that as mentioned in the interim budget, the focus is on 4 major castes,
namely  ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and  ‘Annadata’ (Farmer).
Budget Theme
welling on the Budget theme, Smt Sitharaman said, turning attention to the full year and beyond, in this
udget, we particularly focus on employment, skilling, MSMEs, and the middle class. She announced the
rime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other
pportunities for 4.1 crore youth over a 5-year period with a central outlay of ?2 lakh crore. This year,
1.48 lakh crore has been allocated for education, employment and skilling.
udget Priorities
he Finance Minister said, for pursuit of ‘Viksit Bharat’, the budget envisages sustained efforts on the
ollowing 9 priorities for generating ample opportunities for all. 
1. Productivity and resilience in Agriculture
2. Employment & Skilling
3. Inclusive Human Resource Development and Social Justice
4. Manufacturing & Services
5. Urban Development  
6. Energy Security
7. Infrastructure
8. Innovation, Research & Development and
9. Next Generation Reforms
Priority 1: Productivity and resilience in Agriculture
The Finance Minister announced that the government will undertake a comprehensive review of the
agriculture research setup to bring the focus on raising productivity. New 109 high-yielding and climate-
resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers.
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