New Delhi [India], July 23 (ANI): Union Minister Ashwini Vaishnaw on Tuesday said that the 2024-25 budget includes provisions to simplify tax rates, reduce taxes, and help middle-class families fulfil their dream of owning a home.
“(Provision is made in this budget) for simplifying tax rate, working on reducing the tax rate, and fulfilling the biggest dream of middle-class families to build their own house,” he told ANI.
He also said that the budget also has provision of Rs 2 lakh crore to create employment opportunities.
“Today’s budget has a very important provision of Rs 2 lakh crore to create employment opportunities. How youth can get new employment through internships. How to involve more and more people in the manufacturing sector and get more and more employment for people is given an important place in today’s budget,” Vaishnaw told ANI.
Vaishnaw also said Budget 2024-25 also has special provisions for MSME sector like the credit guarantee and cash flow-based credit assessment.
“MSME sector plays a vital role in the economy of the country…Several announcements have been made for this sector in this budget will show positive impact for a long term… A small business owner faces the biggest problem during loan time, what collateral to give, that is the biggest problem, today its solution has been found… so I welcome this budget which has made special provisions for the MSME sector credit guarantee and cash flow-based credit assessment,” Vaishnaw told ANI.
Earlier in the day, Finance Minister Nirmala Sitharaman presented her record seventh consecutive Union Budget 2024-25 today (on July 23) during the Budget Session of Parliament. She makes history as the first finance minister to present seven consecutive budget speeches, surpassing former Prime Minister Morarji Desai’s record of six consecutive budgets as finance minister between 1959 and 1964.
FM Sitharaman, in her seventh consecutive Union Budget for 2024-25, outlined key priorities aimed at fostering economic growth and creating ample opportunities. The priorities include Productivity and Resilience in Agriculture, Employment and Skilling and services.
She listed productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development, and next-generation reforms as nine priority areas for the government.
In her budget speech, Sitharaman introduced an increased standard deduction and revised tax rates for salaried individuals under the new tax regime. Sitharaman announced a significant set of income-tax reforms for the fiscal year 2024-25, aimed at simplifying tax laws, promoting compliance, and fostering economic growth.
Sitharaman, in her budget speech, proposed the creation of employment for about 4.1 crore youth over the next five years. Towards this, the finance minister has made an allocation of Rs 2 lakh crore.
Similarly, for skilling the citizens so as to generate job opportunities, she proposed Rs 1.48 crore. 20 lakh youth will be skilled over a five-year period. A total of 1,000 industrial training institutes will be upgraded. (ANI)
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