Union Budget 2024: Tax relief, job boosts, and a spending surge

Finance Minister Nirmala Sitharaman on Tuesday announced income tax relief for the middle class a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by her partyrsquos new coalition partners as she unveiled Modi 30 governmentrsquos first budget after the general electionsWith rural distress and unemployment being blamed for BJP losing its majority Sitharaman in her seventh straight budget provided Rs 266 lakh crore for rural development and maintained spending on longterm infrastructure projects at Rs 1111 lakh crore to boost economic growthShe abolished lsquoangel taxrsquo for all classes of investors in startups cut customs duty on mobile phones and gold and simplified capital gains tax She however raised the securities transaction tax STT on futures and options of securities which led to tanking of stock marketsldquoIndiarsquos economic growth continues to be the shining exception in a world that is gripped by policy uncertainties and will remain so in the years aheadrdquo she said ldquoIn this budget we particularly focus on employment skilling MSMEs and the middle classrdquoKursi Bachao Budget RahulLeader of Opposition in the Lok Sabha Rahul Gandhi on Tuesday dubbed the Union Budget a ldquokursi bachao budgetrdquo and claimed it makes ldquohollow promisesrdquo to BJP allies at the cost of other statesThe former Congress chief also claimed that the budget was ldquocopy and pasterdquo job of the Congress manifesto for 2024 polls and previous budgets This is the first budget in Prime Minister Narendra Modiled governmentrsquos third term in officeIn a post on X Gandhi said ldquo lsquoKursi Bachaorsquo Budget Appease Allies Hollow promises to them at the cost of other states Appease Cronies Benefits to AA with no relief for the common Indian Copy and Paste Congress manifesto and previous budgetsrdquoModi hails budget as gamechangerPM Modi Tuesday hailed the Union Budget for its measures for every section of society asserting that it has heralded better growth and a bright future ldquoThe budget will act as a catalyst in making India the thirdlargest economy in the world and will lay a solid foundation for a developed Indiardquo he said in his televised remarks after Union Finance Minister Nirmala Sitharaman presented the budget in Parliament ldquoThis visionary budget will uplift and empower every stratum of our society paving the way for a brighter future for allrdquo he saidAndhra Pradesh gets Rs 15000 crore boostThe government on Tuesday announced a series of measures for development of Andhra Pradesh including arranging R15000 crore this fiscal and in future years for development of the capital city of the state Presenting Union Budget 202425 Finance Minister Nirmala Sitharaman said the government will also facilitate special financial support for development of the capital city Besides the Centre allocated over R3 lakh crore for schemes benefiting women and girls and stated that it is fully committed for completion and financing of Polavaram irrigation project The minister also announced backward region grant for three districts ofthe state The Telugu Desam Party TDP is a key ally of the BJP in the CentreBihar gets Rs 26000cr for road projectsThe Centre proposed an outlay of Rs 26000 crore for various road projects in Bihar In her Budget for 202425 Nirmala Sitharaman said the government will arrange financial assistance to Bihar through aid from multilateral development agencies The government will also set up airports medical colleges and sports infrastructure in Bihar she said The Centre will also formulate plan lsquoPurvodayarsquo for allround development of Bihar Jharkhand West Bengal Odisha and Andhra Pradesh Sitharaman further said the government will support industrial corridor for development in the eastern region She also said govt will provide evouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amountJDU TDP praise announcements for Bihar APPM Modi with N Chandrababu Naidu and Nitish Kumar File picPTIBJPrsquos allies from Bihar on Tuesday hailed Finance Minister Nirmala Sitharamanrsquos host of announcements for the state as the Janata Dal United asserted that these measures will put it on the path to development and help it become lsquoaatmanirbharrsquo Another crucial BJP ally TDP also praised the budgetrsquos measures for Andhra Pradesh with Chief Minister N Chandrababu Naidu saying that it will go a long way towards building the state In his reaction Union minister and JDU leader Lalan Singh slammed the Oppositionrsquos claim that budgetrsquos measures for Bihar and Andhra are aimed at saving the government due to its dependence on regional parties from the states for survival