The Union Budget 2024 introduces significant reforms for economic growth and inclusivity in India. These reforms reflect a holistic approach to empower citizens and drive progress. The increased standard deduction and revised tax rates bring relief to salaried employees, enabling significant income tax savings. Corporate tax reduction for foreign companies and the abolition of angel tax create a favorable business environment, encouraging investment and entrepreneurship.
The budget prioritizes support for MSMEs and the manufacturing sector through credit guarantee schemes, term loans, and technology support. MSMEs can now access loans up to ₹20 lakh under the Mudra scheme. Nine priority areas, including agriculture, employment, skilling, social justice, and infrastructure, are identified for comprehensive growth and development.
Skill development is emphasized with internship allowances and one-time assistance, aiming to skill 20 lakh youth over five years. These measures enhance employability and drive economic growth.
The Union Budget 2024 provides a clear roadmap for economic recovery, social welfare, job creation, and sustainable development. It instills confidence in India’s economic outlook and positions the country as an exception amid global challenges.
Mr. Ramesh Mittal,
Chairman, Lovely Group
