Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, brings a host of measures designed to benefit various sections of society, including students, women, professionals, and the unemployed.
Education loans and support for students
To support students who have not yet benefited from any government initiatives, Budget 2024 provides for financial support in the form of education loans up to ₹10 lakh. These loans can be used for pursuing higher education in domestic institutions. Additionally, e-vouchers will be issued directly to one lakh students every year, providing an annual interest subvention of 3% on the loan amount.
Empowering women and girls
Women are one of the key focus areas in Budget 2024. The finance minister has announced more than ₹3 lakh crore allocated for schemes benefiting women and girls, promoting women-led development. One significant initiative is the establishment of working women's hostels, aimed at increasing women's participation in the workforce.
Employment and initiatives for Youth
Addressing unemployment is a major challenge for the government. Budget 2024 includes a comprehensive package of five schemes and initiatives to promote employment and skill development for 4.1 crore youth over the next five years. This year, ₹1.48 lakh crore has been allocated for education, employment, and skilling initiatives. One of these schemes offers a month's wage for first-time job seekers entering the formal sector. Another initiative is a large-scale internship program that will provide opportunities in 500 top companies to 1 crore youth over five years. Additionally, 1,000 industrial training institutes will be upgraded to enhance skill development.
Tax benefits for salaried professionals
Budget 2024 introduces significant tax benefits for salaried individuals. The standard deduction has been increased by ₹25,000, bringing the total deduction to ₹75,000. This change will result in a savings of ₹7,500 for those in the highest tax bracket (30%) with taxable incomes of ₹15 lakh or higher. Furthermore, rationalizing the income tax slabs without changing the tax rates will provide an additional savings of ₹10,000, totaling ₹17,500 in benefits for salaried professionals. These measures are expected to benefit approximately four crore taxpayers.
