Highlights of Union Budget 2024-25 – Analysis & Important points for APSC/ADRE Exams

Highlights of Union Budget 2024-25 – Analysis & Important points for APSC/ADRE Exams

On July 23, 2024, 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% target. Core inflation (non-food, non-fuel) currently is 3.1% and steps are being taken to ensure supplies of perishable goods reach market adequately. India’s economic growth continues to be the shining exception and will remain so in the years ahead. 

There is usually only one budget announced in a financial year. But in Lok Sabha election years, there are 2 budget announcements: one in February (like every year) and one in July (after elections).

Download Union Budget 2023-24 Highlights PDF

Highlights & Important Points of full Union Budget 2024-25

 

Nine Priorities in Union Budget 2024-25

The Finance Minister said, for pursuit of ‘Viksit Bharat’, the budget envisages sustained efforts on the following 9 priorities for generating ample opportunities for all. 

Priority 1: Productivity and resilience in Agriculture

  • Govt 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.
  • In the next two years, 1 crore farmers across the country will be initiated into natural farming supported by certification and branding.
  • 10,000 need-based bio-input resource centres will be established.
  • For achieving self-sufficiency in pulses and oilseeds, government will strengthen their production, storage and marketing and to achieve ‘atmanirbharta’ for oil seeds such as mustard, groundnut, sesame, soybean, and sunflower.
  • Govt will facilitate the implementation of the Digital Public Infrastructure (DPI) in agriculture for coverage of farmers and their lands in 3 years.
  • A provision of ₹1.52 lakh crore for agriculture and allied sector this year.

 

Priority 2: Employment & Skilling

  • Govt will implement 3 schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers.
  • A new centrally sponsored scheme, as the 4th scheme under the Prime Minister’s package, for skilling in collaboration with state governments and Industry.
  • 20 lakh youth will be skilled over a 5-year period and 1,000 Industrial Training Institutes will be upgraded in hub and spoke arrangements with outcome orientation.
  • The Model Skill Loan Scheme will be revised to facilitate loans up to 7.5 lakh with a guarantee from a government promoted Fund, which is expected to help 25,000 students every year.
  • Financial support for loans upto ₹10 lakh for higher education in domestic institutions. E-vouchers for this purpose will be given directly to 1 lakh students every year for annual interest subvention of 3 per cent of the loan amount.

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Priority 3: Inclusive Human Resource Development and Social Justice

  • Implementation of schemes meant for supporting economic activities by craftsmen, artisans, self-help groups, scheduled caste, schedule tribe and women entrepreneurs, and street vendors, such as PM Vishwakarma, PM SVANidhi,  National Livelihood Missions, and Stand-Up India will be stepped up.
  • Purvodaya – for the all-round development of the eastern region of the country covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh.  This will cover human resource development, infrastructure, and generation of economic opportunities to make the region an engine to attain Viksit Bharat.
  • Pradhan Mantri Janjatiya Unnat Gram Abhiyan for improving the socio-economic condition of tribal communities, by adopting saturation coverage for tribal families in tribal-majority villages and aspirational districts covering 63,000 villages and benefitting 5 crore tribal people.
  • More than 100 branches of India Post Payment Bank will be set up in the North East region to expand the banking services.
  • A provision of ₹2.66 lakh crore for rural development including rural infrastructure was made this year.

Priority 4: Manufacturing & Services

  • Support for promotion of MSMEs – special attention to MSMEs and manufacturing, particularly labour-intensive manufacturing.
  • A separately constituted self-financing guarantee fund will provide, to each applicant, guarantee cover up to 100 crore, while the loan amount may be larger.
  • Public sector banks will build their in-house capability to assess MSMEs for credit, instead of relying on external assessment.
  • Mudra Loans – limit of Mudra loans will be enhanced to  ₹ 20 lakh from the current  ₹ 10 lakh for those entrepreneurs who have availed and successfully repaid previous loans under the ‘Tarun’ category.
  • MSME Units for Food Irradiation, Quality & Safety Testing – Financial support for setting up of 50 multi-product food irradiation units in the MSME sector will be provided.
  • Setting up of 100 food quality and safety testing labs with NABL accreditation will also be facilitated.
  • To enable MSMEs and traditional artisans to sell their products in international markets, E-Commerce Export Hubs will be set up in public-private-partnership (PPP) mode .
  • Internship in Top Companies – Govt will launch a comprehensive scheme for providing internship opportunities in 500 top companies to 1 crore youth in 5 years.

Priority 5: Urban Development        

  • Urban Housing – Under the PM AwasYojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of  ₹ 10 lakh crore. This will include the central assistance of ₹ 2.2 lakh crore in the next 5 years.
  • Water Supply and Sanitation – Govt will promote water supply, sewage treatment and solid waste management projects and services for 100 large cities through bankable projects.
  • PM SVANidhi – Govt envisions a scheme to support each year, over the next five years, the development of 100 weekly ‘haats’ or street food hubs in select cities.

Priority 6: Energy Security

  • PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications.

Priority 7: Infrastructure

  • Govt will endeavour to maintain strong fiscal support for infrastructure over the next 5 years, in conjunction with imperatives of other priorities and fiscal consolidation.
  • ₹11,11,111 crore for capital expenditure has been allocated this year, which is 3.4 per cent of our GDP.
  • Pradhan Mantri Gram SadakYojana (PMGSY) – Phase IV of PMGSY will be launched to provide all-weather connectivity to 25,000 rural habitations which have become eligible in view of their population increase.
  • For Irrigation and Flood Mitigation in Bihar, through the Accelerated Irrigation Benefit Programme and other sources, government will provide financial support for projects with estimated cost of ₹11,500 crore such as the Kosi-Mechi intra-state link and 20 other ongoing and new schemes including barrages, river pollution abatement and irrigation projects.
  • Govt will also provide assistance to Assam, Himachal Pradesh, Uttarakhand and Sikkim for flood management, landslides and related projects.

Priority 8: Innovation, Research & Development

  • Govt will operationalize the Anusandhan National Research Fund for basic research and prototype development and set up a mechanism for spurring private sector-driven research and innovation at commercial scale with a financing pool of 1 lakh crore in line with the announcement in the interim budget.
  • Space Economy – continued emphasis on expanding the space economy by 5 times in the next 10 years, a venture capital fund of ₹1,000 crore will be set up.

Priority 9: Next Generation Reforms

  • Economic Policy Framework – Govt will formulate an Economic Policy Framework to delineate the overarching approach to economic development and set the scope of the next generation of reforms for facilitating employment opportunities and sustaining high growth.
  • Labour related reforms – Govt will facilitate the provision of a wide array of services to labour, including those for employment and skilling. A comprehensive integration of e-shram portal with other portals will facilitate such one-stop solution. Shram Suvidha and Samadhan portals will be revamped to enhance ease of compliance for industry and trade. 

 

Foreign Direct Investment (FDI) and Overseas Investment

  • The rules and regulations for Foreign Direct Investment and Overseas Investments will be simplified to (1) facilitate foreign direct investments, (2) nudge prioritization, and (3) promote opportunities for using Indian Rupee as a currency for overseas investments.

NPS Vatsalya – a plan for contribution by parents and guardians for minors will be started. On attaining the age of majority, the plan can be converted seamlessly into a normal NPS account.

New Pension Scheme (NPS) – Committee to review the NPS has made considerable progress in its work and a solution will be evolved which addresses the relevant issues while maintaining fiscal prudence to protect the common citizens.

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Income Tax Rules

  • Budget 2024-25 increased standard deduction of salaried employees from ₹ 50,000/- to ₹ 75,000/- for those opting for new tax regime.
  • Deduction on family pension for pensioners enhanced from ₹ 15,000/- to ₹ 25,000/-. Assessments now, can be reopened beyond three years up to 5 years from end of year of assessment, only if, the escaped income is more than ₹ 50 Lakh
  • The new tax regime rate structure is also revised to give a salaried employee benefits up to ₹ 17,500/- in income tax.

Income Slabs

Tax Rate

0 – 3 Lakh rupees

NIL

3 – 7 Lakh rupees

5 per cent

7 – 10 Lakh rupees

10 per cent

10 – 12 Lakh rupees

15 per cent

12 – 15 Lakh rupees

20 per cent

Above 15 Lakh rupees

30 per cent

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Changes in capital gains tax

  • STCG on financial assets increased from 15% to 20%.
  • LTCG on financial and non-financial assets increased from 10% to 12.5%.
  • Exemption on LTCG gains increased from Rs 1 lakh to Rs 1.25 lakh.

Increase in STT

Securities Transaction Tax (STT) on:

  • Futures: increased from 0.0125% to 0.02%.
  • Options: increased from 0.0625% to 0.10%.

Buyback of shares

  • Gains from buyback of shares are no more tax-exempt. It would now be taxable like dividends, as per the applicable tax slab.
  • Further, the cost of such shares shall be treated as a capital loss to the investor
Books for Assam General Knowledge 
  Economy of Assam
  Environment & Ecology
  Geography of Assam
  Assam – Art & Culture
  History of Assam – Ahom and British Period
  History of Assam – Ancient Period

Study Materials & Notes | Assam Current Affairs | Assam Current Affairs Quiz 

Paris 2024 Paralympics – India’s Highest Medal Tally & Best Performance (29 Medals)

Paris 2024 Paralympics – India’s Highest Medal Tally & Best Performance

A record 84 para-athletes are representing India at the Paris 2024 Paralympics, which is being conducted from August 28 to September 8, 2024. India will compete across 12 disciplines at the Paris 2024 Paralympics. 

India has previously won 31 medals across Paralympic Games with the most successful Paralympic campaign being the 2020 Tokyo edition with 19 medals including five gold, eight silver and six bronze medals.

In this edition of the Paralympics, India has won 29 medals with four gold, eight silver, and ten bronze medals in the Games, which marked India’s highest ever medal tally in a single Paralympic Games surpassing there Tokyo 2020 tally of 19 medals.

India’s Medal Tally – Full List

Total Gold Silver Bronze
29 7 9 13

DAY 9

  • Navdeep Singh won Gold in Athletics Javelin throw F41 event
  • Simran Sharma won Bronze in Athletics Women’s 200 m T12 event

DAY 8

  • Praveen Kumar won Gold in Athletics High jump T64 event
  • Hokato Hotozhe Sema won Bronze in Athletics Men’s Shot put F57 event

DAY 7

  • Kapil Parmar won Bronze in Judo Men’s J1 -60 kg event

DAY 6

  • Harvinder Singh won Gold in Archery Individual recurve open event
  • Sachin Khilari won Silver in Men’s shot put F46 event
  • Dharambir Nain won Gold in Club throw F51 event
  • Pranav Soorma won Silver Club throw F51 event

DAY 5

  • Ajeet Singh Yadav won Silver in Javelin throw F46 event.
  • Silver Sharad Kumar won Silver in High jump T63 event
  • Deepthi Jeevanji won Bronze in Women’s 400 m T20 event
  • Mariyappan Thangavelu won Bronze in Men’s high jump T63 event
  • Sundar Singh Gurjar won Bronze in  Men’s javelin throw F46 event

 

DAY 4

  • Kumar Nitesh won Gold in Badminton Men’s singles SL3 event
  • Sumit Antil won Gold in Athletics Men’s javelin throw F64 event
  • Yogesh Kathuniya won Silver in Athletics Men’s discus throw F56 event
  • Thulasimathi Murugesan won Silver in Badminton Women’s singles SU5 event
  • Suhas Lalinakere Yathiraj won Silver in Badminton Men’s singles SL4 event
  • Manisha Ramadass won Bronze in Badminton Women’s singles SU5 event
  • Sheetal Devi and Rakesh Kumar won Bronze in Archery Mixed team compound event
  • Nithya Sivan won Bronze in Badminton Women’s singles SH6 event
Books for Assam General Knowledge 
  Economy of Assam
  Environment & Ecology
  Geography of Assam
  Assam – Art & Culture
  History of Assam – Ahom and British Period
  History of Assam – Ancient Period

DAY 3

Preethi Pal wins BRONZE in women's Women's 200 m T35 event 

Preethi Pal creates history with India’s first-ever Bronze in women’s Women’s 200 m T35 event at Paris Paralympics 2024

Nishad Kumar wins SILVER in men's high jump T47 event 

Nishad Kumar secured his second successive silver in the men’s high jump T47 event. He also won the silver medal at the 2020 Summer Paralympics at Tokyo.

DAY 2

Rubina Francis won Bronze in P2 10 m air pistol SH1 event

Rubina Francis She won the bronze medal at the P2 10 m air pistol SH1 event at the 2024 Paralympics Games. She made history by becoming the first Indian woman to clinch a Paralympics medal in pistol shooting by winning a bronze.

DAY 1

Avani Lekhara won Gold in Women's 10m air rifle (SH1)

Avani Lekhara has become the first Indian to win successive Paralympic gold medals with a record-shattering performance in the women’s 10m air rifle (SH1) event. Avani shot a superb 249.7, breaking her own Paralympic record of 249.6 set in Tokyo three years ago.

Manish Narwal wins SILVER medal in 10m air pistol SH1 event

Manish Narwal won silver in the 10m air pistol SH1 event at the Paris Paralympics. Manish had won gold in the mixed SH1 50m pistol at the 2020 Paralympic Games in Tokyo.

Mona Agarwal wins BRONZE in Women's 10m Air Rifle Standing SH1 event 

Mona Agarwal settles for bronze medal in the Women’s 10m Air Rifle Standing SH1 even, finishing with a score of 228.7. This is the first time two Indian shooters have medaled in a single Paralympic event

Preethi Pal wins BRONZE in women's T35 100m for India's first track medal 

Preethi Pal won India’s first medal in a Paralympics track event as she clinched a bronze in the women’s T35 100m competition with a personal best time of 14.21 seconds at the Paris Games on Friday. All the athletics medals India had won since the 1984 edition of the Paralympics have come from field events.

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Important Books for Assam General Knowledge 
  Economy of Assam
  Environment & Ecology
  Geography of Assam
  History of Britain
  Assam – Art & Culture
  History of Assam – Ahom and British Period
  History of Assam – Ancient Period

Sahitya Akademi Award 2023 – Pranavjyoti Deka (Assamese), Nandeswar Daiman (Bodo) & Winners List

Sahitya Akademi Award 2023 – Pranavjyoti Deka (Assamese), Nandeswar Daiman (Bodo) & Winners List

Current Affairs Assam - AssamExam

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Sahitya Akademi Award 2023 winners, Sahitya Akademi Award winners list, 2023 Sahitya Akademi Award ceremony.

At the Sahitya Akademi ‘Festival of Letters 2024’, Twenty-four writers. The awards were given for literary works including nine books of poetry, six novels, five of short stories, three essays and one literary study.

The awards relate to books first published during the five years immediately preceding the year of the award, i.e. between 1 January 2017 and 31 December 2021.

The award ceremony coincided with the 70th anniversary celebrations of the National Academy of Letters at the ‘Sahityotsav’.

  • Pranavjyoti Deka has been selected for the award by the jury board for his work “Dr Pranavjyoti Dekar Shrestha Golpo”, which is a compilation of short stories in Assamese language.
  • Nandeswar Daimari has won the award for his work “Jiu-Safarni Dakhwn” in Bodo language, which is also a book of short stories.
  • Sorokhaibam Gambhini from Manipur  won the award for her poetry book “Yachangba Nang Hallo”.
  • Tapan Bandyopadhyay has been awarded the Sahitya Akademi award 2022 for his novel “Birbal”. The decision was taken by a three-member jury comprising Goutam Ghoshdastidar Samaresh Majumder and Himabanta Bandyopadhyay Bandyopadhyay
  • Hindi novelist Sanjeev was awarded for his novel “Mujhe Pehchaano”.
  • English author Neelum Saran Gaur for her book “Requiem in Raga Janki” received the prestigious award.
  • Swapnamay Chakrabarti (Bengali)

  • Sadiqua Nawab Saher received the award for her book “Rajdev Ki Amrai” in Urdu
  • Swarnjit Savi was awarded for his book of poetry “Mann Di Chip” in Punjabi.
  • Vijay Verma (Dogri)
  • Vinod Joshi (Gujarati)
  • Manshoor Banihali (Kashmiri)
  • Sorokkhaibam Gambhini (Manipuri)
  • Ashutosh Parida (Odia)
  • Gaje Singh Rajpurohit (Rajasthani)
  • Arun Ranjan Mishra (Sanskrit)
  • Vinod Asudani (Sindhi)
  • Krushnat Khot (Marathi)
  • Rajasekaran Devibharathi (Tamil)
  • Pranavjyoti Deka (Assamese)
  • Nandeswar Daiman (Bodo)
  • Prakash S Parienkar (Konkani)
  • Taraceen Baskey (Turia Chand Baskey) (Santali)
  • T Patanjali Sastry (Telugu)
  • Lakshmisha Tolpadi (Kannada)
  • Basukinath Jha (Maithili)
  • Judhabir Rana (Nepali)
  • EV Ramakrishnan (Malayalam)

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About Sahitya Akademi Award

  • The Sahitya Akademi Award is a literary honour in India, which the Sahitya Akademi, India’s National Academy of Letters, annually confers on writers of the most outstanding books of literary merit published in any of the 22 languages of the 8th Schedule to the Indian constitution as well as in English and Rajasthani language.
  • Established in 1954, the award comprises a plaque and a cash prize of ₹ 1,00,000.
  • The award’s purpose is to recognise and promote excellence in Indian writing and also acknowledge new trends. The annual process of selecting awardees runs for the preceding twelve months.
  • The plaque awarded by the Sahitya Akademi was designed by the Indian film-maker Satyajit Ray.
  • The awards are selected on the basis of unanimous selections made by the jurors, or the selection made on the basis of a majority vote.

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