BUDGET 2024 25 highlights

Key highlights of the budget include an increase in the Securities Transaction Tax (STT) for equity and index trades from 0.01% to 0.02%, a rise in the Short-Term Capital Gains (STCG) Tax from 15% to 20%, and an increase in the Long-Term Capital Gains (LTCG) Tax from 10% to 12.5%. Also, increased standard deductions and revised tax rates for salaried individuals under the new tax regime, as well as reduced customs duties on gold, silver, mobile phones, and other goods. The Centre's FY25 capital expenditure remains at ₹11.1 lakh crore, consistent with the Interim Budget, with infrastructure spending at 3.4% of GDP. Special focus is given to MSMEs and the manufacturing sector, including raising the Mudra loan limit from ₹10 lakh to ₹20 lakh for existing borrowers and allocating ₹2.66 lakh crore for rural development. Other significant announcements include rental housing in PPP mode for industrial workers and recognition of India's economic growth as a "shining exception." The budget emphasizes nine priority areas: Agriculture, Employment, Inclusive Development, Manufacturing and Services, Urban Development, Energy, Infrastructure, Innovation and R&D, and Next Generation Reforms. The fiscal deficit is projected to be 4.9% of GDP for FY25.