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The Union Budget 2024, unveiled by Finance Minister Nirmala Sitharaman, is a tapestry of ambitious reforms and strategic allocations aimed at propelling India's economic landscape into a new era of growth and inclusivity.
Central to this budget is the revision of the tax regime, which now features a more generous standard deduction of Rs 75,000, alongside a restructured tax rate system that promises significant savings for salaried individuals.
The corporate tax rate for foreign entities has been notably reduced to 25%, fostering a more inviting environment for foreign direct investment. Additionally, the abolishment of the angel tax and the introduction of a unified tax exemption regime for charities reflect a progressive approach to taxation that seeks to stimulate philanthropic contributions and entrepreneurial ventures alike.
In a bid to enhance infrastructure and rural development, the government has earmarked a staggering Rs2.66 lakh crore for rural initiatives, including the construction of three crore additional houses under the PM Awas Yojana.
The budget also emphasizes energy security and sustainability, launching the PM Surya Ghar Muft Bijli Yojana to provide free electricity to a million households through rooftop solar installations.
Furthermore, a comprehensive scheme to support one crore youth with internships in top companies underscores the government's commitment to job creation and skill development.
As the budget unfolds, it is poised to not only invigorate the economy but also to weave a narrative of empowerment, particularly for women and marginalized communities, thereby laying a robust foundation for a more equitable future.
