India's Union Budget 2024-25: An In-Depth Analysis The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, addresses the economic challenges and aspirations of different segments of the population. This blog explores the advantages and disadvantages of the budget for the middle, lower, and upper classes, compares it with previous budgets, and assesses its overall impact on the Indian economy. Key Highlights 1. Economic Indicators and Fiscal Policy: Receipts and Expenditure: Total receipts (excluding borrowings) are projected at ₹32.07 lakh crore, while total expenditure is estimated at ₹48.21 lakh crore. Fiscal Deficit: The fiscal deficit is set at 4.9% of GDP, with a target to reduce it below 4.5% in the next fiscal year. 2. Taxation and Personal Finance: Standard Deduction: Increased from ₹50,000 to ₹75,000 for salaried employees. Revised Tax Slabs: The 5% tax rate now applies to incomes ₹3-7 lakh, with the highest rate of 30% for incomes above ₹15 lakh. NPS
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