This detailed article delves into the major highlights of the budget, its implications, and the strategic steps taken to ensure a resilient and prosperous future for India and its neighboring countries, including Sri Lanka.
Personal Finance and Tax Reforms
One of the most significant aspects of the 2024 budget was the overhaul of personal income tax to provide relief to the middle class and stimulate consumer spending. The standard deduction was increased from INR 50,000 to 75,000. Moreover, the income threshold for the five percent tax rate was raised from INR five lakhs to seven lakhs, benefiting millions of taxpayers .
These changes are expected to enhance disposable income, thereby boosting overall consumption and economic activity. The government’s strategy is clear: by increasing the spending power of the middle class, it aims to drive demand across various sectors, from retail to real estate.
The budget also introduced a revamp of the capital gains tax regime. This restructuring aims to simplify tax calculations and make the tax system more equitable, which is crucial for fostering a favorable investment climate. The focus on easing tax burdens is part of a broader effort to create a more financially secure environment for individuals and families.
Agriculture and Rural Development
Agriculture remains the backbone of the Indian economy, and the 2024 budget underscored this by allocating INR 1.52 lakh crore to the sector. The budget emphasized the introduction of high-yielding and climate-resilient crop varieties, the promotion of natural farming, and the enhancement of digital infrastructure for agriculture .
This story is from the August 2024 edition of Business Today Sri Lanka.
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This story is from the August 2024 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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