Today’s budget declaration highlights several key features aimed at fostering economic growth, social welfare, and sustainable development.
Firstly, the government has committed a substantial investment of ₹10 lakh crore towards the PM Awas Yojna, significantly boosting affordable housing across the nation. In the education sector, e-vouchers for ₹10 lakh loans will be provided to 1 lakh students, along with a 3% interest subvention for loans from domestic institutions, ensuring wider access to higher education.
Youth empowerment receives a strong push with internship opportunities for 1 crore young individuals in 500 top companies, preparing the next generation for the job market. Employment generation is a major focus, with the creation of nearly 4.1 crore jobs over the next five years through three new schemes. Women empowerment is prioritized with a substantial allocation of ₹3 trillion for schemes benefiting women and girls, promoting gender equality and social inclusion.
Tax reforms include a standard deduction of ₹60,000, a senior citizen exemption limit raised to ₹5 lakhs, a corporate tax rate of 25% for companies with a turnover up to ₹500 crores, rationalized GST rates, and a long-term capital gains tax set at 20%. Changes in customs duty make mobile phones, gold, and silver cheaper, while non-biodegradable plastics become costlier, reflecting the government’s focus on environmentally friendly policies.
Agriculture receives a significant provision of ₹1.52 lakh crore, supporting farmers and allied sectors. Urban development initiative include Transit Oriented Development plans for 14 large cities with populations above 30 lakh, coverage of around 1 crore urban poor and middle-class families under PM Awas Yojana Urban 2.0, and the establishment of 100 weekly ‘haats’ or street food hubs in select cities.
Lastly, the budget addresses the energy sector with free electricity up to 300 units per month for 1 crore households, a ₹600 crore allocation for the National Green Hydrogen Fund, ₹10,000 crore for solar power projects, and a renewable energy target of 500 GW by 2030, alongside reduced GST rates for solar modules. These measures collectively aims to drive sustainable growth and ensure comprehensive development across various sector.