Budget 2024: Relief for thousands, gold and mobile to get cheaper, hope for cancer patients too

NEW DELHI: The third Modi government's first budget with several announcements bring relief to the common man. The price of gold and silver will be reduced. Along with this, the prices of mobile phones, chargers, textiles and leather products will be significantly reduced. These prices have come down with the reduction of customs duty in the budget. Customs duty has been waived on three drugs for cancer treatment.

A comprehensive reform in the Income Tax Act has also been announced. Cash payments for administrative activities are not taxed. The budget also announced that no criminal action will be taken in case of late income tax returns.

The Credit Guarantee Scheme provides collateral-free loans to small and medium enterprises. For this, it will come up with new guarantee plans to enable loans up to Rs 100 crore. The budget announcement also said that bank loans will be facilitated for MSMEs.

A new scheme has been introduced for MSMEs to purchase machinery and equipment without collateral or guarantee and to facilitate term loans. Mudra loan limit has been raised. Increased from 10 lakhs to 20 lakhs. More industrial parks will be brought in the country.

It is announced that 12 more industrial parks will be implemented soon. Finance Minister Nirmala Sitharaman had informed that more attention is being given to the labor, middle class and small and medium sectors in the budget.