NEW DELHI: Union Finance Minister Nirmala Sitharman presented the first budget of the third Narendra Modi government, concentrating on the country's youth and offering income tax reliefs. While several special schemes and financial packages were announced for Bihar and Andhra, Kerala's demands for AIIMS and a special package for Vizhinjam were ignored.
First-timers will receive one month's wage upon entering the workforce in all formal sectors. A direct benefit transfer (DBT) of one month's salary, up to Rs 15,000, will be provided in three instalments. The eligibility limit for this benefit will be a salary of Rs 1 lakh per month, and it is expected to benefit 2.1 lakh youths. The government will offer internships to 1 million youth in 500 major companies. During the internship, students will receive a stipend of Rs 5,000 every month.
The government earmarked Rs 1.48 lakh crore to bolster education, employment and skill development. As part of the Prime Minister's comprehensive package, five innovative schemes will be launched to drive employment, skilling, and various opportunities for a staggering 4.1 crore young individuals over the next five years.
In a major relief to 4 crore salaried taxpayers, the income tax standard deduction limit was increased from Rs 50,000 to Rs 75,000. Similarly, the deduction on family pension for pensioners was enhanced from 15,000 rupees to 25,000 rupees. The Finance Minister gave some relief to taxpayers by hiking tax slabs for personal income tax. The new tax slab will now have nil tax up to an income of Rs 3 lakh, like the previous year.
Gold, silver and platinum prices will come down. Customs duty on gold and silver was reduced from 15 to 6 per cent, while that on platinum was reduced from 15.5 to 6.4 per cent. In a major relief to cancer patients, customs duty on three cancer medicines was completely exempted.
A special scheme to build new airports, medical colleges, sports infrastructure and roads in Bihar was also announced in the budget. The Finance Minister also announced financial support of Rs 15000 crore for Andhra Pradesh to build its capital city Amaravati and boost other development activities in the state.
Finance Minister Nirmala Sitharaman, who presented her seventh consecutive union budget on Tuesday, surpassed the previous record held by Morarji Desai. She completed the budget presentation in one hour and 25 minutes.
Prices of following items will come down
Prices of following items will increase
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