2024-25 Budget Aims to Simplify Taxes, Boost Home Ownership and Employment

Union Minister Ashwini Vaishnaw highlights the 2024-25 budget's provisions for simplified tax rates, housing support for the middle class, and significant investments in employment and MSME sectors. Finance Minister Nirmala Sitharaman presented the budget, emphasizing economic growth, youth employment, and skill development.

Union Minister Ashwini Vaishnaw on Tuesday announced that the 2024-25 budget includes measures to simplify tax rates, reduce taxes, and assist middle-class families in achieving their homeownership dreams. "This budget provides for simplified tax rates and reductions, facilitating the middle class's dream of homeownership," he said in an interaction with ANI.

Vaishnaw also highlighted a substantial provision of Rs 2 lakh crore aimed at generating employment opportunities. "Today's budget features a significant provision of Rs 2 lakh crore dedicated to job creation, including new internships and enhancing the manufacturing sector to boost employment," Vaishnaw told ANI.

The budget also focuses on the MSME sector with special provisions such as credit guarantees and cash flow-based credit assessments. "The MSME sector's critical role in the national economy is recognized in today's budget with several long-term positive announcements," Vaishnaw noted. This includes addressing one of the sector's biggest challenges—the need for collateral during loan procurement.

Earlier in the day, Finance Minister Nirmala Sitharaman presented the 2024-25 Union Budget during the Budget Session of Parliament. Making history, Sitharaman became the first finance minister to present seven consecutive budgets, surpassing Morarji Desai's record from 1959-1964. Her budget speech emphasized key priorities such as agriculture productivity, employment, skilling, and social justice.

The budget outlined nine priority areas, including urban development, energy security, infrastructure, and next-generation reforms. An increased standard deduction and revised tax rates for salaried individuals were introduced under the new tax regime. Sitharaman also proposed income-tax reforms aimed at simplifying tax laws and promoting compliance.

In her budget speech, Sitharaman announced plans to create employment for about 4.1 crore youth over the next five years, with Rs 2 lakh crore allocated for this cause. Additionally, Rs 1.48 crore was proposed for citizen skilling programs, aiming to skill 20 lakh youth over five years and upgrade 1,000 industrial training institutes.