India’s Roadmap to Progress: Key Highlights of the Budget
In a joint statement issued by Harish Garg, National Secretary of the Confederation of All India Traders (CAIT), Chandigarh Chapter President, along with General Secretary Bhim Sen, Vice Presidents Harishankar Mishra, Prem Kaushik, Pawan Garg, Secretary Ajay Singla, and Treasurer Ramesh Singla, it was said that the budget presented by the Finance Minister today will provide the country with a new direction and serve as a significant step towards a developed India. This budget is designed for all-round development, with provisions for women, youth, farmers, new startups, patients, traders, and various other sections of society.
Here are the key highlights discussed:
- Major Changes in the New Tax System: No tax on income up to ₹12.75 lakh; Standard Deduction remains ₹75,000; taxpayers can now file income tax returns for the last 4 years together.
- New Income Tax Bill: A new Income Tax Bill will be introduced next week.
- Harish Garg mentioned that 36 essential medicines related to serious illnesses like cancer will be completely duty-free. The prices of TV, mobile phones, medicines, India-made clothes, leather goods, and electric cars will be reduced.
- Bhim Sen stated that the MSME sector will be encouraged by increasing loan limits from ₹5 crore to ₹10 crore, and startup loans will rise from ₹10 crore to ₹20 crore. Cards will be issued to facilitate loans.
- TCS Limit Raised: The TCS (Tax Collected at Source) limit will be increased from ₹7 lakh to ₹10 lakh.
- Harishankar Mishra pointed out significant relief for senior citizens, with tax exemptions doubling and interest exemptions increased from ₹50,000 to ₹1 lakh.
- Prem Kaushik mentioned that even owners of two homes will receive tax relief, and the TDS (Tax Deducted at Source) limit for rent will be increased from ₹2.4 lakh to ₹6 lakh.
- Farmers’ Benefits: Announcement of the “Prime Minister’s Foodgrain Scheme” and the increase of the Kisan Credit Card limit to ₹5 lakh. A Makhana Board will be established in Bihar.
- Harish Garg reiterated that the fiscal deficit is expected to be 4.8% of GDP; 12 key minerals will be exempt from basic customs duties.
- Healthcare and Technology: Over the next 5 years, 75,000 new medical seats will be added. ₹500 crore will be allocated to promote AI centers.
- Self-Reliance in Edible Oils: A 6-year mission to achieve self-reliance in edible oils. The leather industry scheme will create 22 lakh new jobs. India will become a global hub for toys.
- Ajay Singla and Ramesh Singla shared that 10,000 PM scholarships will be provided for technological research, 50,000 Atal Tinkering Labs will be established over the next 5 years, and broadband connectivity will be provided to all government schools.
- Harish Garg emphasized that daycare cancer centers will be established in all district hospitals, and the budget for the Jal Jeevan Mission will be increased to achieve 100% coverage.
- Air Travel Expansion: A revised UDAN scheme will connect 120 destinations, benefitting an additional 4 crore passengers.
- Insurance Sector: The insurance sector will receive approval for 100% Foreign Direct Investment (FDI).
This budget is aimed at fostering a more inclusive and developed India, touching all major sectors and helping in the overall progress of the nation.