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Government Focus on Development
The government’s focus in the budget is on development. However, global growth faces slight effects due to global tensions. The budget emphasizes ten key themes.
Emphasis Areas
Firstly, the budget focuses on the development of the poor, women, and youth. Additionally, there is increased emphasis on rural development and manufacturing. Furthermore, the government will also introduce more reforms in the financial sector.
Key Announcements
Agriculture and Rural Development
- Launch of the Dhan Dhanya Yojana in 100 districts.
- Special 6-year mission for Tur, Urad, and Masoor dal.
- Establishment of the Makhana Board in Bihar.
- Central agencies will purchase pulses for four years.
- New schemes for vegetable and fruit production in collaboration with states.
- Development of the marine sector.
- Increase in Kisan Credit Card limit to ₹5 lakh.
- Establishment of a urea plant in Assam.
Infrastructure and Logistics
- India Post will develop as a major logistics organization.
- Provision of interest-free funds for states to boost infrastructure development.
- Announcement of ₹1 lakh crore fund for urban development.
- Connection of more cities under the ‘Udaan’ scheme.
- Construction of a new airport in Bihar.
- Building of 40,000 housing units under the SWAMIH scheme.
- Development of 52 new tourist destinations in collaboration with states.
- Introduction of a new mining policy.
Industry and Manufacturing
- Introduction of a special credit card for small businesses.
- Focus on self-reliance in edible oils.
- Special schemes for footwear and leather sectors.
- India to become a global hub for toys.
- Special scheme for women from backward classes.
- Creation of 22 lakh new jobs under the Leather Scheme.
- Launch of the National Manufacturing Mission.
Education and Technology
- Increased emphasis on Indian languages in education.
- Establishment of more IIT institutes.
- Creation of 75,000 new seats in the medical field in the next five years.
- Establishment of special AI research centers.
- Connection of all government secondary schools with broadband.
- New schemes to boost exports.
Health and Social Welfare
- Introduction of a health insurance scheme for small workers.
- Removal of custom duty on 36 life-saving medicines.
- Changes in custom duty on electronic goods.
- No primary duty on lead and zinc.
- Removal of duty on crust leather.
Financial Reforms
- UPI-linked card for small vendors.
- UPI-linked credit card limit set at ₹30,000.
- Introduction of a new Income Tax Bill next week.
- 100% FDI limit in the insurance sector.
- Simplification of RE-KYC process.
- 100% FPI limit in the insurance sector.
- Introduction of a new, simplified Income Tax law.
- Simplification of TDS rates.
- Major tax relief for senior citizens.
- Increase in tax exemption limit for senior citizens to ₹1 lakh.
- Increase in TDS exemption limit on rent to ₹6 lakh.
- No penalty on delayed TCS payments.
Special Initiatives
Cultural and Heritage Preservation
- Development of Buddha-related sites.
- Special scheme for preserving Indian scripts.
Economic Boosts
- Easier access to funds for export promotion.
- Investment of ₹20,000 crore in R&D for the private sector.
Biggest Announcement
No tax on income up to ₹12 lakh!
