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From tax cuts for individuals to better healthcare facilities, the budget was designed to address the challenges faced by the people while focusing on long-term development for the country.
What was Budget 2024 all about?
The budget provided middle-class taxpayers significant relief through an increase in the standard deduction from ₹50,000 to ₹75,000, along with revised tax slabs favouring lower-income groups.
The government also introduced subsidies, particularly for health insurance premiums and medical treatments for rural populations, ensuring better access to healthcare and financial protection in case of emergencies.
In addition to this, a ₹2 lakh crore package under the ‘PM Package of Five Schemes’ was announced to create job opportunities and enhance skill development.
While these initiatives began rolling out across various sectors, their full impact will take time to materialise.
Coming to healthcare, custom duties on cancer medications have been reduced, making treatments more affordable. Additionally, funds for healthcare improvements, especially in rural areas, have been allocated to enhance healthcare infrastructure.
Immediate results, such as reduced treatment costs, are noticeable, but broader access to improved healthcare services will take longer to fully implement.
The government also launched the ‘PM Awas Yojana-Urban 2.0’ to offer affordable housing for middle-class families in urban areas. Funds have been allocated for constructing affordable homes, with subsidies offered under the Credit Linked Subsidy Scheme (CLSS), which helps lower-income families access home loans at reduced interest rates.
Several states have already started delivering homes to beneficiaries, and many more are in progress. The government is working towards its 2030 target of ‘Housing for All.’ However, challenges such as land acquisition, construction delays, and financing issues can impact the project’s timeline.
Budget 2024 Costlier Items:
Electric Vehicles (EVs) and components, including batteries
Tobacco products such as cigarettes and bidis.
Luxury and non-essential imported goods, such as high-end electronics and luxury goods.
Budget 2024: Cheaper items:
Cancer Medications (customs duties reduced).
Health Insurance Premiums (subsidies introduced).
Affordable Housing (subsidies under PM Awas Yojana-Urban 2.0).
Nirmala Sitharaman will present Modi 3.0’s second complete budget on February 1 for the upcoming fiscal year 2025-26, which is likely to offer a variety of measures, including income tax reforms, a greater emphasis on agriculture, and balancing fiscal consolidation and economic growth.
