📌 What’s the Budget About?
The government’s plan to grow India’s economy, create jobs, and help poor/middle-class families.
- Main Goal: “Develop India by 2047”
- Total Spending: ₹48.21 lakh crore.
🌾 Farmers & Villages
- Free Help:
- Better seeds for crops that survive floods/droughts.
- ₹2.66 lakh crore for village roads, water, and farming.
- New Projects:
- Vegetable farms in clusters.
- Irrigation projects in Bihar.
👩🎓 Jobs & Skills for Youth
- Free Training for 20 lakh youth (5 years).
- 1 Crore Internships in big companies like Tata, Reliance.
- 1,000 ITI Colleges Upgraded for better learning.
🏢 Help for Small Businesses
- Mudra Loan Doubled: ₹10 lakh → ₹20 lakh for honest borrowers.
- Free Money for Exporters:
- 50 food labs + 100 testing labs.
- Govt Guarantee: ₹100 crore safety net for small businesses.
🏠 Houses for All
- PM Awas Yojana 2.0:
- ₹10 lakh crore to build 1 crore homes for poor/middle-class families.
- City Projects: Clean water, better sewage systems.
⚡ Free Solar Power!
- 1 Crore Homes get rooftop solar panels.
- 300 Units Free Electricity every month.
- Nuclear Energy to power future cities.
💰 New Tax Rules (2024)
| Yearly Income | Tax You Pay |
|---|---|
| Up to ₹3 lakh | ₹0 |
| ₹3–7 lakh | 5% |
| ₹7–10 lakh | 10% |
| ₹10–12 lakh | 15% |
| ₹12–15 lakh | 20% |
| Above ₹15 lakh | 30% |
Extra Benefits:
- Salaried people save ₹75,000 extra.
- Family pension holders save ₹25,000.
🌍 Help for Tribal Areas
- ₹2.66 Lakh Crore for tribal villages (roads, schools, hospitals).
- Purvodaya Scheme: Boost jobs in East India (Bihar, West Bengal, Odisha).
🔧 Fixing Tax Problems
- Vivad Se Vishwas 2024: Pay less to settle old tax fights.
- Easier Rules for small online businesses.
🚀 Science & Innovation
- ₹1 Lakh Crore Fund for scientists, tech research.
- Space Projects: ₹1,000 crore for startups.
🛍️ Cheaper Imports
| Cheaper Now | Costlier Now |
|---|---|
| Mobile Phones | Chemicals |
| Gold | Solar Glass |
| Solar Panels | – |
Goal: Make India a manufacturing hub!
💡 Key Takeaways
- Middle Class Wins: Tax cuts + cheaper mobiles.
- Youth Win: Skills + internships.
- Farmers Win: Better seeds + irrigation.
MCQ
When was the Union Budget 2024-25 presented?
A) February 1, 2024
B) March 31, 2024
C) July 23, 2024
D) August 15, 2024
C) July 23, 2024
What is the fiscal deficit target for FY 2024-25 as a percentage of GDP?
A) 4.5%
B) 4.9%
C) 5.5%
D) 5.1%
Answer: B) 4.9%
What is the new standard deduction for salaried employees under the new tax regime?
A) ₹50,000
B) ₹60,000
C) ₹75,000
D) ₹1,00,000
Answer: C) ₹75,000
Under which scheme was Angel Tax abolished in the 2024 Budget?
A) Mudra Loan Scheme
B) Startup India Scheme
C) Pradhan Mantri Vikas Yojana
D) No scheme; it’s a direct reform
Answer: D) No scheme; it’s a direct reform
What is the budget allocation for agriculture and allied sectors in FY 2024-25?
A) ₹1.00 lakh crore
B) ₹1.25 lakh crore
C) ₹1.52 lakh crore
D) ₹2.00 lakh crore
Answer: C) ₹1.52 lakh crore
How many new bio-input resource centers will be established under natural farming initiatives?
A) 5,000
B) 8,000
C) 10,000
D) 15,000
Answer: C) 10,000
What is the allocation for the employment and skilling package under the PM’s five schemes?
A) ₹1.00 lakh crore
B) ₹1.48 lakh crore
C) ₹2.00 lakh crore
D) ₹2.50 lakh crore
Answer: B) ₹1.48 lakh crore
How many youth are expected to benefit from internship opportunities in 500 top companies under the internship scheme?
A) 10 lakh
B) 50 lakh
C) 1 crore
D) 2 crore
Answer: C) 1 crore
What is the capital expenditure allocation for FY 2024-25?
A) ₹8.45 lakh crore
B) ₹9.50 lakh crore
C) ₹11.11 lakh crore
D) ₹12.00 lakh crore
Answer: C) ₹11.11 lakh crore
How many new urban housing units will be developed under PM Awas Yojana Urban 2.0?
A) 50 lakh
B) 1 crore
C) 1.5 crore
D) 2 crore
Answer: B) 1 crore
Which initiative focuses on increasing the space economy by 5 times in 10 years?
A) Digital India Mission
B) Anusandhan Research Fund
C) Space Venture Capital Fund
D) StartUp India Space Mission
Answer: C) Space Venture Capital Fund
What is the proposed exemption limit for capital gains on financial assets under the revised budget rules?
A) ₹50,000
B) ₹1,00,000
C) ₹1,25,000
D) ₹2,00,000
Answer: C) ₹1,25,000