Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on Tuesday presented the first budget of the Modi government’s third term in the Lok Sabha. The government has given a major relief to the middle class in the budget. Finance Minister Nirmala Sitharaman announced that under the new tax system, the standard deduction will be increased from Rs 50,000 to Rs 75,000. Not only this, gold and silver jewellery, leather goods and mobile phones have also been made cheaper.
Nirmala Sitharaman proposed to reduce basic customs duty on gold and silver to 6 per cent and on platinum to 6.4 per cent. Reduction in basic customs duty on gold, silver and platinum has been a long-pending demand of the gems and jewellery industry. The Finance Minister also provided for exemption of customs duty on 25 important minerals. She also announced removal of basic customs duty on ferronickel and blister copper, while increasing duty on specified telecom equipment from 10 per cent to 15 per cent. Sitharaman also proposed to reduce basic customs duty on some broodstock, shrimp and fish feed to five per cent.
Click here for detailed quote: First budget of Modi government’s third term
He also proposed to reduce the basic customs duty on mobile phones and mobile chargers to 15 per cent. On the other hand, he said that the government will increase the customs duty on ammonium nitrate by 10 per cent and non-biodegradable plastic by 25 per cent. The Finance Minister also announced the creation of e-commerce export centres on Public Private Partnership (PPP) basis to enable Micro, Small and Medium Enterprises (MSMEs) to sell their products.
He said traditional artisans will sell their products in international markets. The Minister also proposed expanding the list of exempt capital goods used in the manufacture of solar cells and panels.
What announcement for students?
Sitharaman announced that the government will provide financial assistance for loans up to Rs 10 lakh for higher education in national institutions. She said that for this purpose, e-vouchers will be given directly to one lakh students every year, on which an interest subvention of three per cent of the loan amount will also be provided.
Sitharaman said that to help our youth who are not eligible for any benefits under the government schemes and policies, the government will provide financial assistance for loans up to Rs 10 lakh for higher education in national institutions. For this, e-vouchers will be given directly to one lakh students every year, on which there will be an interest subvention of three per cent of the loan amount. A provision of Rs 1.48 lakh crore has been made for education, employment and skills in the Union Budget for 2024-25.
