Budget 2024: Key Highlights for Students, Women, and Professionals

The Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, brings promising initiatives for various segments of society. With a focus on students, women, professionals, and the unemployed, this budget aims to foster growth and provide support. Prime Minister Narendra Modi highlighted that the budget empowers the neo-middle class, the poor, and farmers, offering unlimited opportunities for the youth. This comprehensive guide explores the significant provisions for students, women, professionals, and homemakers.

Provisions for Students

Financial Support for Education

The Budget 2024 introduces financial support for students who have not benefited from previous government initiatives. A notable provision is the availability of loans up to Rs 10 lakh for higher education in domestic institutions. The government will provide e-vouchers directly to a lakh students each year, offering an annual interest subvention of 3% on the loan amount. This initiative aims to make higher education more accessible and affordable for students across the country.

Women-Centric Schemes and Initiatives

Focus on Women’s Development

Women are one of the four major focus areas of the Budget 2024. Sitharaman emphasized the government’s commitment to promoting women-led development. The budget allocates over Rs 3 lakh crore for schemes benefiting women and girls, supporting various initiatives to enhance their welfare and participation in the workforce.

Working-Women’s Hostels

To boost women’s participation in the workforce, the government plans to set up working-women’s hostels. These hostels will provide safe and affordable accommodation for working women, enabling them to pursue their careers without concerns about housing.

Employment Opportunities for Youth

Paid Internship Programs

Addressing the critical issue of unemployment, Budget 2024 introduces several initiatives to create job opportunities for the youth. One such initiative is a paid internship program offering internships in 500 top companies to 1 crore youth over five years. This program aims to provide valuable work experience and skill development, enhancing employability.

Skilling and Employment Schemes

The budget allocates Rs 1.48 lakh crore for education, employment, and skilling, targeting 4.1 crore youth over a five-year period. The government will upgrade 1,000 industrial training institutes to improve the quality of vocational education. Additionally, a scheme for first-timers joining the workforce will provide a month’s wage for everyone entering any formal sector job.

Tax Benefits for Salaried Individuals

Enhanced Standard Deduction

The government has introduced a higher standard deduction for salaried individuals, encouraging them to shift to the new tax regime. The Budget 2024 allows an additional standard deduction of Rs 25,000, bringing the total standard deduction to Rs 75,000. For taxpayers in the highest (30%) tax bracket with a taxable income of Rs 15 lakh or higher, this increased limit results in savings of Rs 7,500.

Rationalized Income Tax Slabs

The rationalization of income tax slabs without changing tax rates is another significant move. This rationalization leads to additional savings of Rs 10,000 for individuals in the highest tax bracket, totaling Rs 17,500 in savings. The government estimates that this initiative will benefit four crore people, offering substantial financial relief to salaried individuals.

The Budget 2024-25, with its inclusive approach, addresses the needs of various societal segments, including students, women, professionals, and the unemployed. Through financial support for education, women-centric schemes, employment opportunities, and tax benefits, the budget aims to foster growth and development. These initiatives reflect the government’s commitment to empowering different groups and ensuring a brighter future for the nation.

Aakhir Tak Editor-in-Chief

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