Union Budget 2024: Technology-Related Highlights By Finance Minister Nirmala Sitharaman
The Union Budget 2024-25 reduces mobile phone and associated component BCD to 15%.
Finance Minister Nirmala Sitharaman delivered the Union Budget for 2024-25 on Tuesday, her eighth Budget and the first under the third NDA administration that took office last month. The finance minister says the Union Budget would target the people whose income is below the poverty threshold, young, women, and farmers. A day after issuing the Economic Survey for 2023-24, the report detailed the country’s short- to medium-term prospects and proposed measures to strengthen economic development and investment.
The Union Budget 2024-25 has ambitious ambitions, from lowering mobile phone component levies to boosting the space industry. The administration wants to enhance higher education and jobs.
Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 on Tuesday, including several technology-related announcements.
The reduction in customs tax on mobile phones and associated components is one of the most significant technology industry announcements that will effect consumers. Mobile phone BCD was reduced to 15% in the Union Budget 2024-25. PCBA and charger BCDs have also been decreased to 15%.
The Union Budget announced by the finance minister on Tuesday raised the tariff on PCBA for telecom equipment from 10% to 15%.
The PM Surya Ghar Muft Bijli Yojana, inaugurated by Finance Minister Nirmala Sitharaman, would allow 1 crore dwellings to install rooftop solar technology that can generate 300 units of energy each month.
Space development: The government will establish a Rs. 1,000 crore venture capital fund to build India’s budding space technology industry and five-fold the space economy within a decade. Several Indian space technology entrepreneurs are likely to profit from the financing.
The finance minister said that the government would cover higher education loans up to 10 lakh for domestic students. The Model Skill Loan Scheme will be amended to allow students to borrow up to 10 lakh per year using e-vouchers. It targets 1 lakh students.
EPFO and employment: The 2024-25 Union Budget contains a Rs. 15,000 direct benefit transfer for new EPFO workers. Meanwhile, the government would pay enterprises that recruit new workers up to Rs. 3,000 per employee every month for the first two years. An “internship allowance” of Rs. 5,000 and one-time aid of Rs. 6,000 would encourage top enterprises to hire interns.
CREDIT: Allneeds, Gadgets360
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