The Budget for FY 2024-2025, presented on July 23, 2024, aims to advance India’s growth trajectory towards becoming a “Viksit Bharat” by 2047.

Key highlights include the simplification of Foreign Direct Investment (FDI) rules and the renegotiation of Bilateral Investment Treaties (BITs) to align with global standards. Significant allocations have been made to various sectors: ₹13,042.75 crore for space, ₹1,16,342 crore for IT and telecom, ₹1.52 lakh crore for agriculture, and ₹90,658.63 crore for health.

The Budget also introduces other reforms, such as the abolition of Angel Tax to support startups and changes in capital gains tax rates to balance revenue generation with investor incentives.

In addition, the Budget emphasizes support for MSMEs through enhanced credit accessibility and the establishment of economic corridors to boost manufacturing. Changes in customs duty and taxation, including reductions for gold, silver, and mobile devices, aim to support various industries.

The introduction of an integrated technology platform for insolvency proceedings and reforms to the Insolvency and Bankruptcy Code (IBC) are also proposed to improve transparency and efficiency.

Overall, the Budget seeks to simplify tax structures, improve foreign investments, and enhance ease of doing business, though relief for salaried individuals remains anticipated.