Budget Express First budget of Modi 3.0
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The first budget of the third term of the Modi government has been presented. Finance Minister Nirmala Sitharaman presented the budget on 23 July. This time the focus in the budget is on employment, skill development and industries. Along with this, many announcements have also been made for Andhra Pradesh and Bihar.
Patna-Purnia Expressway and Buxar-Bhagalpur Expressway will be developed at a cost of Rs 26 thousand crore. A new 2-lane bridge will be built on the Ganga river in Buxar. Andhra Pradesh will get a special package of Rs 15 thousand crore. Under Phase-4 of PM Gram Sadak Yojana, roads will be built in 25 thousand rural settlements.
If the salary in the first job is less than Rs 1 lakh, the government will give a financial aid of Rs 15,000 to those who register for the first time in EPFO. The government will give incentives to companies providing employment.
In the next five years, 1 crore youth will get an opportunity to do internship in top 500 companies. Under the Prime Minister’s package, the youth will be given an allowance of Rs 5000 per month and a one-time assistance of Rs 6000 for 12 months of internship.
In two years, 1 crore farmers will be helped in natural farming. 109 varieties of 32 crops will be introduced. There will be a digital survey of crops. 6 crore farmers and their lands will be registered in the registry. Rs 1.52 lakh crore has been allocated for agriculture and related sectors.
In the new tax regime, there is no tax on income up to Rs 3 lakh. 5% tax will be levied on 3 to 7 lakh, 10% on 7 to 10 lakh, 15% on 10 to 12 lakh, 20% on 12 to 15 lakh. 30% tax on annual income of more than 15 lakh.
The loan limit under the Mudra scheme has been increased from Rs 10 lakh to Rs 20 lakh. E-commerce export hubs will be created in PPP mode so that MSMEs can sell their products in international markets.
Loans up to Rs 10 lakh will be available for higher education across the country. The government will pay 3% interest on the loan. For this, e-vouchers will be issued, which will be given to one lakh students every year.
Three more cancer medicines were made custom duty free. This will make medicines cheaper. Custom duty on X-ray tubes and flat panel detectors used in making X-ray machines was also reduced from 15% to 5%.
Rs 3 lakh crore allocated for schemes related to women and girls. Working women hostels will be built. Women’s participation in the workforce will be increased with the facilities of hostels and crèches.
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