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Union Budget 2024: FM Nirmala Sitharaman announces Digital Public Infrastructure for agriculture, reduction in tax on mobile phones, chargers

Finance Minister Nirmala Sitharaman announced Union Budget 2024 in the Parliament today. During the speech, she laid emphasis on DPI for agriculture and reduced tax on mobile phones and mobile chargers.

Edited By: Shweta Ganjoo | Published By: Shweta Ganjoo | Published: Jul 23, 2024, 11:38 AM (IST)

Union Budget 2024

photo icon Image: Union Finance Ministry/X

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Highlights

  • FM Nirmala Sitharaman presented Union Budget 2024.
  • This is FM Nirmala Sitharaman's seventh speech in the Parliament.
  • FM emphasised on DPI for agriculture.
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Union Budget 2024: Finance Minister Nirmala Sitharaman announced the Union Budget 2024 in the Parliament today. In her speech, the finance minister focused on strengthening the Digital Public Infrastructure in India, particularly in the field of agriculture. The FM said that the Union government will focus on developing Digital Public Infrastructure or DPI for agriculture. This DPI will provide coverage for both farmers and their lands.

As a part of the government’s plans, the government will undertake a Digital Crop Survey of Khareef crops (such as rice) in 400 districts. The government will also bring details of six crore farmers and their lands into the National Land registry. Additionally, Kisan Credit Card will be enabled for six crore farmers in five states in India. The government will also come out with a National Cooperation Policy for the systematic, orderly development of the cooperative sector.

Education

During her speech, the FM announced education loan up to Rs 10L for higher education in domestic institutions. She also announced that e-vouchers for this scheme will be provided to one lakh students every year. These e-vouchers will enable education loans up to Rs 10 lakh with an annual interest subvention of three percent of the loan amount.

MSMEs

During her speech, the finance minister announced setting up of E-Commerce Export Hubs based on the PPP (Public Private Partnership) model. This will enable MSMEs and traditional artisans to sell their products in international markets.

Urbanisation

The finance minister announced that the land records in urban areas will be digitised with GIS mapping. “IT based system for property record administration, updating and tax administration will be established. These will also facilitate improved financial position of urban local bodies,” she added.

Energy

The FM said that the government will promote research and development in the energy section. As a part of the plan, the government will promote R&D of small and modular nuclear reactors and newer technologies for nuclear energy. The government also plans to set up an 800MW thermal power plant using Advanced Ultra Super Critical technology.

Mobile phone and related parts 

The finance minister announced the reducing in BCD on mobile phones, mobile PCB-A and mobile chargers to 15 percent. Additionally, she announced the exemption in customs duty on 25 critical minerals including Lithium, Copper, Cobalt and other rare-earth minerals. The government also announced the reduction in BCD on two of these minerals.

Telecom equipment

The FM also announced the increase in BCD from 10 percent to 20 percent on PCB-A of specific telecom equipment.

Science and innovation

The FM announced a venture capital fund of Rs 1,000 crore to expand space economy by five times in the next 10 years.

Labour reforms

Lastly, the finance minister announced that the E-Shram portal will be integrated with other portals to provide one-stop solution to job-seekers and employers. She also announced that the Shram Suvidha and Samadhan portals will be revamped to enhance the ease of compliance for industry and trade.