Finance Minister Nirmala Sitharaman introduced the Union Funds for 2024-25 on Tuesday — that is the seventh Funds to be introduced by the finance minister, and the primary one underneath the third NDA authorities that assumed energy final month. The Union Funds will deal with 4 teams — the poor, youth, girls, and farmers, in response to the finance minister. It was introduced a day after the Financial Survey for 2023-24 was launched, with particulars of the nation’s short-term to medium-term prospects, in addition to ideas for bettering financial development and rising funding within the nation.
From decreasing duties on cell phone elements to measures taken to spice up the house sector within the nation, the Union Funds 2024-25 has set excessive objectives for the continued fiscal yr. The federal government can be trying to enhance greater schooling and employment.
Listed here are among the key technology-related bulletins made by Finance Minister Nirmala Sitharaman whereas presenting the Union Funds 2024-25 on Tuesday.
- Cell phones: One of the crucial essential bulletins associated to the expertise sector that can have an effect on prospects is the diminished customs responsibility on cell phones and associated elements. The Union Funds 2024-25 has reduce the primary customs responsibility (BCD) on cell phones to 15 p.c. In the meantime, the BCD on printed circuit board assemblies (PCBA) and cellular chargers have additionally been diminished to 15 p.c.
- Telecom gear: The responsibility on PCBA for telecom gear within the nation has been elevated from 10 p.c to 15 p.c, as a part of the Union Funds that was introduced by the finance minister on Tuesday.
- Photo voltaic expertise: Finance Minister Nirmala Sitharaman has introduced {that a} lately launched programme known as PM Surya Ghar Muft Bijli Yojana, will allow 1 crore homes to entry rooftop photo voltaic expertise that may ship as much as 300 items of electrical energy per thirty days.
- House growth: The federal government will arrange a enterprise capital fund of Rs. 1,000 crore, that might be aimed toward rising the nascent house expertise sector in India, and the federal government goals to extend the house economic system five-fold inside the subsequent decade. Indian companies are anticipated to learn from the fund, together with a number of startups associated to house expertise within the nation.
- Schooling loans: For college kids in home establishments, authorities will provide assist for loans for as much as 10 lakh for greater schooling, in response to the finance minister. The Mannequin Talent Mortgage Scheme might be revised, and college students will be capable of avail of e-vouchers for loans as much as 10 lakh yearly — this scheme is aimed toward 1 lakh college students within the nation.
- EPFO and employment: The Union Funds for 2024-25 additionally features a direct profit switch price Rs. 15,000 for brand new staff enrolled with the Workers’ Provident Fund Organisation (EPFO). In the meantime, the federal government will reimburse corporations who rent new employees with as much as Rs. 3,000 per worker per thirty days, for the primary two years that they’re employed on the agency. An “internship allowance” of Rs. 5,000 and one-time help of Rs. 6,000 might be supplied to encourage high companies to recruit interns.
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