Introduction
Finance Minister Nirmala Sitharaman presented the first general budget of the third term of the NDA government on Tuesday. This budget includes several measures aimed at benefiting poor and middle-class families. Here’s a breakdown of the key announcements:
Cheaper Cancer Medicines
The budget includes provisions to make cancer medicines more affordable. This move is aimed at reducing the financial burden on families affected by cancer.
Reduced Prices for Mobile Phones
Mobile phones will become cheaper due to reduced taxes and import duties. This is expected to make technology more accessible to everyone, especially middle-class families.
Lower Prices for Gold and Silver Jewelry
Gold and silver jewelry will also see a reduction in prices. This measure is designed to make these items more affordable for middle-class families.
Tax Relief for Salaried Professionals
Salaried professionals will benefit from relief under the new tax regime. The specifics of the relief were not detailed, but it is expected to increase disposable income for middle-class workers.
Housing Subsidy
The budget provides a subsidy for those buying a house. Under the PM AwasYojana Urban 2.0, an investment of Rs 10 lakh crore has been allocated to meet the housing needs of one crore urban poor and middle-class families. This includes central assistance of Rs 2.2 lakh crore over the next five years.
New Scheme for the Poor in Five States
A new scheme will be launched to benefit the poor in five states. While details are yet to be revealed, this initiative aims to uplift the most vulnerable sections of society.
Education Loans
To address the difficulties faced by middle-class families in accessing education, the Finance Minister announced an education loan facility of Rs 10 lakh for youth pursuing higher education. For those who have previously taken and repaid a loan, the limit of the Mudra loan will be increased from Rs 10 lakh to a higher amount, though the exact figure was not specified.
Focus on MSMEs and Employment
The Finance Minister emphasized the upliftment of the middle class through a special focus on Micro, Small, and Medium Enterprises (MSMEs). The government plans to take several steps in the coming days to create new employment opportunities for the youth.
Conclusion
The 2024 budget brings several benefits to poor and middle-class families, from cheaper essential goods and tax relief to increased support for housing and education. These measures aim to ease financial burdens and improve the quality of life for these segments of the population.
