The Department of Economics & Banking, in collaboration with the Post Graduate Department of Commerce of VVM’s Shree Damodar College of Commerce & Economics, organized a session of ‘Live Screening of Union Budget 2024-25’ on 23th July 2024 from 10.45 am in Hall 1, 5th floor, Central block of the college. The objective of the session was to make students aware of the India economy and the allocation of funds to various activities.
The Finance Minister, Smt. Nirmala Sitharaman, while presenting the Union Budget 2024-25 in Parliament, stated that India’s inflation continues to be low, stable and moving towards the 4 per cent target. Core inflation (non-food, non-fuel) currently stands at 3.1 per cent, with steps being taken to ensure adequate market supplies of perishable goods. Smt. Sitharaman focused on employment, skilling, MSMEs, and the middle class. She announced the Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of Rs. 2 lakh crore. This year, Rs.1.48 lakh crore has been allocated for education, employment and skilling.
Smt. Sitharaman further mentioned that for pursuit of ‘Viksit Bharat’, the budget envisages sustained efforts on the following 9 priorities for generating ample opportunities for all:
- Productivity and resilience in Agriculture
- Employment & Skilling
- Inclusive Human Resource Development and Social Justice
- Manufacturing & Services
- Urban Development
- Energy Security
- Infrastructure
- Innovation, Research & Development
- Next Generation Reforms
The Budget 2024-25 also increased standard deduction for salaried employees from Rs. 50,000/- to Rs. 75,000/- for those opting for the new tax regime. Similarly, deduction on family pensions for pensioners has been enhanced from Rs. 15,000/- to Rs. 25,000/-. Assessments can now be reopened beyond three years, up to 5 years from end of year of assessment, only if the escaped income is more than Rs. 50 Lakh. The new tax regime rate structure has also been revised to provide a salaried employee with a benefit up to Rs. 17,500/- in income tax.
| Income Slabs | Tax Rate |
| 0 – 3 Lakh rupees | NIL |
| 3 – 7 Lakh rupees | 5 per cent |
| 7 – 10 Lakh rupees | 10 per cent |
| 10 – 12 Lakh rupees | 15 per cent |
| 12 – 15 Lakh rupees | 20 per cent |
| Above 15 Lakh rupees | 30 per cent |
The session was enriching and engaging with 18 faculty members, 70 under-graduate and 42 post-graduate students in attendance.
