Winning Bizness Desk
Mumbai. The Narendra Modi led government presented the union budget for the year 2024-25 on July 23 in which it hiked the limit of Mudra loan, giving much respite to the entrepreneurs. Earlier, under this scheme, a loan of up to Rs 10 lakh was being provided for MSME, which has now been increased to Rs 20 lakh. Notably, there are three categories in PM Mudra Yojana. Shishu loan, Kishor loan and Tarun loan. A loan of Rs 50 thousand was given under Shishu loan, up to Rs 5 lakh under Kishor and up to Rs 10 lakh under Tarun. Nirmala Sitharaman alloted more than ₹ 3 lakh crore for schemes benefiting women and girls. While presenting the budget, she said that the government will build hostels for working women to promote women's participation in the workforce. Besides, she announced that the central government will promote Nalanda as a tourist destination, including the Nalanda-Rajgir corridor in Bihar. Like Kashi Vishwanath temple, corridors will be developed in Vishnupad temple and Mahabodhi temple.
Abolished angel tax, startups will get relief
If a private company sells its shares at a price higher than its fair value, then that company had to pay angel tax. Now this has been abolished and startups will get relief. Generally, angel tax was imposed on startup companies when someone invested in them. This will give relief from tax to startups. However, Security Transaction Tax (STT) on futures has been increased from 0.0125% to 0.02%. It has been announced to increase the tax on option transactions from 0.0625% to 0.1%. The government did this due to the increasing number of small investors and losses in F&O.
Proposal for Bihar airport, medical college and sports infrastructure
Sitharaman announced that at a cost of Rs 26,000 crore, Patna-Purnia Expressway, Buxar-Bhagalpur Highway, better road connectivity in Bodh Gaya-Rajgir-Vaishali-Darbhanga and an additional two-lane bridge over the Ganga river in Buxar will be developed. An industrial node will be developed in Gaya, Bihar on the Amritsar-Kolkata Industrial Corridor. This will accelerate the development of the eastern region. Also proposed to establish airport, medical college and sports infrastructure in the state.
Special package of Rs 15,000 crore for Andhra Pradesh
Considering its important ally in the government, the government announced a special package of Rs 15,000 crore for Andhra Pradesh. This money will be released in this financial year. This will be important for developing CM Chandrababu Naidu's dream project Amaravati. FM said that Visakhapatnam-Chennai-Orvakal-Hyderabad Industrial Corridor will be established. Along with this, a Hyderabad-Bengaluru Industrial Corridor will also be built. A Special Backward Area Fund has also been announced for Rayalaseema, Prakasam and North Andhra Pradesh districts.
