Today, Finance Minister Smt. Nirmala Sitharaman presented the eagerly awaited budget for the fiscal year 2024-25 under Modi Government 3.0, drawing praise from Sushil Kumar Jain, President of the Sector 18 Market Association Noida. The budget, designed to propel India towards economic development and alleviate taxpayer burdens, introduces a series of reforms aimed at benefiting all sectors of society.
A pivotal highlight of the budget is the implementation of a new income tax regime, ensuring taxpayers receive a definitive benefit amounting to ₹17,500. While direct tax concessions were not extended to traders, the budget promises indirect benefits through increased allocations for infrastructure and development projects.
In response to industry demands, the Finance Minister announced a substantial reduction in customs duties. Effective immediately, customs duties on gold have been lowered to 6%, silver to 6%, and platinum to 6.4%. This strategic reduction aims to combat illicit activities, enhance market transparency, and result in a 9% reduction in gold prices for consumers.
Sushil Kumar Jain lauded these measures as transformative for both traders and consumers, predicting a surge in market activity and consumer confidence. His endorsement reflects widespread optimism within the business community regarding the budget’s potential to foster economic growth and prosperity in India.
The budget of Modi Government 3.0 underscores a proactive stance towards economic reform and inclusive growth, marking a significant milestone in India’s journey towards a prosperous future
