FINANCEOUTLOOKINDIAJULY, 20248Nirmala Sitharaman, the Finance Minister, delivered the Union Budget 2024-25 to Parliament on Tuesday during the Monsoon Session. Nirmala Sitharaman became the first finance minister to deliver seven consecutive budget addresses, surpassing former prime minister Morarji Desai's record of six consecutive budgets from 1959 to 1964.Nirmala Sitharaman's seventh Budget emphasized important themes aimed at boosting economic growth and generating enough possibilities. These included productivity and resilience in agriculture, employment and skill development, and services."India's economic growth continues to be the shining exception (in a world gripped by policy uncertainties) and will remain so in the coming years," Sitharaman said while delivering the Budget to Parliament. "In this budget, we particularly focus on employment, skilling, MSMEs, and the middle class."Increase in the standard deductionIn the budget, Finance Minister Nirmala Sitharaman proposed a 50 percent rise in the standard deduction for salaried personnel from 50,000 to 75,000 under the new income tax regime.UNION BUDGET 2024: TOP 5 TAKEAWAYS FOR SALARIED INDIVIDUALS & JOB SEEKERSBy Finance Outlook India Team KNOWTHEBUDGET
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