Karimnagar: Many people shared their opinions on the new budget presented by Union Finance Minister Nirmala Sitharaman. This is her seventh time presenting the budget, which focuses on nine priority areas.
Mavuram Mallikarjuna Reddy, a farmer from Pedda Kurumapalli, noted that the budget increased from Rs 1,25,000 crore to Rs 1,52,000 crore. He appreciated the introduction of 109 varieties of 32 crops and the digital crop survey.
Reddy emphasized the importance of encouraging natural farming for the next two years. He believes that natural farming is crucial for the health of the earth, the environment, and people. He also mentioned that the establishment of 10,000 bio-research centers and the improvement of rural infrastructure with Rs 2,66,000 crore are positive steps. Additionally, support for agri start-ups and a monthly cash incentive of Rs 5,000 for agri students will greatly benefit farmers.
Dr. T Lavanya, an Associate Professor of Commerce at Govt. Degree College for Women in Karimnagar, said the Union Budget 2024-25 focuses on employment, skill development, MSMEs, and financial initiatives for the middle class. She highlighted that the budget aims to create jobs and boost consumption, which could benefit sectors like consumer goods, real estate, and automotive.
Lavanya also pointed out that the extension of the PMGKAY scheme could benefit women and girls. She praised the skilling programs with internships in top companies as a step towards youth employment. Overall, she felt the budget mainly focuses on the poor, women, youth, and farmers.
Chintoju Bhaskar, Chairman of Manair NGO, stated that the budget prioritizes development and welfare. He highlighted the allocation of Rs 1.53 lakh crore for the agriculture sector, which should increase productivity and promote natural farming. Bhaskar also mentioned the MSME credit guarantee scheme, the increase in annual income slabs for employees, and funds for youth internships.
Bhaskar added that the budget includes the establishment of hostels for working women, the construction of three crore houses for the poor under the Awas Yojana, and an increase in Mudra loans to Rs 20 lakh. He also noted the allocation of Rs 2.66 lakh crore for rural development and Rs 1.48 lakh crore for youth employment and skill development.
Ragula Apoorva, a Chartered Accountant, discussed the changes in the new tax system. Under the new scheme, there is no tax for income up to Rs 3 lakh. For income between Rs 3-7 lakh, the tax rate is 5 percent, from Rs 7-10 lakh it is 10 percent, from Rs 10-12 lakh it is 15 percent, from Rs 12-15 lakh it is 20 percent, and for income above Rs 15 lakh, it is 30 percent. Apoorva noted that this new system will save Rs 17,500 in taxes.
