Notes from the CIO's Desk: The Union Budget of India 2024-25

Pradeep Gupta, Executive Director & India head of Investments, Lighthouse Canton shares a comprehensive overview of the recent Union Budget of India.‍

The following are the key highlights of India’s bold vision for growth:‍

• Infrastructure: INR 11.11 lakh crore allocated for infrastructure, including long-term interest-free loans to states and major projects like the Polavaram Irrigation project.

• Agriculture: Comprehensive review of agricultural research, promotion of high-yield and climate-resilient crops, and initiatives to achieve self-sufficiency in oil seeds.

• Energy: INR 1 lakh crore for Bharat Small Reactors, cleaner energy transition for industries, and the Pradhan Mantri Surya Ghar Muft Bijli Yojana for free solar electricity.

• Defense: INR 6.2 lakh crore for defense spending, focusing on modernization and domestic procurement.

• Manufacturing & Services: Enhanced credit guarantees for MSMEs, significant industrial park developments, and the launch of the Critical Minerals Mission.

• Housing: Expansion of the Pradhan Mantri Awas Yojana with an allocation of INR 1 lakh crore for urban housing.

‍Additionally, the budget includes key tax reforms, such as the abolition of the angel tax, adjustments in securities transaction tax, and corporate tax reductions for foreign companies.‍

Check our report below to gain key insights about the same