Ref: CIR/ES/08/2024-25 July 23, 2024
To: Members of the Council
Sub: Highlights of Union Budget 2024-25
Dear Sir / Madam,
The Union Budget for 2024-25 have been announced by the Hon'ble Union Finance Minister, Smt Nirmala Sitharaman on 23 July 2024.
Some of the salient features of the Budget are as follows:
1. An Employment Linked Incentive Scheme has been announced as part of the Prime Minister package. These will be based on enrollment in the EPFO and focus on recognition of first-time employees and support to employees and employers.
2. Term Loans extended to MSMEs to facilitate the purchase of Machinery and equipment without collateral or third-party guarantee.
3. The limit of Mudra Loan enhanced from Rs 10 lakhs to 20 lakhs.
4. SIDBI to open new branches in major MSMEs clusters within 3 years.
5. Comprehensive Scheme for providing internship opportunities in 500 top companies to 1 crore Youth in 5 years.
6. Basic Custom Duties on MDI ( Methylene Diphenyl Isocyanate ) used in the manufacture of Spandex Yarn reduced from 7.5 % to 5 %.
7. Budget outlay for the RoSCTL Scheme and RoDTEP Scheme have been enhanced.
A copy of the Budget highlights is enclosed herewith (Click to Open).
Please send us your suggestions/views on the Union Budget for 2024 -25 on the email ID: ed@matexil.org.
Thanking You
A. Ravi Kumar
Executive Director
