Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in Parliament on Saturday, outlining a progressive roadmap for economic growth, sectoral investments, and employment generation. With a fiscal deficit target of 4.8% of GDP for FY25 and 4.4% for FY26, the budget introduced several measures to empower the middle class, boost healthcare, and support startups and MSMEs.

Here are the top 10 highlights from the Union Budget 2024:

1. Tax Relief for Middle Class: In a major announcement, the Finance Minister declared that individuals with an annual income of up to Rs 12 lakh will not be required to pay income tax. This move is expected to benefit millions of middle-class families, with Sitharaman stating, "The middle class provides strength to India's growth. Our government admires their contribution to nation-building."
2. Expansion of IITs: Post-2015 Indian Institutes of Technology (IITs) will see an addition of 6,500 seats across five institutions, enhancing access to quality technical education.
3. Boost to Healthcare Infrastructure: To address the growing demand for medical professionals, 10,000 new seats will be added in medical colleges and hospitals. Additionally, 75,000 more seats will be introduced over the next five years.
4. Customs Duty Exemption on Life-Saving Drugs: In a significant relief for patients, 36 life-saving drugs used in cancer and rare disease treatments will be fully exempted from basic customs duty.
5. MSME Support: The investment and turnover limits for classifying Micro, Small, and Medium Enterprises (MSMEs) have been raised to 2.5 and 2 times, respectively, enabling more businesses to avail benefits under the MSME framework.
6. Startup Fund Boost: The Fund of Funds for startups has been increased by Rs 10,000 crore, providing a much-needed financial push to India’s entrepreneurial ecosystem.
7. Benefits for Senior Citizens: The tax deduction limit on interest income for senior citizens has been raised from Rs 50,000 to Rs 1 lakh. Additionally, the TDS threshold on rent has been increased to Rs 6 lakh annually, up from Rs 2.40 lakh.
8. Udaan Scheme Expansion: Under the Udaan Scheme, 120 new air destinations will be connected, and helipads and small airports will be constructed in hilly and northeastern regions to boost tourism and connectivity.
9. Eased Tax Compliance: The time limit for filing tax returns has been extended from 2 years to 4 years, simplifying compliance for taxpayers.
10. Kisan Credit Card Limit Increased: The short-term loan limit under the Kisan Credit Card scheme has been raised from Rs 3 lakh to Rs 5 lakh, empowering farmers to undertake agricultural projects with reduced reliance on private loans.