Union Budget 2024-25: Key Highlights and Expert Opinions
Indian Finance Minister Nirmala Sitharaman made history by presenting her record seventh consecutive Budget on July 23 for the fiscal year 2024-25, surpassing former Prime Minister Morarji Desai. This Budget, the first under the BJP-led NDA government since its re-election in June, outlined nine key priorities aimed at fostering growth and creating opportunities across various sectors.
The Union Budget 2024-25 focused on key areas such as Productivity and Resilience in Agriculture, Employment and Skilling, Inclusive Human Resource Development and Social Justice, Manufacturing and Services, Urban Development, Energy Security, Infrastructure, Innovation, Research and Development, and Next Generation Reforms.
A significant highlight of the Budget was the abolition of the angel tax for all investors, which had been a burden for startups. This tax, imposed on funding startups receive from angel investors when investment exceeds fair market value, was seen as a hindrance to growth. The removal of this tax aims to encourage more investments in startups, boost the entrepreneurial ecosystem, and promote economic growth.
Additionally, the Budget allocated over ₹3 lakh crore for schemes benefiting women and girls, aiming to enhance women’s participation in the workforce and drive inclusive growth. Measures such as setting up women-specific skilling programs are expected to further boost female labor force participation.
Experts have praised the Budget for its comprehensive approach and strategic focus on key sectors. Economists and industry leaders commend its emphasis on inclusive growth, infrastructure development, and innovation. The Budget’s initiatives, including increased funding for research and development, digital public infrastructure, employment, and skilling schemes, are expected to have a positive impact on various sectors, including cybersecurity.
With a focus on creating a robust digital ecosystem, fostering research, innovation, and skill development, the Budget indirectly boosts the cybersecurity sector, creating opportunities for growth and advancement in this critical area.