00:00I am now happy to announce that there will be no income tax payable up to income of 12 lakh rupees.
00:16So, average income of 1 lakh per month other than the special rate income such as capital gains under the new regime.
00:25This limit will be 12.75 lakh for salaried tax payers due to the standard deduction of 75,000.
00:36Slabs and rates are being changed across the board to benefit all tax payers.
00:43The new structure will substantially reduce the taxes of the middle class and leave more money in their hands,
00:50boosting household consumption, savings and investment.
00:55Nuclear energy mission for Vikasit Bharat.
00:59Development of at least 100 gigawatt of nuclear energy by 2047 is essential for our energy transition efforts.
01:11For an active partnership with the private sector towards this goal,
01:17amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act will be taken up.
01:28A nuclear energy mission for research and development of small modular reactors with an outlay of 20,000 crore will be set up.
01:39At least five indigenously developed small modular reactors will be operationalized by 2033.
01:48A modified UDAAN scheme will be launched to enhance regional connectivity to 120 new destinations
01:59and carry 4 crore additional passengers in the next 10 years.
02:09The scheme will also support helipads and smaller airports in hilly, aspirational and northeast regional districts.
02:19Greenfield airports will be facilitated in Bihar to meet the future needs of the state.
02:29These will be in addition to the expansion of the capacity of Patna airport and a brownfield airport in Beta.
02:56As we complete the first quarter of the 21st century,
03:00continuing geopolitical headwinds suggest lower global economic growth over the medium term.
03:08However, our aspiration for a Vikasit Bharat inspires us
03:13and the transformative work we have done during our government's first two terms guides us to march forward resolutely.
03:24Our economy is the fastest growing among all major economies.
03:30Our development track record for the past 10 years and structural reforms have drawn global attention.
03:38Confidence in India's capability and potential has only grown in this period.
03:45Prime Minister Dhan Dhaniya Krishi Yojana тАУ Developing Agri-Districts Program
03:51Motivated by the success of the aspirational district program,
03:55our government will undertake a Prime Minister Dhan Dhaniya Krishi Yojana in partnership with states.
04:02Through the convergence of existing schemes and specialized measures,
04:07the program will cover 100 districts with low productivity, moderate crop intensity
04:14and below average credit parameters.
04:17It aims to 1. Enhance agricultural productivity
04:212. Adopt crop diversification and sustainable agricultural practices
04:303. Augment post-harvest storage at the panchayat and block level
04:354. Improve irrigation facilities
04:38and 5. Facilitate availability of long-term and short-term credit.
04:43Over the past 10 years, our government has implemented several reforms
04:48for convenience of taxpayers, such as faceless assessment
04:532. Taxpayer charter
04:553. Faster returns
04:574. Almost 99% returns being on self-assessment
05:02and 5. Vibhadse Vishwas scheme.
05:05Continuing these efforts, I reaffirm the commitment of the tax department
05:16to trust first, scrutinize later.
05:19I also propose to introduce the new income tax bill next week.
05:25The FDI limit for the insurance sector will be raised from 74% to 100%.
05:32This enhanced limit will be available for those companies
05:37which invest the entire premium in India.
05:41The current guardrails and conditionalities associated with foreign investment
05:47will be reviewed and simplified.
05:50In this budget, the proposed development measures span 10 broad areas
05:57focusing on Gareeb, Youth, Annadaata and Nari
06:02spurring agricultural growth and productivity
06:06building rural prosperity and resilience
06:09taking everyone together on an inclusive growth path
06:13boosting manufacturing and furthering make-in-India
06:17supporting MSMEs
06:19enabling employment-led development
06:22investing in people, economy and innovation
06:26securing energy supplies
06:29promoting exports
06:31and nurturing innovation
06:33For this journey of development, our four powerful engines are
06:38agriculture, MSMEs, investments and exports
06:43To provide relief to patients, particularly those suffering from cancer
06:48rare diseases and other severe chronic diseases
06:52I propose to add 36 life-saving drugs and medicines
06:57to the list of medicines fully exempted from basic custom duty
07:08I also propose to add 6 life-saving medicines
07:12to the list attracting concessional custom duty of 5%
07:18Full exemption and concessional duty will also respectively apply
07:23on the bulk drugs for manufacture of the above
07:30Since 2019, 15 crore households
07:34representing 80% of India's rural population
07:38have been provided access to portable tap water connections
07:44To achieve 100% coverage
07:46I am pleased to announce the extension of this mission
07:50until 2028 with an enhanced total outlay
07:59The mission's focus will be on the quality of infrastructure
08:03and O&M of rural piped water supply
08:07schemes through Jan Bhagidari
08:10A separate MOU or separate MOUs will be signed
08:14with the States and Union Territories
08:17to ensure sustainability and citizen-centric water services delivery
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