Today, the government unveiled its Budget 2024, outlining key economic plans and priorities for the coming year. Here are the main points in simple terms:
- Tax Changes:
- Personal Income Tax: The basic exemption limit for individual taxpayers has been raised, providing relief to middle-class families.
- Corporate Tax: Reduced rates for small and medium-sized enterprises (SMEs) to encourage business growth and job creation.
- Healthcare:
- Increased Funding: Significant boost in healthcare spending, focusing on improving public hospitals and expanding insurance coverage.
- Mental Health: New initiatives aimed at mental health support, including funding for counseling services and awareness campaigns.
- Education:
- Higher Education: Increased scholarships and funding for research and development in universities.
- Primary and Secondary Schools: Additional funding for infrastructure and digital learning tools to enhance education quality.
- Infrastructure:
- Transportation: Major investment in roads, railways, and public transportation to improve connectivity.
- Housing: New schemes to provide affordable housing for low-income families.
- Environment:
- Green Initiatives: Introduction of new projects aimed at reducing carbon emissions and promoting renewable energy sources.
- Conservation Efforts: Increased funding for protecting forests and wildlife.
- Social Welfare:
- Support for Seniors: Enhanced pension schemes and healthcare benefits for the elderly.
- Women and Children: Expanded programs for women’s safety and child welfare, including new shelters and education funds.
- Economic Growth:
- Start-ups and Innovation: Grants and incentives for new businesses and tech start-ups to foster innovation.
- Rural Development: Special focus on rural areas with investments in agriculture and rural infrastructure.
Finance Minister highlighted that the Budget 2024 aims to balance economic growth with social welfare, ensuring a brighter future for all citizens.
