Budget 2024 Sparks Public Outrage Public outrage over Budget 2024 surged after Finance Minister Nirmala Sitharaman's presentation, with even staunch Modi supporters expressing dissatisfaction. Many criticized the government's focus on taxing the middle class while providing benefits to wealthy individuals. Social media reflected this anger, highlighting a growing sentiment against perceived unfair tax policies.
Increased Capital Gains Tax Raises Concerns The budget introduced increased taxes on capital gains for both short-term and long-term investments, raising concerns among investors in stocks and mutual funds. The government justified these increases by suggesting that excessive claims from equity markets could lead to instability rather than resilience. This shift indicates an attempt to discourage speculative trading practices.
Economic Challenges: Unemployment & AI Disruption Unemployment issues were addressed in the Economic Survey preceding the budget, revealing alarming statistics about graduate employability and job creation needs through 2030. It highlighted Artificial Intelligence as a significant disruptor across all skill levels of employment—raising questions about future job security amidst technological advancements.
'Angel Tax' Removal & Minimal Income Tax Changes 'Angel Tax' imposed on startups was proposed for removal in this budget—a move welcomed by opposition parties who had advocated for it previously. Minor adjustments were made within income tax slabs aimed at benefiting middle-class citizens; however, overall advantages appeared minimal compared to past reforms under previous governments.