With reference to the Union Budget 2024-25, consider the following statements: 1. It introduced financial incentives for companies to hire more people. 2. Import duties on all electronic goods were raised to 40% to promote domestic manufacturing. Which of the statement(s) given above is/are correct? |ForumIAS

Q. With reference to the Union Budget 2024-25, consider the following statements:
1.It introduced financial incentives for companies to hire more people.
2.Import duties on all electronic goods were raised to 40% to promote domestic manufacturing.
Which of the statement(s) given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: A

Notes:

Explanation –

Statement 1 is correct. The Union Budget 2024-25 introduced several Employment Linked Incentive (ELI) schemes aimed at boosting job creation. These schemes include financial incentives for companies to hire first-time employees and offer support for additional employment across various sectors.

Statement 2 is incorrect. The Union Budget 2024-25 reduced customs duties on several electronic components, including mobile phones and chargers, to promote domestic manufacturing.

Source: The Hindu

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