Table of Contents
Introduction
The budget was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman today. The Union Cabinet met and approved the budget. This was an interim budget for the general elections later this year. The Interim Budget 2024 prioritized on youth and women’s empowerment.
Brief Highlights of the Interim Budget 2024
The government emphasized on making India a Vikasit Bharat by 2047. Government aims to enhance safety, convenience and safety of railway passengers. Metros are also in focus to provide transit-oriented development.
The government announced numerous initiatives to achieve Net Zero by 2070. This includes funding for offshore wind energy generation with an initial capacity of 1 gigawatt, purchasing biomass aggregation technology, and developing the e-vehicle sector by promoting more manufacturing and charging infrastructure.
The Government will set up a new department, named Matsya Sampada to address the needs of fishermen. The Government borrowings for 2024-25 were Rs 14.13 lakh crore which is lower on a gross and net basis than 2023-24.
Ayushman Bharat scheme will be expanded to all ASHA workers, Anganwadi workers and helpers. The Government will promote cervical cancer vaccination. Plans to consolidate mother and child health care systems into a single comprehensive program are also there.
Key Highlights of the Interim Budget 2024
Below are some of the key highlights of this Budget:
- There is no change in direct and indirect tax rates.
- There will be a focus on the poor, youth, women, and the farmers.
- There will be focus on infrastructure and use of technology to improve productivity.
- Two crore houses to be built for poor in five years.
- Housing scheme to help middle class section who live on rent to buy or build their own houses will be launched.
- The tax benefits to start-ups and investments made by sovereign wealth or pension funds will be extended by 1-year upto March 31, 2025.
- Capital expenditure hiked from 11% to Rs 11.11-lakh crore.
- There is a target to bring fiscal deficit to 4.5% by FY26.
- The government will convert 40,000 railway coaches to Vande Bharat standard.
- Direct tax collection target was set at Rs 21.99-lakh crore, while that of indirect tax is at Rs 16.22-lakh crore.
- The country has had three consecutive years of 7% GDP growth and is the fastest growing economy among the G20 nations.
- Withdrawal of direct tax demands of period upto Rs 25000 for period upto 2009-10 and Rs 10000 for period upto 2014-15 will benefit 1 Crore people.
- Rooftop solarisation and free electricity through rooftop solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month.
- The states will be given interest-free loans for tourism.
- One lakh crore corpus will be made available with 50-year interest free to encourage the private sector to scale up Research & Development. Corpus of One Lakh Crore for Reduced Rate Loans to Private Sector for Research in Sunrise Domains.
