New Delhi: Union Finance Minister Nirmala Sitharaman Narendra Modi government’s last budget before 2024 was presented on Thursday Lok Sabha Special attention will be given to women, youth, poor and farmers in the elections.
Keeping in mind the tradition of interim budget, the government has kept the tax rates untouched for now. However, Sitharaman He expressed confidence that the Modi government will unveil a detailed roadmap for “Victory India” during the full budget to be presented in July after the Lok Sabha elections.
Here are the 10 key findings of the interim budget 2024,
No change in tax rates
While not making any notable announcement for the salaried class, Finance Minister Sitharaman on Thursday kept the tax slabs unchanged. This means that The current system of old and new systems will continue,
Sitharaman said, “As far as tax proposals are concerned, in keeping with tradition, I do not propose to make any changes related to taxation and maintain the same tax rates for direct taxes and indirect taxes, including import duties. I propose to keep it.”
However, the Finance Minister said the government plans to address long-standing direct tax issues by withdrawing outstanding demands of up to Rs 25,000 for the years up to 2009-10 and Rs 10,000 for 2010-2015 , which will benefit approximately 1 crore taxpayers.
bogies like vande bharat
Sitharaman said 40,000 ordinary railway bogies will be converted to Vande Bharat standard to enhance safety, convenience and comfort of passengers.
He also said the Center will implement three major economic railway corridor programmes: energy, minerals and cement corridors, port connectivity corridors, and high traffic density corridors.
“Reducing congestion in high-traffic corridors will also help in improving the operation of passenger trains, resulting in safety for passengers and higher travel speeds,” he said.
focus on women
Sitharaman announced several measures focusing on women empowerment in her pre-poll budget speech.
He talked about the incredible success of the Centre’s Lakhpati Didi scheme – which aims to train women in self-help groups (SHGs) so that they can earn a sustainable income of at least Rs 1 lakh per year.
He said that encouraged by the success, it has been decided to increase the beneficiary target for Lakhpati Didi from 2 crore to 3 crore.
Further, he said that the health care cover under the Ayushman Bharat scheme will be extended to all Asha workers, Anganwadi workers and helpers.
The Finance Minister said the government will rapidly upgrade Anganwadi centers under “Saksham Anganwadi and Nutrition 2.0” for better nutrition delivery, early childhood care and development.
infra boost
Sitharaman said the allocation for large infrastructure projects to be undertaken in 2024-25 has been increased to Rs 11.1 lakh crore, an increase of 11.1 per cent over the previous year. “It will be 3.4 percent of GDP,” he said.
He said the “massive tripling” in capital expenditure outlay in the last 4 years has resulted in a multiplier effect on economic growth and job creation.
attract the middle class
To woo the middle class ahead of the Lok Sabha elections, Sitharaman announced a scheme to help those living in rented accommodation or slums to buy houses.
“Our government will launch a scheme to help eligible sections of the middle class living in rented houses, slums, chawls and unauthorized colonies to buy or build their own houses,” Sitharaman said.
Apart from this, he also announced to build 2 crore more houses for the rural poor in the next five years under the ongoing PM Awas Plan (Rural).
defense outlay
The government has also increased the defense budget this year by Rs 6.2 lakh crore, which will be about 8 percent of the total expenditure.
Separately, Sitharaman said a new scheme would be launched to strengthen deep technology for the defense sector.
FDI – Develop India First
To promote investment, Sitharaman said the government is negotiating bilateral investment treaties with India’s foreign partners in the spirit of FDI, or “Develop India First”.
He also said that FDI inflows during 2014-23 were $596 billion, almost double that of 2005-14.
Promote research and innovation
A fund of Rs 1 lakh crore will be set up with a 50-year interest-free loan to encourage the private sector to increase research and innovation in the Suryoday domain.
Sitharaman said, “This will encourage the private sector to significantly increase research and innovation in emerging sectors. We need programs that combine the strengths of our youth and technology.”
tax benefits for startups
The government has extended for another year certain tax benefits for investments made by startups and sovereign wealth/pension funds as well as tax exemption on certain income of certain IFSC units.
Lakshadweep Tourism Promotion
In his budget speech, the Finance Minister also talked about the growing interest among travelers for domestic island destinations like Lakshadweep.
He said to address the “emerging enthusiasm for domestic tourism”, the Center plans to launch projects for port connectivity, tourism infrastructure and facilities in the island groups, including Lakshadweep.
Keeping in mind the tradition of interim budget, the government has kept the tax rates untouched for now. However, Sitharaman He expressed confidence that the Modi government will unveil a detailed roadmap for “Victory India” during the full budget to be presented in July after the Lok Sabha elections.
Here are the 10 key findings of the interim budget 2024,
No change in tax rates
While not making any notable announcement for the salaried class, Finance Minister Sitharaman on Thursday kept the tax slabs unchanged. This means that The current system of old and new systems will continue,
Sitharaman said, “As far as tax proposals are concerned, in keeping with tradition, I do not propose to make any changes related to taxation and maintain the same tax rates for direct taxes and indirect taxes, including import duties. I propose to keep it.”
However, the Finance Minister said the government plans to address long-standing direct tax issues by withdrawing outstanding demands of up to Rs 25,000 for the years up to 2009-10 and Rs 10,000 for 2010-2015 , which will benefit approximately 1 crore taxpayers.
bogies like vande bharat
Sitharaman said 40,000 ordinary railway bogies will be converted to Vande Bharat standard to enhance safety, convenience and comfort of passengers.
He also said the Center will implement three major economic railway corridor programmes: energy, minerals and cement corridors, port connectivity corridors, and high traffic density corridors.
“Reducing congestion in high-traffic corridors will also help in improving the operation of passenger trains, resulting in safety for passengers and higher travel speeds,” he said.
focus on women
Sitharaman announced several measures focusing on women empowerment in her pre-poll budget speech.
He talked about the incredible success of the Centre’s Lakhpati Didi scheme – which aims to train women in self-help groups (SHGs) so that they can earn a sustainable income of at least Rs 1 lakh per year.
He said that encouraged by the success, it has been decided to increase the beneficiary target for Lakhpati Didi from 2 crore to 3 crore.
Further, he said that the health care cover under the Ayushman Bharat scheme will be extended to all Asha workers, Anganwadi workers and helpers.
The Finance Minister said the government will rapidly upgrade Anganwadi centers under “Saksham Anganwadi and Nutrition 2.0” for better nutrition delivery, early childhood care and development.
infra boost
Sitharaman said the allocation for large infrastructure projects to be undertaken in 2024-25 has been increased to Rs 11.1 lakh crore, an increase of 11.1 per cent over the previous year. “It will be 3.4 percent of GDP,” he said.
He said the “massive tripling” in capital expenditure outlay in the last 4 years has resulted in a multiplier effect on economic growth and job creation.
attract the middle class
To woo the middle class ahead of the Lok Sabha elections, Sitharaman announced a scheme to help those living in rented accommodation or slums to buy houses.
“Our government will launch a scheme to help eligible sections of the middle class living in rented houses, slums, chawls and unauthorized colonies to buy or build their own houses,” Sitharaman said.
Apart from this, he also announced to build 2 crore more houses for the rural poor in the next five years under the ongoing PM Awas Plan (Rural).
defense outlay
The government has also increased the defense budget this year by Rs 6.2 lakh crore, which will be about 8 percent of the total expenditure.
Separately, Sitharaman said a new scheme would be launched to strengthen deep technology for the defense sector.
FDI – Develop India First
To promote investment, Sitharaman said the government is negotiating bilateral investment treaties with India’s foreign partners in the spirit of FDI, or “Develop India First”.
He also said that FDI inflows during 2014-23 were $596 billion, almost double that of 2005-14.
Promote research and innovation
A fund of Rs 1 lakh crore will be set up with a 50-year interest-free loan to encourage the private sector to increase research and innovation in the Suryoday domain.
Sitharaman said, “This will encourage the private sector to significantly increase research and innovation in emerging sectors. We need programs that combine the strengths of our youth and technology.”
tax benefits for startups
The government has extended for another year certain tax benefits for investments made by startups and sovereign wealth/pension funds as well as tax exemption on certain income of certain IFSC units.
Lakshadweep Tourism Promotion
In his budget speech, the Finance Minister also talked about the growing interest among travelers for domestic island destinations like Lakshadweep.
He said to address the “emerging enthusiasm for domestic tourism”, the Center plans to launch projects for port connectivity, tourism infrastructure and facilities in the island groups, including Lakshadweep.