Union Budget 2024: Our government is working for all-round, all-inclusive and all-pervasive development. It covers all castes and people at all levels. We are working to make India a Viksit Bharat by 2047, said Union Finance Minister Nirmala Sitharaman while presenting the Interim Budget 2024-25 in Parliament on 1 February 2024.
The country faced enormous challenges when the present government assumed office in 2024, however, with “Sabka Sath Sabka Vikas” as its mantra, it overcame those challenges, she said.
FM added that the government continues to focus on four main groups — Poor, farmers, youth and women.
Highlighting the slogan ‘Garib ka kalyan, desh ka kalyan’, FM said that, with the pursuit of Sabka Saath, the government has helped Rs 25 crore to get rid of multi-dimensional poverty in the last 10 years.
Here’s the ‘Key Highlights of Budget 2024″:
– On the Capex front, the expenditure for the next year increased by 11.1% to 11.11 lakh crores.
– FY25 fiscal deficit budgeted at 5.1% of GDP. FY24 fiscal deficit pegged at 5.8% against the budgeted 5.9%.
– Direct Benefit Transfers of Rs 34 lakh crore by government using PM Jan Dhan accounts led to savings of Rs 2.7 lakh crore. These savings were realized through the avoidance of leakages prevailing earlier, Sitharaman said. The savings give us more funds for Garib Kalyan, she added.
– M Mudra Yojana sanctioned 43 crore loans amounting to Rs. 22.5 lakh crores for the entrepreneurial aspirations of youth. Fund of Funds, Startup India and Startup Credit Guarantee Schemes are helping the youth.
– Every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers. Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana
-Rs 34 cr Mudra Yojana loans were given to women entrepreneurs.
– Average income of people increased by 50%, says FM
– A corpus of Rs 1 lakh crore will be established with a 50-year interest-free loan for technical growth.
– During the last 10 years the tax collection has more than doubled.
– No changes in taxation. FM proposes to retain same tax rates for direct and indirect taxes including export duties.
The Budget Session of Parliament began yesterday with Speaker Droupadi Murmu addressing the joint meeting of both Rajyya Sabha and Lok Sabha. The session will end on February 9.