10 key highlights of the 2024 budget
Finance Minister Nirmala Sitharaman presented the interim budget in Parliament on February 1. And here at India.com I am…
Finance Minister Nirmala Sitharaman presented the interim budget in Parliament on February 1. And here on India.com, I am going to give you all ten key highlights of this budget presentation.
In an assessment report ahead of the interim budget, the finance ministry forecast that the Indian economy is likely to grow by more than 7 percent in the coming years and is expected to become the world's third-largest economy in the next three years. , with a GDP of $5 trillion.
She redefined GDP as: Governance, Development and Performance.
The government will specifically work on the four castes which our Prime Minister says are the poor, women, youth and farmers.
Sitharaman began her speech noting that the Indian economy has undergone a positive transformation over the past decade.
1. Firstly, Sitharaman has announced plans to set up more medical colleges by utilizing the “existing hospital infrastructure under various departments”
2. Healthcare coverage under the Ayushman Bharat scheme will be extended to all ASHA workers, Anganwadi workers and helpers.
3. The third major highlight to combine the strengths of our youth and technology is that a new plan will be launched for strengthening deep-tech technology for defense purposes and accelerating atma nirbharta.
4. For our tech-savvy youth, this will be a golden era; a structure of Rs 1 lakh crore will be set up with an interest-free loan of 50 years. It will provide long-term financing and refinancing, which will stimulate the private sector.
5. To boost tourism, long-term interest-free loans should be provided to states to boost development.
6. The Finance Minister has announced 2 crore additional houses under the Pradhan Mantri Awas Yojana – Gramin, which will be taken up over the next five years.
7. She announced three new economic corridors for the railways and at the same time introduced the budget corridor for energy, minerals and cement; port connectivity corridors; and corridors with high traffic density.
The projects have been identified under Prime Minister Gati Shakti, which will improve logistics efficiency and reduce costs. 40,000 normal railway bogies will be converted to Vande Bharat standard
8. Speaking about the increase in taxpayers, she said: “Direct tax collection has increased three times since 2014. In 2024-25, the tax revenue is projected at Rs 26.02 lakh crore.
9. She also announced that the government has decided to cancel outstanding direct tax claims up to Rs 25,000 for the period up to 2009 and up to Rs 10,000 for the financial years 2010 to 2014.
There are no changes to tax rates
10. The gap between government revenue and expenditure is 5.8% of GDP and the budget deficit is expected to be 5.1% of GDP. The aim is to reduce the budget deficit to less than 4.5% of GDP by 2025.
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