The Union Budget, a highly anticipated event for the Indian economy, took center stage as Finance Minister Smt . Nirmala Sitharaman presented the Interim Budget for 2024-25. The major highlights can be categorized into Tax-Related Announcements, Infrastructure Development, Achievements of the Government, and Future Plans.
Here are the major highlights categorized for easy comprehension:
1. No tax till Rs 7 lacs under the New tax regime
2. No other changes in Income Tax Slabs
3. No Change in Tax rates for Company, LLP or any other person
4. Some Exemption to Startups and Extend some concession – extension of tax sops for soverign wealth funds and startups to March 2025
5. Tax payers service – Withdrawal of direct tax demands of period upto ₹25000 for period upto 2009-10 and ₹10000 for period upto 2014-15, 1 Crore people will benefit.
6. Same tax rates for indirect taxes including import duties
FM Nirmala Sitharaman unveiled ambitious plans for infrastructure development, signaling the government's commitment to sustainable economic growth. The proposed projects cover a range of sectors, including transportation, energy, and digital infrastructure.
1. 40,000 normal railway bogies will be converted to vande Bharat standards
2. 1-lakh crore corpus will be made available with 50 year interest free (long-term financing or refinancing) to encourage the private sector to scale up R&D. Corpus of 1 Lakh Crore for Reduced Rate Loans to Private Sector for Research in Sunrise Domains
3. 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
4. 2 cr more houses will be built under PM Awas Yojana Gramin 1cr houses will be taken to rooftop solar units to generate free electricity
5. Housing for Middle Class, Govt will launch a new scheme to buy and build their own houses
6. Ayushman Bharat scheme cover will be extended to all Asha, Anganwari worker and helpers.
7. To ensure housing for middle class, the government will launch a scheme for middle class.This is to help them to buy or build their own houses for those living in slums, chawls or rented houses, she added.
8. A committee to set up more medical colleges, free cervical Cancer vaccines for girls from 9-14 years
9. Nano DAP on various crops will be expanded in all agro-climatic zones
10. Charging of electric vehicles Entrepreneurship opportunities to a large number of vendors for supply and installation, employment opportunities for youth with technical skills in manufacturing, installation and maintenance
11. Rooftop solarisation and free electricity
12. Through rooftop solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month
13. Fisheries scheme to help reach the target of INR 1 lakh crore exports
14. 2 Crore More Houses To Be Built Under PMAY-Gramin
15. To address fervour for domestic tourism, projects for port connectivity, tourism infra & amenities will be taken on our islands including Lakshadweep
16. Government will further promote private and public investment in post harvest activities including aggregation, modern storage, supply chains, primary and secondary processing, marketing and branding
17. After successful adoption of nano urea, Nano DAP application on various crops will be expanded in all agro climatic zones
The Finance Minister proudly shared the government's achievements by highlighting the below mentioned points:
1. Worries about food have been eliminated with free rations for 80 crore people
2. 25 crores Indians were pulled out of multi dimensional poverty by the govt over past 10 yrs
3. Govt could save 2.7-lakh crore through avoidance of leakages
4. Electronic agri Mandi has connected 1051 mandis, transacting ₹2-lakh crore
5. Minimum support prices for ‘Annadata’ (farmers) increased periodically
6. Direct financial assistance was extended to 11.8 crore farmers
7. Female enrolment in higher education has gone up by 28 per cent in 10 year
8. Avg real income has increased by 50 per cent
9. Every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers
10. PM SVANIDHI has provided credit assistance to 78 lakh street vendors, from that total, 2.3 lakh have received credit for the third time
11. PM JANMAN Yojana reaches out Particularly Vulnerable Tribal Groups
12. PM Vishakarma Yojana provides end to end support to artisans and craftspeople
13. Scheme for empowerment of Divyang and transgender people reflects our resolve to leave no one behind
14. PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for entrepreneurial aspirations of your youth
15. Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth
16. The National Education Policy 2020 is ushering transformational reforms
17. PM Shri is delivering quality teaching
18. Skill India Mission has trained 1.4 crore youth, upskilled and reskillled 54 lakh youth and established 3,000 new ITIs
19. Large no. of institutions of higher learning namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMSs and 390 universities have been set up
20. The country received its highest ever medal tally in Asian Games and Asian Para Games in 2023
21. Chess prodigy and our No. 1 ranked player Praggnanandhaa put up a stiff fight against world champion Magnus Carlsen in 2023, today, India has over 80 chess grandmasters compared to little over 20 in 2010
22. In the last 10 years, the government has assisted 25 crore people to get freedom from multidimensional poverty
23. Making Triple Talaq illegal, one third women’s reservation in Lok Sabha and state assemblies, giving over 70% houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity
24. Empowerment of Women through entrepreneurship, ease of living and dignity has gained momentum in last 10 years
25. 30 crore MUDRA Yojana loans have been given to woman entrepreneurs
26. In STEM courses, girls and women constitute 43% of enrollment, one of the highest in the world
27. GIFT IFSC and Unified Regulatory Authority IFSCA are creatin a robust gateway for global capital and financial resources
28. Proactive inflation management has helped keep inflation within the policy band
29. Despite the challenges due to COVID, implementation of PM Awas Yojana Rural continued and we are close to achieving the target of 3 crore houses. 2 crore more houses will be taken up in the next 5 years
30. The average processing time has dramatically reduced from 93 days in 2013-2014 to just 10 days in the previous year.
31. FM highlighted a remarkable 50% increase in the average real income of the citizens.
32. India assumed G20 Presidency during very difficult times, global economy was going through high inflation, low growth, high interest rates, very high public debt, low trade growth and climate changes
33. Pandemic has led to a crisis of food, fertilizer, fuel and finances while India successfully navigated its way and showed the world the way forward
34. India built consensus on global problems, the recently announced India Middle East Europe Economic Corridor is a strategic and economic game changer for India and others
35. Our government is ready to assist states in faster development of aspirational districts and blocks Government will pay utmost attention to make eastern region and its people a powerful driver of India’s growth
36. Social Justice was largely a political slogan. For our government, social justice is an effective and necessary governance model !! The saturation approach of covering all eligible people is the true and comprehensive achievement of social justice, this is secularism in action, reduces corruption, prevents nepotism There is transparency and assurance that benefits are received to all eligible people, all regardless of their social standing get access to opportunities We are addressing systemic inequalities which have plagued our society, our focus is on outcomes and not on outlays so that socioeconomic transformation is achieved
37. FDI inflows stand at $596 billion, twice more than 2014-15
38. Fiscal deficit for FY 24 revised at 5.8%. lower than earlier estimate of 5.9% in BE
39. FDI is ‘First Develop India. FDI inflow during 2014 to 2023 was Rs 596 billion US dollars, marking a golden era. This was twice the FDI inflow between 2005 to 2014. For sustained FDI, we are negotiating bilateral investment treaties with foreign partners
40. PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for entrepreneurial aspirations of our youth
41. Revised fiscal deficit estimated for FY24 has been pegged at 5.8% of GDP and the deficit for FY25 is pegged at 5.1%
42. Electronic National Agricultural Market has integrated 1,361 mandis and is providing services to 1.8 crore farmers with trading volume of 3 lakh crores of rupees. The sector is poised for inclusive, balanced and higher growth and productivity.
Looking ahead, FM Nirmala Sitharaman outlined the government's future plans, emphasizing sustainable and inclusive growth. The Finance Minister underscored the importance of continued reforms and investments to ensure a robust and resilient economy.
1. Working to make India a Vikasit Bharat by 2047.
2. Matsya Sampada Yojana to be expanded to generate more employment, increase earnings.
3. Govt will lay a white paper in house on mismanagement of the economy before 2014.
4. The govt will form a high powered committee to address the concerns of fast population growth and demographic change.
In the much-anticipated Interim Budget 2024-25, Finance Minister Nirmala Sitharaman opted for a stable approach, refraining from tax cuts or exemptions.
Infrastructure development took center stage with ambitious plans to convert railway bogies, incentivize private sector R&D, and promote solarization.
The government's achievements, emphasizing poverty reduction, financial assistance, and educational reforms, were prominently showcased.
The future aims include sustainable growth, tackling demographic challenges, and releasing a white paper on pre-2014 economic mismanagement.
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