Finance Minister Nirmala Sitharaman presented the Interim Union Budget for the fiscal year 2024–25 to the Parliament earlier today. This is the sixth budget presented by the current Finance Minister in the final term of Prime Minister Narendra Modi’s government. The complete budget will be delivered in July of this year, once the new government has been constituted following the Lok Sabha elections.
The budget emphasized railways green growth, infrastructure, agriculture, and fiscal consolidation. Salaried persons were disappointed that there was no change made to the tax rates.
Better than expected, the fiscal deficit target for FY25 was set at 5.1 percent of GDP, while the target for FY24 was also reduced to 5.8 percent. Meanwhile, the FY25 capital expenditure objective was raised by 11.1 percent to ₹11.1 lakh crore.
“The Indian economy has witnessed a positive transformation in the last 10 years. People are looking towards the future with hope. In 2014, the country was facing enormous challenges. With Sabka Saath, Sabka Vikaas, the Narendra Modi-led government overcame those challenges,” said Finance Minister Sitharaman in her budget speech.
Key Highlights Of The Budget 2024
- There is no change in the tax rate. The Finance Minister suggest keeping the current tax rates for import duties and other direct and indirect taxes.
- The Finance Minister said to help worthy members of the middle class who are living in rented houses, slums, or chawls and unauthorized colonies, our government will introduce several new schemes.
- According to the finance minister, foreign direct investment (FDI) inflow from 2014 to 2023 totalled $596 billion, signifying a golden age and doubling the amount from 2005 to 2014. She also added, in the spirit of First Develop India (FDI), we are negotiating bilateral investment treaties with our international partners to promote sustained foreign investment.
- The minister of finance stated farmers of our country are annadatas. Under the PM Kisan Samman Yojana, 11.8 crore farmers including marginal and small farmers receive direct cash support annually. Under the PM Fasal Bima Yojana, 4 crore farmers receive crop insurance.
- According to the minister of finance, India took up the G20 presidency at a very challenging period when the world economy was experiencing high rates of inflation, slow growth, high-interest rates, massive public debt, and climate change. The pandemic has caused food, fertilizer, fuel, and financial crises, yet India has carefully handled the situation and shown the world the way forward.
- The minister of finance said that all ASHA and Anganwadi workers and assistants will get health coverage under the Ayushman Bharat scheme.
- The minister of finance stated over the past ten years, there has been an increase in the empowerment of women via business, higher living standards, and dignity. The government provided women business owners 30 crore via the Mudra Yojana.
- The minister of finance said that PM Mudra Yojana has approved 43 crore loans, or Rs 22.5 lakh crore, to support young people’s dreams of becoming entrepreneurs.
- Savings of Rs 2.7 lakh crore have been achieved by direct benefit transfer of Rs 34 lakh crore through Jan Dhan accounts, according to the finance minister.
- According to the Finance Minister, the government’s four castes are the poor, women, young, and farmers.
- The minister of finance stated the poor, women, children, and farmers/annadata must be our main priorities. Our top objective is ensuring their well-being and meeting their requirements and goals. The empowerment and well-being of all four will move the nation forward, and they both need and get government assistance.
- The minister of finance stated the ability of the government to help those in need grows when they are empowered partners in the development process. Over the past ten years, the government has provided support to 25 crore individuals in overcoming complex poverty.
- The Finance Minister stated that employment prospects, pro-people policies, and structural changes gave the economy a fresh life.
- The Finance Minister stated that the goal of our government is broad, inclusive, and all-encompassing development. It includes all social classes and castes. By 2047, we want to transform India into a Viksit Bharat.
- The Minister of Finance said during the second term, the administration maintained its motto, and our development views encompassed socioeconomic and geographic inclusion. Using a national strategy, the nation overcame the obstacles caused by the Covid-19 epidemic and India made significant progress toward Aatma Nirbhar Bharat, and established strong groundwork for Amrit Kaal.
- According to the Finance Minister, the Indian economy has undergone significant change over the past ten years. The country faced many obstacles in 2014, but the government overcame them and implemented structural reforms, pro-people reforms, and conditions for employment and entrepreneurship were created. As a result, the benefits of development began to spread widely, giving the nation a renewed sense of purpose and optimism.
- As she went to Parliament to submit the interim Budget 2024–25 in a paperless manner similar to the preceding three years, Finance Minister Nirmala Sitharaman once again carried a digital tablet wrapped in a traditional “bahi-khata” type pouch.
- The pre-election budget for 2024–25 was agreed by the Union Cabinet on Thursday, led by Prime Minister Modi.