The Indian economy has witnessed great transformation in the last decade, with the country facing enormous challenges but overcoming them with Sabka Saath Sabka Vishvaas. The Finance Minister Nirmala Sitharaman presented the Interim Budget 2024, aiming for consistent economic growth despite geopolitical uncertainties. The budget includes initiatives designed to support ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’(Farmer). During her budget speech, she also highlighted the top achievements of the Modi led BJP government in the last decade, including direct benefit plan, taking people out of poverty, welfare of farmers. The next five years will be years of unprecedented growth, with next generation of reforms to be taken in consultation with state governments.
Top Highlights of interim budget FY 2024-25
In the last 10 years, the government has assisted 25 crore people to get freedom from multidimensional poverty.
Housing is a priority and ensure housing for middle class, the government will launch a scheme for middle class. Government plans new housing plan for the middle class and 2 crore houses to be built under PM Aavas Yojana. This is to help them to buy or build their own houses for those living in slums, chawls or rented houses, she added.
2024 Interim budget on Rooftop Solarisation
- 1 crore households will be enabled to obtain up to 300 units free electricity every month thorugh Through rooftop solarization,
- Rooftop solar project to help households save Rs. 15,000 - Rs. 18,000 rupees
- Households to sell surplus solar power to distribution cos
- 2024 Interim budget for farmers
- Farm sector to get modern storage, supply chains, branding
- To plan strategy for self-sufficiency in oilseeds; mustard, groundnut, sunflower, soybean output.
- To formulate programme to support dairy farmers
- Set up a separate Department for Fisheries realizing the importance of assisting fishermen.
- To set up 5 integrated acqua parks
- After successful adoption of nano urea, Nano DAP application on various crops will be expanded in all agroclimatic zones.
2024 Interim budget for youths and Capex
- Plan to establish One lakh crore corpus with fifty-year interest free loan to combine power of youth with technology. The corpus will provide long-term financing or refinancing with long tenors and low or nil interest rates. The fund will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology.
- A new scheme will be launched for strengthening deep-tech technologies for defence purposes.
- FY25 capex outlay is being increased by 11.1 percent to 11,11,111 crore. This would be 3.4 per cent of the GDP.
- Lower borrow by centre to aid larger borrow by private companies
- Three major economic railway corridor programmes will be implemented.
- energy, mineral and cement corridors,
- port connectivity corridors, and
- high traffic density corridors.
2024 Interim budget for Railways and Aviation
- To convert 40,000 rail bogies to Vande Bharat standards
- Number of airports doubled to 149 in last 10
- Air connectivity to tier 2, 3 cities via UDAN a success
- 517 new routes under UDAN to tier 2, 3 cities
- To expand metro rail, Namo Bharat to more cities
2024 Interim budget for Green energy
- Viable gap funding for offshore wind energy to generate 1 GW
- To set up 100 MT coal gasification capacity by 2030
- To give aid to support biomass aggregation machinery
- Coal gasification to cut natural gas, methanol, ammonia import
- To launch bio mfg, bio foundry scheme for green growth
- Govt to support e-vehicle expansion, adoption and manufacturing
2024 Interim budget for Tourism
- Aim to set up comprehensive tourist centres
- Govt to support expansion of e-vehicle charging infra
- States to take up development of iconic tourism centres
- To give states long-term interest-free loans for tourism
2024 Interim budget on Taxes
- No Changes in Income Tax Slabs, Tax rates for Company, LLP or any other person.
- Withdrawal of direct tax demands of period upto Rs. 25000 for period upto 2009-10 and Rs. 10000 for period upto 2014-15. 1 crore taxpayers to benefit from old tax demand withdrawal
- Some Exemption to Startups and Extend some concession - extension of tax sops for soverign wealth funds and startups to March 2025
- Focus has been to improve taxpayer service in last 5 yrs.
- Average processing time of tax returns 10 days from 93 days FY14.
- Tax base of GST more than doubled and average GST mop-up doubled to 1.66 trillion rupees.