The Union Budget of India of 2024 was presented today in the Lok Sabha by the Finance Minister Nirmala Sitharaman. The Finance Minister Nirmala Sitharaman today bestowed an interim budget of India (2024) or a short term financial plan which just came ahead of the Lok Sabha Elections. In this budget, the tax slabs remainthe same in both old and new regime. The Prime Minister Narendra Modi appreciated Nirmala Sitharaman for presenting a balanced budget.
This was Nirmala Sitharaman’s sixth Union Budget. The full-fledged budget will be presented by the new government that comes to power after the elections.
The interim budget – a short-term financial plan – seeks Parliament nod for a grant in advance to meet the government’s essential expenditure for the first four months of the new financial year.
The Budget Session of Parliament began on 31 January, 2024 with President Droupadi Murmu addressing the joint meeting of both Rajyya Sabha and Lok Sabha. This session is likely to come to an end on February 9.
Now let’s look at the highlights of the interim budget 2024:
- The Government will pay more attention to developing the East to fuel India’s growth.
- The PM Vishwakarma Yojana scheme provides end-to-end support to artisans. The government provided credit assistance to 78 lakh street vendors under the PM-SVANidhi scheme. 30 crore Mudra Yojana loans disbursed to women entrepreneurs.
- Upskilling and reskilling was a focus for the government, and over 1.4 crore youth were trained under the Skill India Mission. 43 crore loans sanctioned under PM Mudra Yojana. The Government will also expand the ‘Lakhpati Didi’ scheme to empower rural women and boost the rural economy.
- Finance Minister Sitharaman stated that the Government took 25 crore people out of poverty in the span of ten years. She noted that government provided free food for 80 crore people through various schemes.
- The Government highlighted the role of the India-Middle East-Europe Economic Corridor can play in world trade.
- Direct Benefit Transfers of Rs. 34 lakh crore through PM Jan Dhan Yojana accounts has led to savings of ₹2.7 lakh crore.
- Inflation has moderated within the target band (2%-6%).
- The Government will subsidise the construction of 30 million affordable houses in rural areas.
- The Centre will encourage cervical cancer vaccination and combine maternal and child health care schemes into one comprehensive programme.
- Economic growth has picked up and the average real income of people increased by 50%.
- Government to encourage ‘Nano DAP’ for various crops and to expand its use for all agro-climactic zones.
- It will also formulate policies to support dairy farmers and defeat the Foot and Mouth Disease.
- The Ayushman Bharat scheme will be expanded to all ASHA workers, Anganwadi workers and helpers.
- The government will formulate a strategy achieve AtmaNirbharta (self-reliance) for oilseeds. This will cover research for high-yielding varieties, procurement, value addition and crop insurance.
- 40,000 normal rail bogeys will be converted to Vande Bharat standards. Government to enhance safety, convenience and safety of passengers. Government to focus on metros in a bid to provide transit-oriented development
- The Government has announced several schemes to turn Net Zero by 2070. This includes providing funding to harness offshore wind energy generation for an initial capacity of 1 Giga Watt, procuring biomass aggregation machinery and expanding the e-vehicle sector by encouraging more manufacturing and charging infrastructure.
- A new department — Matsya Sampada — to be set up to address the needs of fishermen.
- Spends on capital expenditure have been increased to ₹11.11 lakh crore for 2024-25. The Government will continue on path of fiscal consolidation to reduce fiscal deficit to 4.5% in 2025-26.
- The Government borrowings on a gross and net basis for 2024-25, at Rs. 14.13 lakh crore and Rs. 11.75 lakh crore, respectively, lower than 2023-24.
- The Government proposed to maintain the same tax rates for direct and indirect taxes, including import duties.
We are now awaiting for the full-fledged budget to come out, bringing growth, positivity and overall development.