Budget 2024 Highlights: Here are the key highlights from Finance Minister Nirmala Sitharaman Speech –
Budget 2024 Highlights: Direct and Indirect Tax
- Finance Minister Nirmala Sitharaman proposes no change in direct and indirect tax including import tax
- Same tax rates for Direct and Indirect tax retained
- Focus on improving tax payers service
- Tax reforms have widened the tax base and increased tax collections
- Govt to withdraw old disputed direct tax demands of up to Rs 25,000 till FY2009 and Rs 10,000 for 2010-11 to 2014-15. It will benefit 1 crore taxpayers
- FM also proposes some tax benefits for pension funds
- Processing time of tax returns reduced from 93 days in FY14 to 10 days
- Tax base of GST more than doubled, says FM
- Number of tax filers swelled by 2.4 times, direct tax collection trebled since 2014
- Tax receipts for 2024-25 projected at Rs 26.02 lakh crore
Budget 2024 Highlights: Tourism
- Interest-free loans to states to promote tourism
- Funds will be provided for developement of tourism in Lakshwadweep
- Panel to be formed for tackling the challenges of higher population
Budget 2024 Highlights: Air Connectivity
- Roll out of Udan Schemes have been very successful
- 517 new routes to be launched under Udan Scheme
- Defence allocation increased by nearly 20 percent to percent to Rs 6.22 lakh crore
Budget 2024 Highlights: Fiscal Announcements
- Capex outlay of Rs 11.11 lakh crore
- Capex outlay at 3.4 per cent of GDP
- FY24 Fiscal Deficit target revised to 5.8 per cent of GDP from 5.9 per cent.
5.1 % - Fiscal Deficit target for FY 25
- Govt plans to reduce fiscal deficit to 4.5 per cent in 2025-26FY 25
- Gross market borrowing target is Rs 14.13 lakh croreNet market borrowing seen at Rs 11.75 lakh crore
- Revised expenditure fexpenditure for FY 24 Rs 44.90 lakh crore
- Nominal GDP growth seen at 10.5%
- Food Subsidy 2.12 lakh crore
- FY 24 Divestment Target Cut to Rs 30,000 crore
- FY 25 Divestment Target set at Rs 50,000 crore
Budget 2024 Highlights: Rail
- Allocation
- Decongestion of high-density corridor
- Energy, Mineral, and Cement to get dedicated corridor
- 40,000 normal train bogies to be converted into high speed Vande Bharat ones
Budget 2024 Highlights: PLI Scheme
- PLI scheme gets Rs 6,200 crore
Budget 2024 Highlights: Agri
- Promote investment in post-harvest activity by both private and public sector support
- Empower dairy farmers
- More efforts to control Foot and mouth disease
- Crop insurance has been given to 4 crore farmers under PM Fasal Bima Yojana
Five integrated Aqua Park to be set up
Budget 2024 Highlights: Healthcare
- Healthcare facilities under Ayushman Bharat will be extended to all Aasha workers, Aanganwadi workers
- Government plans to set up hospitals in all districts
- Vaccination of 9-14 year old girls for cervical cancer
Budget 2024 Highlights: Housing
- New housing plan for the middle class
- 2 crore houses to be built under PM Aavas Yojana
Budget 2024 Highlights: India Growth
- Next five years will be years of unprecedented growth
- Next generation of reforms to be taken in consultation with state governments.
- The government wants to make eastern region the driver of India’s growth
- Over 1 crore houses will get 300 units of free power under new Solar power policy
- Women participation in higher education has risen to 28 per cent in the last 10 years
- Over Rs 22 lakh crore Mudra loans have been disbursed in the last 10 years
- Our GDP mantra is: Governance, Development and Performance
- Jan Dhan accounts have helped government save over Rs 2 lakh crore
- Making Triple Talaq illegal, reservation of one-third seats in Parliament has enhanced the dignity of women in India
- Rs 30 crore mudra Yojana given to women entrepreneurs.
- Skill India mission has trained over 1.4 crore youth to make them job ready
- The highest-ever medal tally in Asian Games reflects the high confidence level
- Direct transfers of Rs 34 lakh crore to the beneficiaries has led to big saving for the government
- In the last 10 years government has uplifted 25 crore people out of poverty
- Garaab, Yuva, Mahila and Annadata are our highest pripriority. Their kalyaan is desh ka Kalyaan
- The Indian economy has witnessed great transformation in the last 10 year
- The country is facing enormous challenges and government overcame those challenges with Sabka Saath Sabka Vishvaas
- The fruits of development reached to every strate.
- The people blessed the government with the stronger mandate in the second term
- The worries of the food has been eliminated through free ration
- MSP have increased periodically for the Annadata are our highest priority