Key Highlight From Budget 2024 By Finance Minister Nirmala Sitharaman

Budget 2024
Budget 2024

Today, the Finance Minister, Nirmala Sitharaman, presented the Union Budget for the fiscal year 2024-25 in Parliament. The budget aimed to focus on fiscal consolidation, infrastructure, agriculture, green growth, and railways. However, salaried individuals were left disappointed as no changes were made in the tax rates.

Key Highlights of Budget 2024:

  • In the next five years, two crore houses will be constructed in rural areas.
  • Three hundred units of electricity will be free if solar is installed on the house's terrace.
  • A committee will be set up to set up additional medical colleges nationwide.
  • A vaccination program to prevent cervical cancer will be introduced.
  • A new app will be introduced to address nutritional deficiencies.
  • An allocation of Rs 1 lakh crore will be made to promote research and innovation projects.
  • Ayushman Bharat scheme to be extended to Anganwadi and ASHA workers.
  • A new scheme will be implemented to increase milk production.
  • Battery charging centres for electric vehicles will be increased across the country.
  • An allocation of Rs 1 lakh crore will promote industrial research and innovation projects.
  • Forty thousand ordinary coaches will be upgraded to Vande Bharat coaches.
  • Priority for expansion of metro rail service in metros.
  • Several airports will be doubled.
  • Rs 1 lakh crore fund will be set up to provide interest-free loans to start-ups.
  • Introduce a housing scheme for the middle class.
  • The 3 Freight Economic Railway Line is to be constructed soon.
  • Steps will be taken to strengthen tourism infrastructure in Lakshadweep.
  • As per the revised estimate, government expenditure in 2023-24 is Rs 44.90 lakh crore. The revised tax revenue estimate is Rs. 27.56 lakh crore. Fiscal deficit - 5.8%.
  • The fiscal deficit is estimated to be 5.1% of GDP in 2024-25. Steps will be taken to reduce the deficit to 4.5% of GDP by 2025-26.
  • Unfortunately, there is no change in income tax rates.
  • There is no change in the levy of direct and indirect tax and import duty.
  • The existing procedure for income taxpayers will continue, and additional income tax paid will be refunded within ten days.
  • Old tax cases up to Rs.25,000 will be quashed. This will benefit one crore people.
  • A total of 1.3 lakh crore will be disbursed this year through the 50-year interest-free loan assistance scheme to states.
  • A committee of top officials will be set up to examine the challenges posed by the rapidly rising population.
  • The average monthly GST collection is Rs 1.66 lakh crore.
  • Plan to borrow Rs 11.75 lakh crore.
  • Corporate tax cut to 22%.
  • The number of income taxpayers is more than eight crores. Due to this, the country's direct tax revenue has increased to an unprecedented level.
  • Foreign direct investment in India increased to $596 billion.
  • Over 500 billion dollars of foreign investment has flowed into India in 10 years.
  • Increase in expenditure on infrastructure to Rs 11.11 lakh crore.
  • Various programs will be introduced for spiritual tourism. The plan is to increase employment opportunities.
  • Three crore women millionaires targeted three crore women millionaires will be made through women self-help groups.
  • Seafood exports have doubled in the last ten years. Five aquarium parks will be set up.
  • The government is ready to invest more in the agriculture sector. Four crore farmers have benefited through Pradhan Mantri Insurance.

When we look into the Tourist section FY2024:

  • Airlines in the country are going to buy 1000 new planes.
  • Plan to start low-cost airline service on 517 new routes under the Udaan project.
  • Steps will be taken to make Lakshadweep a major tourist destination.
  • An interest-free loan scheme will be implemented to promote tourism.
  • Various schemes will be introduced for spiritual tourism.

Union Finance Minister Nirmala Sitharaman, who presented the interim budget, finished reading the budget in 57 minutes.

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