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PremiumBudget 2024 Updates: Finance Minister Nirmala Sitharaman delivered her Budget speech, presenting the Interim Budget 2024-25 at Parliament on Thursday, February 1, a day after the commencement of the Budget Session.
Applauding the interim budget, PM Modi said investment for capital expenditure was taken to a historic high of ₹11,11,111 crore. Calling India's capex and infra spending situation to be on a ‘sweet spot’, PM Modi underlined the creation of enumerable job opportunities for youngsters in the coming years.
"This budget has a reflection of the young aspirations of a young India. Two important decisions were made within the Budget. For research and innovation, a fund of ₹1 Lakh Crore has been announced," said PM Modi.
Key Budget 2024-25 major announcements:
-FY25 gross borrowing is estimated at ₹14.13 trillion, achieving a reduction from that of FY24
- Research led the growth and development of indigenous oilseeds like mustard, groundnut and sesame to make India self-sufficient. Currently, India imports about 60% of its cooking oil spending over ₹1.5 trillion in a year.
-FM Nirmala Sitharaman has raised outlay for infrastructure by 11% for FY 25 to ₹11,11,111 crore from ₹10,00,000 crore.
-FM has adopted an aggressive fiscal consolidation target. She has announced an FY25 fiscal deficit target of 5.1% as against the expectation of 5.3% levels. In FY24 the fiscal deficit target of 5.8% has been achieved thanks to better revenue mobilization as against the target of 5.9%.
-FM announces a scheme for housing for the middle class to those living in rented houses, slums, and unauthorised colonies to buy or build their own house.
-More medical colleges to be set up using existing infrastructure. Healthcare cover under Ayushman Bharat scheme to be extended to all Anganwadi workers, helpers
-Efforts to boost farmers' income will be stepped up. To reduce fertiliser imports and subsidies, the government will encourage faster adoption of nano DAP. Government to promote private investment in post-harvest activities
- The Finance Minister Sitharaman announced the withdrawal of outstanding disputed tax demands. The move is set to benefit 1 crore taxpayers.
- In a disappointment for the taxpayers, the FM chose to keep the tax rates unchanged in the interim Budget 2024, including import duty. However, certain benefits to start-ups and tax exemptions to certain IFSC units expiring in March will be extended to March 2025.
Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, Corporate Reactions, and Funny Memes.
FAQs on the Interim Budget 2024:
Where to watch FM Nirmala Sitharaman’s speech?
Finance Minister Nirmala Sitharaman's Budget speech will be telecasted live on the official channel of Parliament Sansad TV and Doordarshan.
Where to read the Budget 2024 document?
The interim Budget 2024 can be accessed in a "paperless form" through the Union Budget Mobile App. The bilingual app, available in English and Hindi, can be downloaded on Android, iOS, or from the Union Budget Web Portal (www.indiabudget.gov.in). This Government of India app will provide all essential Budget documents, including the Annual Financial Statement, Demand for Grants, and the Finance Bill as mandated by the Constitution. Budget documents will be promptly available on the Mobile App following the conclusion of the Budget Speech.
What are the major tax reforms introduced by FM Sitharaman in Budget 2024?
Finance Minister Nirmala Sitharaman didn't announce any major income tax announcements. The tax rates were kept unchanged. The government has extended the deadline fortarget certain tax benefits to startups and exemptions to specific IFSC units to March 2025.
What is the fiscal deficit announcements for FY 2024-2025?
The fiscal deficit target for FY 25, was fixed by the FM as 5.1% as against the expectation of 5.3% levels.
What are the major announcement for the Railways sector?
In the interim budget, FM Sitharaman announced three major economic railway corridor programmes under are PM Gati Shakti: energy, mineral and cement corridors; port connectivity corridors, and high traffic density corridors.
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