Interim Budget 2024 Highlights: Key Takeaways

Interim Budget 2024: Empowering India’s Tomorrow 

Discover the brilliance of Finance Minister Nirmala Sitharaman's sixth Budget, unveiled on February 1 as a prelude to the upcoming general elections. Focused on youth and women empowerment, this interim budget prioritizes fiscal consolidation while maintaining capital expenditure.
A daring move sees the fiscal deficit target for FY25 slashed to 5.1% of the GDP, showcasing a commitment to financial prudence. Notably, there are no changes to direct or indirect tax rates, ensuring stability for businesses and individuals.
Sitharaman's budget crafts an economic narrative of empowerment, setting the stage for a vibrant and inclusive India. Brace yourself for a journey into a future where progress, resilience, and empowerment take center stage.

#BudgetEmpowers #SitharamanMagic #EmpoweringIndia

1. "5 'Disha Nirdeshak' Baatein"
     FM Sitharaman emphasizes effective governance through social justice.
     Focus on the poor, youth, women, farmers, infrastructure, and technology.
     High-power committee to address challenges from demographic shifts.
 
2.  "India's Economic Growth"
      India achieves three consecutive years of 7% GDP growth.
      Recognized as the fastest-growing economy in the G20.
 
3.  "Continuation of Government Capex"
     FM stresses the importance of sustaining government capital expenditure.
 
4.   "IMEC Project Amid Disturbances"
      Despite challenges in the Red Sea, India, Middle East, European Corridor (IMEC) project to move forward.
 
5.   "Withdrawal of Small Tax Demands"
      1.1 crore outstanding small direct tax demands withdrawn, costing less than Rs 3,500 crore.
 
6.   "Tax Rate Extension Clarification"
   - Lower tax rate extension not applicable to new manufacturing units post-March 2024.
 
7.   "No Fixed Disinvestment Target"
      No fixed disinvestment target for FY25, says DIPAM Secretary Tuhin Kanta Pandey.
 
8.   "Reevaluation of Debt-to-GDP Ratio"
      Finance Secretary TV Somanathan questions the relevance of reducing the Centre’s debt-to-GDP ratio to 40%.
 
9.   "Youth-Centric Budget"
      PM Modi dedicates the budget to the youth of the country during a virtual address.
 
10.  "Reduction in UGC Allocation"
     UGC allocation slashed by 61%, affecting higher education budget by Rs 9,600 crore.
     Higher education likely to become costlier, leading to increased reliance on loans.
 
11.   "Focus on Solar Electricity"
      Sitharaman emphasizes savings up to Rs 15,000-18,000 annually for households through free solar electricity.
     Increased subsidy for rooftop solar installation to 60%.
 
12.   "Cut in Aid to the Maldives"
      India reduces aid to the Maldives by 22%, allocating Rs 600 crore for developmental assistance.
 
13. "Gross Borrowing for FY25"
    Gross borrowing estimated at Rs 14.13 trillion for FY25, a reduction from FY24.
 
14.  "Government Support for EV Sector"
      Government's support to EV sector praised for helping achieve 30% EV penetration by 2030.
 
15.  "Interest-Free Loans for Innovation"
     Interest-free loans for up to 50 years introduced to support the innovation of the younger generation.
 
16.  "Hike in Windfall Tax on Petroleum Crude" 
    Windfall tax on petroleum crude increased to Rs 3,200 per tonne, effective from February 3.
 
17. "National Highways Development"
     Government targets to build 13,000 kilometers of national highways by March 2024.


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