Budget 2024 Updates: On Thursday, February 1, one day after the Budget Session began, Finance Minister Nirmala Sitharaman gave her budget address and introduced the Interim Budget 2024–25 before Parliament.
PM Modi praised the interim budget, stating that capital expenditure investments reached a record high of ₹11,11,111 crore. Referring to India’s capital expenditure and infrastructure investment position as being in a “sweet spot,” Prime Minister Modi highlighted the generation of numerous job possibilities for youth in the upcoming years.
The youthful ambitions of a young India are reflected in this budget. Two significant choices were made in relation to the budget. A one lakh crore rupee fund for research and innovation has been launched, PM Modi remarked.
Interim Budget 2024: Compilation and Presentation of Budget Document in Lok Sabha
Important Budget 2024 Updates
- The expected gross borrowing for FY25 is ₹14.13 trillion, which is less than that of FY24.
- To make India self-sufficient, research steered the growth and development of local oilseeds including sesame, mustard, and groundnut. At the moment, India spends more than ₹1.5 trillion a year importing over 60% of its cooking oil.
- FM Nirmala Sitharaman increased infrastructure spending for FY 25 by 11%, from ₹10,000,000 crore to ₹11,11,111 crore.
- FM has set a challenging goal for budgetary restructuring. Against the projected 5.3% fiscal deficit, she has declared a 5.1% objective for FY25. Better revenue mobilisation in FY24 compared to the aim of 5.9% has allowed for the achievement of the fiscal deficit target of 5.8%.
- FM offers persons residing in rental homes, slums, and unapproved colonies an opportunity to own or construct their own home as part of a middle-class housing initiative.
- More medical schools will be established utilising the current infrastructure. All Anganwadi workers and assistants would be eligible for healthcare coverage under the Ayushman Bharat initiative.
- A greater effort will be made to increase farmers’ revenue. In an effort to decrease subsidies and imports of fertiliser, the government would promote the quicker adoption of nano DAP. Government will encourage private funding for post-harvest endeavours
The removal of unresolved tax requests was announced by Finance Minister Sitharaman. One crore taxpayers stand to gain from the action.
The FM decided to maintain the current tax rates, including import duty, in the interim Budget 2024, which disappointed the taxpayers. Nonetheless, some tax exemptions for specific IFSC units and startup-related perks that expire in March will be extended until March 2025.
FAQs regarding the 2024 interim budget
Where can I view the speech of FM Nirmala Sitharaman?
The budget address by Finance Minister Nirmala Sitharaman will be broadcast live on Doordarshan and Sansad TV, the official channels of Parliament.
Where is the Budget 2024 paper to be read?
The Union Budget Mobile App provides access to the interim Budget 2024 in a “paperless form”. You may download the bilingual app for Android or iOS devices, or through the Union Budget Web Portal (www.indiabudget.gov.in), in both Hindi and English. As required by the Constitution, this Government of India app will include all necessary budget papers, such as the Annual Financial Statement, the Demand for Grants, and the Finance Bill. After the Budget Speech, the budget materials will be instantly accessible on the mobile app.
Which significant tax measures did FM Sitharaman propose in the 2024 budget?
Nirmala Sitharaman, the minister of finance, made no significant pronouncements regarding income taxes. There was no modification made to the tax rates. The deadline for targeting special tax incentives to startups and exemptions to particular IFSC units has been extended by the government until March 2025.
What are the FY 2024–2025 fiscal deficit announcements?
The FM set the FY 25 budget deficit target at 5.1%, compared to the expected 5.3% level.
What significant announcements have the railways industry made?
Three significant economic railway corridor programmes under PM Gati Shakti were introduced by FM Sitharaman in the interim budget: port connection corridors, high traffic density corridors, and energy, mineral, and cement corridors.
