Finance Minister Nirmala Sitaraman has announced the Interim budget 2024 today i.g. February 1, 2024 in the lok sabha. She has presented an interim Budget for the new fiscal year FY25. The full Budget for the stated fiscal will be proposed in July as the finance minister said. As Lok Sabha elections are likely to be held around April-May.
At 11am Nirmala Sitharaman started her budget speech. "We are working with the aim of making India a developed nation by 2047" she said.
"The needs and aspirations of the poor, women, youth and farmers are our top priorities." FM Nirmala Sitharaman said.
Other important key points of the speech of finance minister Nirmala Sitharaman:
(Source: NDTV profit)
1. 1.4 crore youth got training under Skill India Mission.
2. 3000 new ITIs, 7 new IITs, 15 new AIIMS and 390 new universities established in the country.
3. 25 crore people came out of poverty in 10 years.
4. ₹30 crore given as loan under Mudra scheme to women entrepreneurs.
5. One Nation, One Market, One Tax' possible due to GST.
6. 'India-Middle East Europe Economic Corridor' will be the backbone of global trade for hundreds of years.
7.The government has tried to increase the income of farmers by increasing the minimum support price on crops.
8. We are close to allocating 3 crore houses under the PM Housing Scheme (Rural).
9.Government will bring a scheme to provide housing to middle class people.
10.To increase safety and convenience 40,000 railway coaches will be made at the level of Vande Bharat trains. 11. 3 New economic rail corridor will be constructed.
12. 1 crore solar panel consumers will get free electricity.
13. States will get loan of ₹75,000 crore for 'Developed India'.
14. Fiscal deficit may be 5.8% of GDP in 2023-24.
15. Direct tax collection increased 3 times in 10 years.
16. There will be no change in direct and indirect tax rates for the financial year 2024-25.
17. Current tax benefits and concessions extended till March 31, 2025.
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What is Interim Budget 2024
An interim budget is a temporary financial statement presented by the government of a country when it is unable to present a full-fledged budget due to various reasons like upcoming elections, political uncertainties, or transition periods between governments. It typically covers the government's expenses and revenues for a short period until a regular budget can be presented and approved.
So, in the case of Interim Budget 2024-25, it is a vote-on-account that will give the government authority to spend certain sums of money till a new government comes to office after the April-May general elections. As sated FM Nirmala Sitharaman few days ago.
The Interim Budget 2024 made no changes in the taxation structure, which can be seen as a relief to taxpayers. The budget focused on key infrastructure segments including railways, metros, power, and capital goods. It also proposed a scheme that will allow people to buy or build their own homes. The budget announced building 2 crore more houses for the rural poor in the next five years under the PM Awas Yojana. The country's capital spending for 2024-25 has been raised 11 per cent to ₹11.11 lakh crore, or 3.4 per cent of GDP.