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budget 2024
Finance Minister Nirmala Sitharaman has finally presented the Union Budget 2024-25 and now you might want to know what changes have been made in this time's Budget 2024-25. The budget, as you all know, serves as a financial statement of the government's revenue and expenditure for the upcoming year, and is an important indicator of the country's economic health and policy priorities.
This is the sixth Union Budget of Nirmala Sitharaman. The full budget will be presented by the new government that comes to power after the elections. Interim Budget – A short-term financial plan – Advance grants to meet the necessary expenditure of the government for the first four months of the new financial year require the approval of Parliament.
Here Are The Updates On Interim Budget 2024:
- Current Income Tax Slabs in India 2023-24: The current income tax slab structure under the new regime is as follows:
Slab Structure:
- 0%: No tax on income up to Rs 3 lakhs
- 5%: From Rs 3 lakhs to Rs 6 lakhs
- 10%: From Rs 6 lakhs to Rs 9 lakhs
- 15%: From Rs 9 lakhs to Rs 12 lakhs
- 20%: From Rs 12 lakhs to Rs 15 lakhs
- 30%: Above Rs 15 lakhs
Slab structure under the Old Tax Regime:
- 5%: From Rs 2.5 lakhs to Rs 5 lakhs
- 20%: From Rs 5 lakhs to Rs 10 lakhs
- 30%: Above Rs 10 lakhs
- Tax benefits for startups, investments made by sovereign wealth, pension funds will be extended till March 2025.
Budget Key Points
- FY24 fiscal deficit seen at 8% of GDP
- Total expenditure for FY24 revised to ₹ 44.90 lakh crore
- Total receipts other than borrowings in FY24 are ₹27.56 lakh crore
- FY24 tax receipts stand at ₹23.24 lakh crore
- FY25 fiscal deficit seen at 1%
- Target to reduce fiscal deficit below 5% by FY26
- FY25 gross market borrowings seen at ₹14.13 lakh crore
- The Finance Minister has proposed to maintain the same tax rates for direct and indirect taxes, including export duties.
- Union Budget 2024 Income Tax: No changes are proposed in income tax.
- Cabinet approved continuation of the Scheme of Rebate on State and Central Taxes and Levies (ROSCTL) for exports of apparel/garments till March 31, 2026.
- The Cabinet approved a subsidy of ₹18.50 per kg on sugar per month to the beneficiaries of Antyodaya Anna Yojana (AAY) till March 31, 2026.
- FY25 fiscal deficit is budgeted at 5.1% of GDP.
- Union Budget 2024 Income Tax: FY2025 tax receipts pegged at Rs 26.02 lakh crore.
- The expansion of existing airports will continue, the Finance Minister announced. He said that feasibility gap financing will be provided for harnessing offshore wind energy potential for an initial capacity of 1 GW.
- Nirmala Sitharaman announced 3 major railway corridors: Port Connectivity Corridor, Energy, Mineral and Cement Corridor and High Traffic Density Corridor.
- Capex outlay for next year increased by 11.1% to Rs 11.11 lakh crore.
- The fund will provide long-term financing with long tenures and low/zero interest rates. This will encourage private sectors to significantly increase research and innovation in sunrise sectors.
- Will encourage vaccination among girls aged 9-14 years to prevent cervical cancer.
- Female enrollment in higher education has increased by 28% in 10 years.
- Girls and women account for 43% of enrollment in STEM courses, one of the highest in the world.
- PM Mudra Yojana has sanctioned loans worth Rs 43 crore. Rs 22.5 lakh crore for the entrepreneurial aspirations of your youth.
- Skill India Mission has trained 1.4 crore youth, upgraded and re-skilled 54 lakh youth and established 3,000 new ITIs.
- The Finance Minister announced that after the successful adoption of Nano Urea, the application of Nano DAP will be expanded to all agro climatic zones.
- Finance Minister Nirmala Sitharaman said that the benefits of Ayushman Bharat will be given to all Asha and Anganwadi workers.
- Nirmala Sitharaman says 1 crore families will get 300 units of free electricity per month from rooftop solarization
- Finance Minister Nirmala Sitharaman highlighted the work being done for the farmers of the country and said that “welfare of 11.8 crore farmers is being provided under PM Kisan Yojana”.
- Sitharaman says economic management in last 10 years has promoted people-centric development
- All types of infrastructure are being constructed in record time.
- All parts of the country are becoming active participants in environmental development.
- DPI, a new factor of production in the 21st century, helps in formalizing the economy.
- The strengthening of the finance sector has made things more efficient.
- FM says GST has enabled one nation, one market, one tax
- FM says average income of people has increased by 50%
- Making triple talaq illegal, reservation for women in Lok Sabha and state assemblies and providing houses to women in rural areas under the housing scheme have enhanced their dignity: Finance Minister.
- 34 crore Mudra Yojana loans have been given to women entrepreneurs.
- Rs 2.7 lakh crore has been saved by the government from DBT of Rs 34 lakh crore by using PM Jan Dhan accounts.
- “Welfare of the poor, welfare of the nation”: The government has helped 25 crore people get out of multidimensional poverty in the last 10 years.
- Finance Minister Nirmala Sitharaman said the government is focusing on four key groups – the poor, women, youth and farmers.
- Finance Minister Nirmala Sitharaman said that the government is working to make India a 'developed India' by 2047.
- Finance Minister Nirmala Sitharaman has started presenting the Interim Budget 2024 in Parliament along with her budget speech.
- The interim budget prepared by the team of Finance Minister Nirmala Sitharaman has been approved by the Union Cabinet.
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