Highlights of The Indian Budget 2024
The Indian Budget 2024, presented by Finance Minister Nirmala Sitharaman, focuses on comprehensive economic development, infrastructure enhancement, and fiscal responsibility.
Here are the detailed highlights
Income Tax
No Changes in Tax Rates
There are no alterations in direct and indirect tax rates.
Tax Administration
Enhanced efficiency with reduced processing times for tax returns. Tax collections have more than doubled over the last decade.
Fiscal Prudence Fiscal Deficit Target
Set at 5.1% of GDP for FY25, aiming for a reduction to 4.5% by FY26.
Revenue and Expenditure
Realistic projections to maintain fiscal discipline without overly populist measures.
Infrastructure Development Massive Allocation
INR 11.1 lakh crore for infrastructure, the highest allocation to date, constituting 3.4% of GDP.
Railway Upgrades
Conversion of 40,000 rail bogies to Vande Bharat coaches and development of three major railway corridors.
Urban Housing
INR 10 lakh crore allocated to transform urban landscapes and improve living standards.
Rural Infrastructure
INR 2.7 lakh crore dedicated to modernizing villages and enhancing connectivity.
Women Empowerment
Lakhpati Didi Scheme
Aims to economically empower 3 crore rural women by increasing financial injections per household.
Sectoral Allocations Education and Skilling
Increased focus on job creation and equipping the workforce to meet future demands, benefiting MSMEs and new manufacturing units.
Healthcare
Strengthening of public health infrastructure and increased funding for health services (mint).
Agriculture
Enhanced support for farmers through improved irrigation facilities and subsidies.
Climate and Sustainability
Investments in renewable energy and sustainability projects to address climate change (PwC).
Key Initiatives
Startup Ecosystem
Encouraging growth and innovation through supportive policies and funding.
Development of temple corridors and historical sites to promote tourism.
Industrial Development
Establishment of new industrial parks and zones, with a focus on urban-industry synergy (PwC).
Other Notable Points
E-commerce Export Hubs
Establishment to boost MSME exports and achieve the USD 1 trillion export target by 2030 (PwC).
Transport-Oriented Development
Plans for 14 cities to leverage transport infrastructure for economic development. Overall, the budget emphasizes balanced economic growth, infrastructure development, and inclusive progress, setting a roadmap for achieving the long-term vision of Viksit Bharat 2047.
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