INDIA BUDGET 2024

Finance minister Nirmala Sitharaman delivers Interim budget for 2024 focusing on key areas: –

• Defence outlay is set to be 3.4% of GDP.
• The budget session has eight sittings, with President Draupadi Murmu highlighting India’s achievements.
• Prime minister Narendra Modi emphasizes “Nari Shakti” as the central theme.
• FM Sitharaman outlines four key groups for policy orientation: women, youth, farmers and the poor.
• Tax rates remain unchanged for direct and indirect taxes, including import duties.
• Emphasis on promoting tourism in India with plans for comprehensive development of iconic tourist centres.
• Capex’s outlay for the next year increased by 11.1% to rupees 11.11 trillion.
• The fiscal deficit is expected to be 5.1% in the current year.
• Detailed road map for vikasit Bharat to be presented in July.
• Policy priority for MSMEs to enhance global competitiveness.
• 300 units of free electricity monthly for 10 million households through roof-top enhanced.
• Ten million women are already beneficiaries, scheme’s target is to be enhanced.
• Conversion of 40,000 rail bogies to Vande Bharat for enhanced safety and convenience.
• Vision for the India-middle-East-Europe trade corridor as game changer.
• Ayushman Bharat covers extended to all ASHA and Anganwadi workers.
• Scheme to assist middle-class sections in rented houses to buy or build their own houses.
• Significant focus on skill India mission, with 14 million youth trained and new educational institutional established.
• The government’s commitment to make the eastern region of a powerful driver of India’s growth.
• Crop insurance extended to 40 million farmers under the PM Fasal Bima Yojana.
• Empowering women through increased enrolment in STEM and various initiatives.
• Outlook for next 5 years unprecedented development and a new World order emerging post-covid-19.
• Government’s focus on comprehensive GDP- Governance, Development and Performance.
• Support for start-up India, startup credit guarantee schemes, and 30 crore mudra Yojna loans for women entrepreneurs.
• The direct benefit transfer scheme results in rupees 34 trillion distribution, saving rupees 2.7 trillion for the government.
• The government assisted 250 million people in escaping multi-dimensional poverty in the last decade.
• Commitment to make India at developed nation (vikasit Bharat) by 2047.
• Focus on addressing systematic inequalities and improving outcomes for Garib, Mahila, Yuva and Anndata.
• Positive transformation in the Indian economy witnessed in the last 10 years.
• The finance minister expresses hope for a resounding mandate in the upcoming elections.