Highlights from India's 2024 Interim Budget

Highlights from India's 2024 Interim Budget

Economy

CA VINEET KUMAR

CA VINEET KUMAR

18 week ago — 4 min read

Finance Minister Nirmala Sitharaman recently unveiled the Interim Budget for 2024-25. Since 2024 is an election year, with Lok Sabha Elections expected in April-May, after the formation of the new government, a new full Budget is expected in July this year.

The budget outlines key initiatives and allocations aimed at bolstering various sectors of the Indian economy. Amidst a backdrop of both global and domestic challenges, the budget addresses critical areas such as taxation, infrastructure, social welfare, and economic reform. Notable among these measures are provisions to support startups, enhance research and development in the private sector, promote renewable energy, and uplift marginalized communities. As the nation charts its path towards economic growth and inclusivity, the budget reflects a strategic vision to propel India towards becoming a developed nation by 2047. Here, we delve into the top 75 highlights of the budget, each contributing to the overarching goal of fostering sustainable development and prosperity for all citizens.

 

Here are some of the key announcements made in the Interim Budget

 

Taxation and Finance:

  • No changes in income tax slabs or rates for companies, LLPs, or individuals.
  • Extending tax exemptions to startups and sovereign wealth funds until March 2025.
  • Withdrawing direct tax demands up to ₹25,000 for the period up to 2009-10 and ₹10,000 for the period up to 2014-15, benefiting 1 crore taxpayers.

Infrastructure and Development:

  • Converting 40,000 normal railway bogies to Vande Bharat standards.
  • Allocating a ₹1-lakh crore corpus with 50-year interest-free financing to encourage private sector R&D.
  • Rooftop solarization initiative to provide free electricity to 1 crore households.

Social Welfare and Empowerment:

  • Providing free rations to 80 crore people to alleviate food worries.
  • Lifting 25 crore Indians out of multidimensional poverty over the past decade.
  • Implementing schemes for the empowerment of marginalized groups, including artisans, farmers, and women entrepreneurs.

Education and Skill Development:

  • Launching various educational reforms, including the National Education Policy 2020 and skill development initiatives.
  • Establishing numerous institutions of higher learning across the country.
  • Training 1.4 crore youth under the Skill India Mission.

Economic Growth and Trade:

  • Strengthening economic ties through initiatives like the India Middle East Europe Economic Corridor.
  • Promoting private and public investment in post-harvest activities and agricultural infrastructure.
  • Expanding schemes like the Electronic National Agricultural Market to boost agricultural productivity and trade.

 

Other Key Highlights:

  • Retaining tax rates for direct and indirect taxes, including import duties.
  • Committing to lay a white paper in the House on the mismanagement of the economy before 2014.


As India charts its path towards economic growth and development, these budgetary measures aim to address various challenges while fostering inclusive growth and prosperity for all citizens.

 

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