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Published: February 1, 2024
Updated: February 1, 2024

Comprehensive Overview of Budget 2024: Interim Budget a nothingburger ; no major announcements on tax rate changes or schemes - A GYAN Centric Budget

Decisive Steps for a Transformed Future

In a historic move, Finance Minister Nirmala Sitharaman presented the Interim Budget 2024-25, unveiling a slew of groundbreaking initiatives to propel India's growth. Prime Minister Modi lauded the budget, emphasizing the record-high investment of ₹11,11,111 crore for capital expenditure.

Youth-Centric Vision

The budget echoes the aspirations of a young India, with a dedicated fund of ₹1 Lakh Crore for research and innovation. PM Modi highlighted the significant focus on creating job opportunities for the youth in the years to come.

Key Announcements

Fiscal Resilience:

The FY25 gross borrowing is estimated at ₹14.13 trillion, showcasing a reduction from the FY24 levels.

Infrastructure Boost:

An 11% increase in the infrastructure outlay for FY25, reaching ₹11,11,111 crore, aims at fostering economic development.

Fiscal Prudence:

FM Sitharaman announced an aggressive fiscal consolidation target, setting the FY25 fiscal deficit at 5.1%, surpassing expectations.

Housing for Middle Class:

A scheme is introduced to enable those in rented houses, slums, and unauthorized colonies to buy or build their own homes.

Healthcare Initiatives:

More medical colleges will be established, and the Ayushman Bharat scheme's coverage will extend to all Anganwadi workers.

Agricultural Focus:

Efforts to boost farmers' income include encouraging nano DAP adoption and promoting private investment in post-harvest activities.

Tax Relief:

The withdrawal of outstanding disputed tax demands is set to benefit 1 crore taxpayers. However, tax rates remain unchanged.

Extended Benefits:

Certain benefits to startups and tax exemptions for specific IFSC units will be extended to March 2025.

FM Sitharaman's Approach

While keeping tax rates unchanged, FM Sitharaman focuses on holistic development, encompassing sectors from healthcare to agriculture, marking a strategic fiscal policy.

The Interim Budget 2024 though without any major announcements, emerges as a game-changer, steering India towards prosperity. With a youth-centric approach, fiscal resilience, and strategic initiatives, the nation is poised for transformative growth and development.