While the Interim Budget 2024 lacked major announcements, here are a few noteworthy highlights:
📌 The budget started on a positive note, highlighting the government’s measures. over the last 10 years to develop various sectors of the economy;
📌 FM emphasised govt’s priority to support the rural economy & empower 4 segments of India’s population: the poor, women, youth & farmers;
📌 Policy priority is to provide training for MSMEs to compete globally;
📌 Govt. will encourage cervical cancer vaccination for girls in the age group of 9-14 years;
📌 Govt to bring maternal, child care health schemes under one comprehensive scheme;
📌 Govt. will help housing for the middle class, living in rented or slums or unauthorised colonies to build or buy their own houses; 2 Cr more houses will be built under PM AAWAS YOJNA in the next 5 years;
📌 Govt. to double the exports to ₹1L Cr leading to generation of 5 lakh new jobs;
📌 The CAPEX target of FY25 has been set at ₹11.1L Cr, up by 11.1%. Though as per CRISIL, this higher capex is lower than what has been the run rate in the previous years which implies that the private sector will have to step in if the growth momentum has to be maintained;
📌 A corpus of Rs 1L Cr will be made available with 50-year interest-free loans to provide long-term financing at low/NIL interest rates for the private sector to scale up R&D;
📌 Govt. will expand & strengthen the EV ecosystem by supporting manufacturing & charging infrastructure;
📌 To promote green growth, a new scheme of biomanufacturing will be launched;
📌 Key rail infrastructure, incl. Metro Rail & Namo Bharat will be expanded to more cities. Around 40,000 normal rail bogies will be converted to coaches of Vande Bharat standards;
📌Tourism projects will be taken up at islands like Lakshadweep;
📌 The FY24 fiscal deficit has been revised down to 5.8% of GDP, with the FY25 fiscal deficit target set at 5.1% of GDP. Aim to reduce the fiscal deficit below 4.5% by FY 26;
📌 FY25 Gross market borrowing pegged at ₹14.13L Cr , net borrowing at ₹11.75L Cr & this is lower than that of FY24;
📌 For FY 24-25, the tax receipts are estimated at ₹ 26.02L Cr;
📌 The tax base of GST has doubled. Average GST monthly collection has almost doubled to ₹1.66L Cr;
📌 No changes in taxation, direct/indirect taxes or customs duties;
📌 Govt proposes to withdraw outstanding tax demands of up to ₹25,000 pertaining to periods up to FY 09-10 & up to Rs 10,000 for FY10-11 & FY14-15. This will benefit around 1 Cr taxpayers;
Women
📌 Aim to increase Lakhpati Didis to 3 crore from 2 crore
📌 Ayushman Bharat to cover all ASHA, Anganwadi workers
📌 Maternal, child care schemes to come under one plan
Salaried Class
📌 Pre-FY10 disputed tax demands of up to Rs 25,000 were withdrawn
📌 Expansion of existing airports to continue
📌 No change in direct, or indirect taxation
Common Man
📌 2 crore houses to be built in the next five years
📌 Scheme for middle-class housing coming soon
📌 To expand Metro Rail, Namo Bharat to more cities
📌 40,000 rail bogies to be converted to Vande Bharat standard
📌 Rooftop solar scheme to help one crore people get free electricity
(source: SmartMantra)
