As the elections are around the corner, the Interim Budget for 2024 has been presented in the Parliament by the Finance Minister of India, Nirmala Sitharaman. The budget talkies about the country’s immediate money matters and showcases the current state of the economy. It also presents the expenses and receipts of the government until the elections are over and the new government sets up a full budget.
Every year people await the budget day as this budget is what determines how the government will spend money and make rules to help the working class and businesses. Though the Interim Budget 2024 is a temporary one, it is certainly a chance to plan for the future of the nation to make sure everyone benefits and the country’s economy grows stronger. The theme for this year’s budget was “Viksit Bharat Budget 2024”. Let’s move ahead and learn more about the Interim Budget 2024 highlights so that you can understand how the government is going to use the taxpayers’ money to make things better.
Interim Budget 2024 Highlights
Let’s talk about the key points of the Interim Budget 2024 and understand how it affects agriculture, infrastructure, direct tax, etc.
Overview Of Interim Budget 2024: Direct Tax Revisions
In the fiscal year 2024-25, the Finance Minister has declared the continuity of existing tax rates for direct taxes and has ensured stability for taxpayers. Notably, individuals with an annual income up to ₹7 lakh will remain exempt from tax liabilities under the revised tax structure. For corporate companies, the tax rate remains consistent at 22% for existing domestic companies, while certain new manufacturing companies will continue to benefit from a reduced rate of 15%. Also, tax exemptions for specific IFSC units, originally set to expire on March 31, 2024, have been extended until March 31, 2025.
Analysis Of Interim Budget 2024: Goods and Services Tax (GST)
The Finance Minister of the country during the budget session revealed a doubling of the average monthly gross GST collection to ₹1.66 lakh crore in FY24. This certainly signifies the strength of the GST regime. Moreover, there has been a commendable increase in the tax buoyancy of state revenue from 0.72 in the pre-GST era (2012-16) to 1.22 in the post-GST period (2017-23). Not to forget that the existing customs rates including import duties, will remain unchanged for the fiscal year 2024-25.
Key Points Of Interim Budget 2024: Paving the Path for Viksit Bharat 2047
With the vision of Viksit Bharat 2047, this year’s budget takes a holistic approach centred on the pillars of ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth), and ‘Annadata’ (Farmers). In line with this people-centric agenda, the Finance Minister unveiled a comprehensive roadmap to nurture inclusive and sustainable development, whether it is for infrastructure development, Digital Public Infrastructure (DPI), empowering the youth, welfare of farmers and Nari Shakti.
Interim Budget 2024 Highlights: Healthcare and Agriculture
Healthcare
In the Interim Budget 2024, the government is promoting cervical cancer vaccination for girls aged 9-14. The Saksham Anganwadi and Poshan 2.0 scheme aims to upgrade Anganwadi centres for better nutrition and early childhood care. A U-WIN platform will facilitate immunisation under Mission Indradhanush. Ayushman Bharat coverage will be extended to ASHA and Anganwadi workers.
Agriculture
In the agriculture sector, the government plans to boost investment in post-harvest activities. A strategy for Atmanirbhar Oilseeds Abhiyan is also in the works. A program for dairy development is set to be devised. The Pradhan Mantri Matsya Sampada Yojana will be intensified to increase aquaculture productivity, double exports, and create more jobs.
Proposed Allocations for Significant Schemes Under the Interim Budget 2024
So, these were the Interim Budget 2024 highlights you should be aware of. The budget reflects a balanced approach and addresses all significant key sectors. With substantial allocations to schemes like employment, healthcare, and renewable energy, it aims to help India grow exponentially in the upcoming year.
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