In holding with the custom of the interim budget, the federal government stored the tax charges untouched for now. However, Sitharaman expressed confidence that the Modi authorities will unveil an in depth roadmap for a “viksit bharat” throughout the full Budget which will probably be introduced in July after the Lok Sabha polls.
Budget 2024: FM Nirmala Sitharaman’s full interim budget speech
Here are the 10 major takeaways of Interim Budget 2024:
No change in tax charges
In no notable announcement for the salaried class, finance minister Sitharaman on Thursday stored the tax slabs unchanged. This implies that the present system of previous and new regimes will proceed for now.
“As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” Sitharaman mentioned.
However, the finance minister mentioned that the federal government plans to deal with long-standing direct tax points by withdrawing excellent calls for as much as Rs 25,000 for years as much as 2009-10 and Rs 10,000 for 2010-2015, benefiting as many as 1 crore taxpayers.
Vande Bharat-like bogies
Sitharaman mentioned that as many as 40,000 regular railway bogies will probably be transformed to Vande Bharat commonplace to reinforce security, comfort and luxury of passengers.
She additionally mentioned that the Centre will implement three major financial railway hall programmes: vitality, mineral and cement corridors, port connectivity corridors, and excessive visitors density corridors.
“The resultant decongestion of the high-traffic corridors will also help in improving operations of passenger trains, resulting in safety and higher travel speed for passengers,” she mentioned.
Focus on ladies
Sitharaman introduced a number of measures specializing in ladies empowerment in her pre-election budget speech.
She spoke in regards to the unimaginable success of Centre’s Lakhpati Didi scheme – which goals to coach ladies in self-help teams (SHGs) in order that they will earn a sustainable earnings of at the very least Rs 1 lakh every year.
She mentioned that buoyed by the success, it has been determined to reinforce the beneficiary goal for Lakhpati Didi from 2 crore to three crore.
Furthermore, she mentioned that healthcare cowl underneath Ayushman Bharat scheme will probably be prolonged to all ASHA staff, Anganwadi staff and helpers.
The finance minister mentioned tha tthe authorities may also fast-track upgradation of anganwadi centres underneath (*10*) for improved vitamin supply, early childhood care and growth.
Infra enhance
Sitharaman mentioned that allocation for large infrastructure initiatives to be taken up in 2024-25 has been raised to Rs 11.1 lakh crore, which is an 11.1 per cent enhance over the earlier yr. “This would be 3.4 per cent of the GDP,” she mentioned.
She mentioned that the “massive tripling” of the capital expenditure outlay prior to now 4 years has resulted in a multiplier affect on financial development and employment creation.
Wooing center class
Wooing the center class forward of LS polls, Sitharaman introduced a scheme to assist these residing in rented lodging or slums to amass a home.
“Our government will launch a scheme to help deserving sections of the middle class ‘living in rented houses, or slums, or chawls and unauthorized colonies’ to buy or build their own houses,” Sitharaman mentioned.
Furthermore, she additionally introduced constructing of two crore extra homes for the agricultural poor within the subsequent 5 years underneath the persevering with PM Awas Yojana (Grameen).
Defence outlay
The authorities has additionally elevated the defence budget this yr by Rs 6.2 lakh crore, which is able to represent round 8% of the entire expenditure.
Separately, Sitharaman mentioned {that a} new scheme will probably be launched to strengthen deep tech for the defence sector.
FDI – First Develop India
In a bid to advertise investments, Sitharaman mentioned that the federal government is negotiating bilateral funding treaties with India’s overseas companions within the spirit of FDI, or “First Develop India”.
She additionally famous that the FDI influx throughout 2014-23 was $596 billion, practically twice the influx in comparison with 2005-14.
Promoting analysis & innovation
A corpus of Rs 1 lakh crore will probably be established with 50-year curiosity free loans to encourage the personal sector to scale up analysis and innovation in dawn domains.
“This will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology,” Sitharaman mentioned.
Tax advantages for startups
The authorities additionally prolonged sure tax advantages for startups and investments made by sovereign wealth/pension funds in addition to tax exemption on sure earnings of some IFSC models by one other yr.
Lakshadweep tourism push
In her Budget speech, the finance minister additionally spoke in regards to the rising curiosity amongst travellers for home island locations like Lakshadweep.
She mentioned that to deal with the “emerging fervour for domestic tourism”, the Centre is planning to launch initiatives for port connectivity, tourism infrastructure and facilities in island teams, together with Lakshadweep.
