Interim Budget Highlights 2024
20 Major Highlights: – Interim Budget Highlights 2024
- Income Tax Stability: No changes in income tax slabs or rates for individuals, companies, LLPs, or others.
- Startup Boost: Extension of tax sops for sovereign wealth funds and startups until March 2025.
- Taxpayer Relief: Withdrawal of direct tax(Income tax) demands for periods up to ₹25,000 (up to 2009-10) and ₹10,000 (up to 2014-15), benefiting 1 crore people.
- Railway Upgrade: Conversion of 40,000 normal railway bogies to Vande Bharat standards.
- R&D Push: ₹1 lakh crore corpus with 50-year interest-free financing for private sector R&D.
- Solar Revolution: Rooftop solarisation to provide 1 crore households with up to 300 units of free electricity monthly.
- Economic Empowerment: Special focus on Garib, Mahila, Annadata, and Yuva; aiming to make India a developed nation by 2047.
- Food Security: Free rations for 80 crore people, pulling 25 crore Indians out of multidimensional poverty in the last decade.
- Empowering Farmers: Increased minimum support prices for farmers, direct financial assistance to 11.8 crore farmers, and electronic agri Mandi connecting 1051 mandis.
- Women’s Empowerment: Triple Talaq made illegal, one-third women’s reservation in Lok Sabha, and over 70% houses under PM Awas Yojana in rural areas owned by women.
- Education and Skill Development: Implementation of National Education Policy 2020, establishment of new educational institutions, and successful outcomes in sports and chess.
- Global Engagement: India assumes G20 Presidency, creates India Middle East Europe Economic Corridor, and maintains a proactive role in global problem-solving.
- Infrastructure Development: Focus on building 2 crore more houses under PM Awas Yojana Gramin, launching a scheme for middle-class housing, and expanding Matsya Sampada Yojana for employment generation.
- Financial Management: Successful GST implementation, GIFT IFSC, and Unified Regulatory Authority IFSCA contributing to a robust financial gateway.
- Health Initiatives: Ayushman Bharat scheme extended to Asha, Anganwari workers, and helpers, with free cervical cancer vaccines for girls aged 9-14.
- Population Control: A high-powered committee to address concerns of fast population growth and demographic change.
- Economic Outlook: FDI inflows at $596 billion, fiscal deficit for FY24 revised at 5.8%, and sustained efforts to maintain inflation within the policy band.
- Tourism and Agriculture: Projects for port connectivity, tourism infrastructure, and amenities on islands, along with promotion of private and public investment in post-harvest activities.
- Tax Stability: Proposal to retain the same tax rates for direct and indirect taxes, including import duties.
- Economic Transparency: Government commitment to lay a white paper on the mismanagement of the economy before 2014.
These highlights showcase a approach towards economic stability, social justice, and inclusive development in the interim budget for 2024.
Download the Interim Budget Speech and Finance Bill below:
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Read more about Rajasthan’s Interim Budget 2024-25.
CA NARESH KUMAR KARWA
CA ANSHUL KARWA