- Overview
- Key Highlights
- Tax Stability & Incentives
- Social & Economic Impact
- Innovation & Infrastructure Boost
- Women Empowerment & Education
- Global Recognition & Fiscal Measures
- Future Initiatives & Transparency
Overview
The Interim Budget 2024, presented with a vision of “Sabka Saath, Sabka Vikas, and Sabka Vishwas,” focuses on pivotal aspects shaping the nation. Social justice initiatives, economic transformation, and infrastructure development take center stage. With tax stability, incentives for startups, and a push for innovation, the budget aims for comprehensive growth. Women empowerment, educational reforms, and global recognition play a significant role. The fiscal measures, future initiatives, and transparency measures round up the budget’s holistic approach, setting the tone for economic prosperity.
Key Highlights
Tax Stability & Incentives:
- No changes in Income Tax Slabs.
- Tax rates for Companies and LLPs are unchanged.
- Extension of tax sops for sovereign wealth funds, and startups till March 2025.
- Withdrawal of direct tax demands up to ₹25,000 (2009-10) and ₹10,000 (2014-15).
Social & Economic Impact:
- Empowering ‘Garib,’ ‘Mahila,’ ‘Annadata,’ and ‘Yuva.’
- Free rations for 80 crore people.
- 25 crore Indians lifted out of multidimensional poverty in 10 years.
- Govt saved ₹2.7L crore by averting leakages.
- Electronic Agri Mandi connecting 1,051 mandis.
- PM-Kisan benefiting 11.8 crore farmers.
Innovation & Infrastructure Boost:
- 40,000 railway bogies to be upgraded to Vande Bharat standards.
- ₹1L crore corpus for 50-year interest-free loans for private sector R&D.
- 1 crore households to get 300 units of free electricity monthly.
Women Empowerment & Education:
- Female enrollment is up 28% in higher education
- Schemes for women entrepreneurs.
- National Education Policy 2020 is unleashing revolutionary reforms.
Global Recognition & Fiscal Measures:
- India’s record medals in the Asian Games.
- Middle East Europe Economic Corridor- a potential gateway for world trade.
- Fiscal deficit at 5.8% for FY24.
- FDI inflow at $596B.
Future Initiatives & Transparency:
- ₹1L Cr exports in Fisheries scheme.
- 2 Cr more houses under PMAY-Gramin.
- White paper on pre-2014 mismanagement.
