Finance Minister Nirmala Sitharaman presented the Interim Budget for 2024-25 on February 1, 2024. The budget speech, which lasted less than an hour, was the sixth address by Sitharaman.
As expected, the Budget did not announce major policy changes as the nation gears up for general elections later this year.
There were no changes in the taxation structure, including import duties.
The Finance Minister, in her address, said that a new scheme of bio-manufacturing will be launched. The Budget will also extend support to manufacturing and charging infrastructure development for greater adoption of electric vehicles. The tourism sector too stands to gain with improved connectivity infrastructure and the development of iconic tourism spots by the states.
The government will also set up a committee to make recommendations on setting up more medical colleges. The cover under the Ayushman Bharat scheme has been extended to ASHA workers and Anganwadi helpers.
FM Sitharaman concluded the interim Budget 2024 in under an hour, a far cry from her nearly three-hour budget speech in 2020.
There are no changes in taxation and the same tax rates will continue for direct and indirect taxes, including import duties, the minister said.
The date for IFSC units expiring on March 31, 2024, has been extended to March 31, 2025 to maintain continuity.
Average time to process returns has been reduced from 93 days to nearly 10 days.
No tax liability taxpayers with income up to Rs 7 lakh per annum.
The government will push for bilateral treaties with foreign partners in the spirit of 'First Develop India', the minister said.
Our government will expand and strengthen the ecosystem by supporting the greater adoption of E-buses. This will be encouraged through a payment security mechanism, the FM said.
The outlay for the fiscal year 2025 is increased by 11.1% to Rs 11.1 lakh crore, Sitharaman said.
The FM said the near future will be a golden era for India's tech-savvy youth. A corpus of Rs 1 lakh crore will be established, with 50-year interest-free loans. The corpus will provide long-term financing or re-financing with long tenures with low or no interest rates. This will encourage the private sector to scale research significantly in sunrise domains.
Smart healthcare cover under Ayushman Bharat scheme will be extended to all ASHA workers to all Anganwadi helpers.
Charging infrastructure for electric vehicles offering entrepreneurship opportunities for a large number of vendors for supply and installation, offering employment opportunities for the youth with technical skills towards manufacturing installation and maintenance.
Through rooftop solarisation, one crore households will be enabled to avail up to 300 units of free electricity every month.
Appropriate training for the Micro Small and Medium Enterprises to grow and also compete globally will be developed.
Crop insurance has benefitted 4 crore farmers under PM Fasal Bima Yojana
The empowerment of women through entrepreneurship has gained momentum, and female enrollment in higher education has gone up 28% in ten years.
Skill India Mission has upskilled 1.24 crore youth.
Over the last ten years, the government has assisted 25 crore people to achieve freedom from multidimensional poverty.
Development to focus on four pillars of development - the poor, women, youth and farmers.
The development philosophy of the government is Sabka saath, sab ka vikas. Social inclusivity covering all strata of society, geographical inclusivity covering all regions of the country.
Union Budget 2024: Updates
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01.02.2024
Finance Minister Nirmala Sitharaman presented the Interim Budget for 2024-25 on February 1, 2024. The budget speech, which lasted less than an hour, was the sixth address by Sitharaman.
As expected, the Budget did not announce major policy changes as the nation gears up for general elections later this year.
There were no changes in the taxation structure, including import duties.
The Finance Minister, in her address, said that a new scheme of bio-manufacturing will be launched. The Budget will also extend support to manufacturing and charging infrastructure development for greater adoption of electric vehicles. The tourism sector too stands to gain with improved connectivity infrastructure and the development of iconic tourism spots by the states.
The government will also set up a committee to make recommendations on setting up more medical colleges. The cover under the........
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