Interim Budget 2024
Finance Minister Nirmala Sitharaman delivered her Budget speech, presenting the Interim Budget 2024-25 at Parliament. The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. According to the report, finance Minister Nirmala Sitarama said, the country has evolved in Last 10 Years Under PM Modi with "Sabka Saath Sabka Vikas Mantra ''. The Addressing systemic inequalities, and the need to focus on four major pillars- poor, women, youth and annadates. Their empowerment and wellbeing will drive the country forward. Garib Kalyan is desh ka kalyan- sab ka Sath. Continued investment in farmer welfare programs like PM Kisan Samman Nidhi and Pradhan Mantri Fasal Bima Yojana, Direct financial assistance provided to 11.8 crore farmers crop insurance. 1361 mandis integrated with 3 lakh crore trading volume. Fund for scientific research will help the self-reliance in the country. "The interim budget report dissects a budget that is inclusive, prioritizing the needs of the poor, women, and youth. It places a strong emphasis on developing economic and physical infrastructure to drive high growth and enhance employment opportunities, particularly for the youth." Government's visionary initiatives focus on empowering the nation through accessible solar power, providing sturdy homes for the underprivileged, and creating job opportunities. A strategic emphasis on boosting tourism, railway, and aviation sectors is set to benefit the middle class. Additionally, prioritizing CBG and Biomass projects contributes to rural solid waste management, fostering increased income and energy security for farmers.
Expansion of UDAN scheme in Tier 2 and 3 cities will accelerate development
The 11 per cent increase in the capital expenditure by the government will definitely accelerate growth and prospective buyers' outlook towards the real estate sector is expected to be on a continued upward trajectory as the government has stabilized the income tax slab, Sanjay Sharma, Director of SKA Group, said. "The government's stance regarding Namo Bharat is very positive, which would directly benefit Noida, Greater Noida and other cities. Along with this, the expansion of the UDAN scheme in Tier 2 and 3 will accelerate the development of these regions as well," Sharma said.
Govt eager to promote widespread growth with affordable housing
The interim budget 2024 indicated that the government is eager to promote widespread growth with the middle-class housing programme, Himanshu Garg, Director, RG Group, said. "The government's emphasis on affordable and urban housing is demonstrated by the significant 66 per cent increase in funding, amounting to ₹79,000 crore for the Pradhan Mantri Awas Yojana scheme in FY24," Garg added.
IMF predictions indicate that India's public debt will continue to climb, reaching 82.3% of GDP by 2024–2025.
In the current fiscal year, the government is expected to pay out more than 40% of overall revenue in order to service its debt. According to the IMF, under unfavorable conditions, general government debt which includes debt from the federal and state governments could reach 100% of GDP by the fiscal year 2028.
No Tax Slab Changes, Focus on Continuity and Dispute Resolution
Finance Minister Nirmala Sitharaman today, February 1 presented the Union Budget 2024 in the Lok Sabha. This was an interim budget as it came just ahead of the Lok Sabha Elections. She said that No changes were announced in the tax slabs in both the old and new regimes. The full budget will be presented in July this year after the new government is formed post-Lok Sabha Elections. Finance Minister Nirmala Sitharaman had earlier said that there would be no major announcements in this budget as polls are due in April-May this year. In Budget 2023, the Modi Government brought in multiple new regulations for income tax. One notable announcement about personal taxation was making the new income tax regime the default regime. However, the citizens have the option to avail the benefits of the old tax regime. As expected, the central government neither twisted nor put any additional tax burden on citizens, in the interim Budget for 2024-25 tabled by Union Finance Minister Nirmala Sitharaman. However, certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on 31.03.2024. To provide continuity in taxation, I propose to extend the date to 31.03.2025 said by Nirmala Sitharaman. The Finance Minister Sitharaman announced the withdrawal of outstanding disputed tax demands. The move is set to benefit 1 crore taxpayers.
Special focus on capital expenditure, fiscal prudence in interim Budget will enhance employment opportunities
Revenue Secretary Sanjay Malhotra said the special focus on capital expenditure and fiscal prudence in the interim Budget 2024 will enhance employment opportunities and give a boost to the economy and incomes, and highlighted that the budget aims to empower people.
Govt slashes allocation for UGC by 61%
UGC allocation was slashed by 61% from an estimate of ₹6,409 crore in 2023-24 to ₹2,500 crore for the upcoming financial year, according to the budget document released on February 1. An assistant professor at Delhi University, Rajesh Jha raising concerns over decrease in UGC budget said, “The drastic cut in UGC fund has deleted G (Grants) and reduced it to merely a regulatory agency. This will further encourage universities to start more self financing courses which will be an additional burden on students. It will also make universities more dependent on loans from Higher Education Financing Agency. "
'India will be the world’s third largest economy in PM Modi's 3rd term,' says FM Sitharaman
Union finance minister Nirmala Sitharaman in a recent interview with Mint said, “India will be the world’s third largest economy in Modi's 3rd term" while referring to the four caste groups she mentioned in her speech on the day she announced the interim budget.
Union Budget 2024 launches Indian Railways into a Safer and Modernized Future with Vande Bharat-Style Coach Upgrades
Budget 2024 laid out a grand plan of introducing 400 semi-high speed, next generation Vande Bharat trains in the next three years. Finance Minister Nirmala Sitharaman pointed out that these "new-generation" Vande Bharat trains will offer better energy efficiency and passenger riding experience. She said more than 45 rail coaches will be upgraded as Vande Bharat. But those are perhaps not the only reasons why the country’s budget and Indian Railways seem to be betting big on these fancy new trains that were first unveiled in 2018 as Train 18. Experts are of the view that multiple objectives, including the need to improve railway finances and operational efficiency are a factor too. The ambitious number of 400, if achieved, will help railways earn better passenger revenues and provide a thrust to the 'Make in India' component manufacturers, they say. From a passenger perspective, these trains definitely mean a better travel experience. In that sense railways will be able to charge premium fares in line with airlines, say experts. But this track too has some implementation hurdles experts pointed out to us. For those still not familiar, these Vande Bharat trains (also called Train 18 after year of manufacturing) are 180 kmph capable air-conditioned chair car services. Similar to bullet trains in terms of looks, the railways currently run two such trains on the Delhi-Varanasi and Delhi-Katra routes. The proposed upgrades encompass a range of elements, from improved braking systems to sophisticated monitoring systems, all geared towards ensuring a safer and more secure rail travel experience. The allocation of funds reflects the government's commitment to leveraging technology to enhance railway infrastructure, aligning with its vision for a modern and efficient transportation network.
POINTERS:-
•Rooftop solarisation will provide 300 units free electricity.
•Railways 3 Economic Corridors
•2024-25 gross and net market borrowings estimated at RS. 14.13 and RS. 11.75
•Fiscal Deficit in 2024-25 estimated to be 5.1%of GDP
•1 lakh crore rupees for R and D in sunrise sectors-FM
•Fiscal Consolidation to reduce fiscal deficit below 4.5% by 2025-26
•50 years interest free loan for capital expenditure with total outlay of RS. 1.3 lakh crore
•PM SVANIDHI has provided credit assistance to 78 lakh street vendors
•India to focus on Nari Shakti
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