Hello and welcome to our key highlights of Interim Budget 2024-2025 by Finance Minister Nirmala Sitharaman.
The Interim Budget 2024-2025, features bold economic initiatives, sector-specific boosts, and a vision for ‘Viksit Bharat‘ (Developed India) by 2047.
Table of Contents
Highlights of Interim Budget 2024-25
Economic Transformation and Vision:
Under the leadership of PM Narendra Modi, India has witnessed remarkable positive changes. With the mantra of “Sabka Saath, Sabka Vikas, Sabka Vishwas,” the government’s commitment to inclusive growth has paved the way for new opportunities in employment and entrepreneurship.
Budget in Numbers:
- 300 Units of Free Electricity: Rooftop solarization for 10 million households.
- ₹11.1 Trillion Capital Expenditure: 11.1% increase from the previous fiscal year.
- 100 MT Coal Gasification Capacity: Targeting net-zero progress by 2030.
- ₹27.6 Trillion Revised Estimate: Total non-debt receipts for 2023-24.
- ₹44.9 Trillion Revised Estimate: Total expenditure for 2023-24, slightly below the budgeted ₹45 trillion.
- 5.8% Revised Fiscal Deficit: Share of GDP for 2023-24.
- ₹1.3 Trillion Total Outlay: 50-year interest-free loans for capex to states.
- 5.1% Target for Fiscal Deficit: Share of GDP for 2024-25.
- ₹14.1 Trillion Gross Market Borrowings: Aimed for 2024-25.
- 10 Million Beneficiaries: Withdrawal of historical tax demands until 2014-15.
- ₹86,000 Crore Budgeted Expenditure: MGNREGS in 2024-25, aligning with the revised estimate for 2023-24.
Economic and Fiscal Management:
The budget emphasizes a multi-pronged economic strategy, encompassing infrastructure development, digital public infrastructure, and tax reforms. To reduce the fiscal deficit below 4.5% by 2025-26, the government is focused on sustainable economic management.
Sector-Specific Initiatives:
- Agriculture Focus: Initiatives like Nano DAP and Aatmanirbhar Oil Seeds Abhiyan.
- Youth Empowerment: Educational and skill development programs, startup support, and sports achievements.
- Development Programs for fisheries, dairy, and empowerment of women in rural areas.
- Healthcare Initiatives: Expansion of Ayushman Bharat and cervical cancer vaccination.
Infrastructure and Environmental Initiatives:
- Massive Capital Expenditure: Development of railway corridors, aviation expansion.
- Green Energy Focus: Offshore wind energy, coal gasification, and bio-manufacturing.
- Promotion of Electric Vehicles: Introduction of a biomanufacturing and bio-foundry scheme.
Tourism and Investment Promotion:
Comprehensive development of tourist centers and infrastructure projects aims to boost domestic tourism. A significant increase in Foreign Direct Investment (FDI) inflows underscores efforts to attract global investment.
Tax Reforms & Ease of Doing Business:
- Rationalization of Tax Rates: Including GST, to alleviate the tax burden and enhance compliance.
- Direct Tax Demands Withdrawal: Proposals to benefit approximately a crore taxpayers.
Future Outlook and ‘Viksit Bharat’ Vision:
The Interim Budget sets the stage for the ‘Viksit Bharat’ vision by 2047, focusing on demographic, democratic, and diversity strengths. The ‘Kartavya Kaal‘ (Era of Duty) commitment reflects the government’s dedication to national development.
Conclusion
From the highlights of Interim Budget 2024-25, we can conclude that it mirrors the government’s steadfast commitment to inclusive growth, economic stability, global positioning, sector-specific developments, environmental sustainability, and tax reforms, steering India toward a developed nation by 2047.
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