Key Interim Budget Announcements – 2024

➡️ New solar power schemes launched by PM Modi recently would lead to saving of INR15,000-18,000 per households annually who install roof top solar panels. 1cr households will be enabled to get 300units per month fully free.

➡️ PM Awas Yojana Grameen: Close to achieving target of 3 cr homes; 2 cr more homes planned due to growing need.

➡️ Ayushmaan Bharat to cover all worker under ASHA and Anganwadi scheme.

➡️ Government to launch a scheme to help deserving sections of the middle class living in rented houses or slums or chawls and unathorised colonies to buy or build their own houses – Likely positive for Steel, Cement and Building material.

➡️ Corpus of 1 lakh crore to be established with 50 year interest free loans for sunrise domains.

➡️ Railway corridor-port connectivity under DFC – More than 2 corridors to be set up. Also, 3 more rail corridors for Energy, cement and mineral to be added, apart from DFC.

➡️ 40,000 rail bogies to be converted to Vande bharat standards.

➡️ The capex target of FY25 has been set at Rs 11.1 lakh crore, up by 11.1%. FY25 capex outlay at 3.4% of GDP.

➡️ Govt plans to set up more medical colleges by using existing hospital infrastructure and a committee for this will be set up to examine and make necessary recommendation.

➡️ Tourist centre developement – states to be encouraged to take up development of tourist centres- long term interest free loans to provided for states

➡️ More metro trains & namo bharat trains to be expanded to more cities.

➡️ Revised estimate of fiscal deficit is 5.8% of GDP. FY25 BUDGET-DEFICIT TARGET AT 5.1% OF GDP

Budget update 2024
Disputed direct tax demands dating back to 1962, proposed to withdraw tax demand of upto Rs.25,000 for FYs upto 2009-10 and upto Rs.10,000 for FYs upto FY 2014-15.

No Tax rates changes in direct and indirect taxes
Top 75 Highlights of Budget FY 2024-25 by Finance Minister Nirmala Sitharaman

1. No Changes in Income Tax Slabs

2. No Change in Tax rates for Company, LLP or any other person

3. Some Exemption to Startups and Extend some concession – extension of tax sops for soverign wealth funds and startups to March 2025

4. Tax payers service – Withdrawal of direct tax demands of period upto ₹25000 for period upto 2009-10 and ₹10000 for period upto 2014-15, 1 Crore people will benefit

5. 40,000 normal railway bogies will be converted to vande Bharat standards

6. 1-lakh crore corpus will be made available with 50 year interest free (long-term financing or refinancing) to encourage the private sector to scale up R&D. Corpus of 1 Lakh Crore for Reduced Rate Loans to Private Sector for Research in Sunrise Domains

7. Rooftop solarisation and free electricity Through rooftop solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month

8. This scheme follows resolve of Prime Minister, on the historic day of consecration of Ram Mandir in Ayodhya

9. Garib, Mahila, Annadata and Yuva will be focus groups

10. SithramanWorking to make India a Vikasit Bharat by 2047

11. Worries about food have been eliminated with free rations for 80 crore people

12. 25 crores Indians were pulled out of multi dimensional poverty by the govt over past 10 yrs

13. Govt could save 2.7-lakh crore through avoidance of leakages

14. Electronic agri Mandi has connected 1051 mandis, transacting ₹2-lakh crore

15. Minimum support prices for ‘Annadata’ (farmers) increased periodically

16. Direct financial assistance was extended to 11.8 crore farmers

17. For our government, social justice is an effective and necessary model

18. Female enrolment in higher education has gone up by 28 per cent in 10 year

19. Avg real income has increased by 50 per cent

20. Every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers

21. PM SVANIDHI has provided credit assistance to 78 lakh street vendors, from that total, 2.3 lakh have received credit for the third time

22. PM JANMAN Yojana reaches out Particularly Vulnerable Tribal Groups

23. PM Vishakarma Yojana provides end to end support to artisans and craftspeople

24. Scheme for empowerment of Divyang and transgender people reflects our resolve to leave no one behind

25. PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for entrepreneurial aspirations of your youth

26. Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth

27. The National Education Policy 2020 is ushering transformational reforms

28. PM Shri is delivering quality teaching

29. Skill India Mission has trained 1.4 crore youth, upskilled and reskillled 54 lakh youth and established 3,000 new ITIs

30. Large no. of institutions of higher learning namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMSs and 390 universities have been set up

31. The country received its highest ever medal tally in Asian Games and Asian Para Games in 2023

32. Chess prodigy and our No. 1 ranked player Praggnanandhaa put up a stiff fight against world champion Magnus Carlsen in 2023, today, India has over 80 chess grandmasters compared to little over 20 in 2010

33. The earlier approach of tackling poverty resulted in very modest outcomes When the poor became empowered partners in development process, government’s power to assist them increases manifold. In the last 10 years, the government has assisted 25 crore people to get freedom from multidimensional poverty

34. 2cr more houses will be built under PM Awas Yojana Gramin 1cr houses will be taken to rooftop solar units to generate free electricity

35. Housing for Middle Class, Govt will launch a new scheme to buy and build their own houses

36. Making Triple Talaq illegal, one third women’s reservation in Lok Sabha and state assemblies, giving over 70% houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity

37. Empowerment of Women through entrepreneurship, ease of living and dignity has gained momentum in last 10 years

38. 30 crore MUDRA Yojana loans have been given to woman entrepreneurs

39. Female enrolment in higher education has gone up by 28% in 10 years

40. In STEM courses, girls and women constitute 43% of enrolment, one of the highest in the world

41. All these are getting reflected in increasing participation of women in workforce

42. Making Triple Talaq illegal, one third women’s reservation in Lok Sabha and state assemblies, giving over 70% houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity

43. Besides delivering on high growth, the government is equally focussed on a more comprehensive GDP – I.e., Governance, Development and Performance

44. Ayushman Bharat scheme cover will be extended to all Asha, Anganwari worker and helpers

45. To ensure housing for middle class, the government will launch a scheme for middle class This is to help them to buy or build their own houses for those living in slums, chawls or rented houses, she added.

46. A committee to set up more medical colleges, free cervical Cancer vaccines for girls from 9-14 years

47. Nano DAP on various crops will be expanded in all agro-climatic zones

48. GST has enabled One Nation One Market One Tax

49. GIFT IFSC and Unified Regulatory Authority IFSCA are creatin a robust gateway for global capital and financial resources

50. Proactive inflation management has helped keep inflation within the policy band

51. Matsya Sampada Yojana to be expanded to generate more employment, increase earnings

52. Despite the challenges due to COVID, implementation of PM Awas Yojana Rural continued and we are close to achieving the target of 3 crore houses. 2 crore more houses will be taken up in the next 5 years

53. India U.S. Europe sponsored Middle East- europe corridor: potential gateway for world trade for 100s of years.

54. India assumed G20 Presidency during very difficult times, global economy was going through high inflation, low growth, high interest rates, very high public debt, low trade growth and climate changes

55. Pandemic has led to a crisis of food, fertilizer, fuel and finances while India successfully navigated its way and showed the world the way forward

56. India built consensus on global problems, the recently announced India Middle East Europe Economic Corridor is a strategic and economic game changer for India and others

57. Our government is ready to assist states in faster development of aspirational districts and blocks Government will pay utmost attention to make eastern region and its people a powerful driver of India’s growth

58. Social Justice was largely a political slogan. For our government, social justice is an effective and necessary governance model !! The saturation approach of covering all eligible people is the true and comprehensive achievement of social justice, this is secularism in action, reduces corruption, prevents nepotism There is transparency and assurance that benefits are received to all eligible people, all regardless of their social standing get access to opportunities We are addressing systemic inequalities which have plagued our society, our focus is on outcomes and not on outlays so that socioeconomic transformation is achieved

59. Charging of electric vehicles Entrepreneurship opportunities to a large number of vendors for supply and installation, employment opportunities for youth with technical skills in manufacturing, installation and maintenance

60. Rooftop solarisation and free electricity

61. Through rooftop solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month

62. FDI inflows stand at $596 billion, twice more than 2014-15

63. The govt will form a high powered committee to address the concerns of fast population growth and demographic change

64. Fisheries scheme to help reach the target of INR 1 lakh crore exports

65. 2 Crore More Houses To Be Built Under PMAY-Gramin

66. Fiscal deficit for FY 24 revised at 5.8%. lower than earlier estimate of 5.9% in BE

67. FDI is ‘First Develop India. FDI inflow during 2014 to 2023 was Rs 596 billion US dollars, marking a golden era. This was twice the FDI inflow between 2005 to 2014. For sustained FDI, we are negotiating bilateral investment treaties with foreign partners

68. PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for entrepreneurial aspirations of our youth

69. Revised fiscal deficit estimated for FY24 has been pegged at 5.8% of GDP and the deficit for FY25 is pegged at 5.1%

70. To address fervour for domestic tourism, projects for port connectivity, tourism infra & amenities will be taken on our islands including Lakshadweep

71. Government will further promote private and public investment in post harvest activities including aggregation, modern storage, supply chains, primary and secondary processing, marketing and branding

72. After successful adoption of nano urea, Nano DAP application on various crops will be expanded in all agroclimatic zones

73. Electronic National Agricultural Market has integrated 1,361 mandis and is providing services to 1.8 crore farmers with trading volume of 3 lakh crores of rupees. The sector is poised for inclusive, balanced and higher growth and productivity.

74. I propose to retain the same tax rates for direct and indirect taxes including import duties

75. Govt will lay a white paper in house on mismanagement of the economy before 2014

 

Key Interim Budget Announcements – 2024