Key Highlights of Union Budget 2024-25

Key Highlights of Union Budget 2024-25: The Interim Union Budget for 2024-25 was presented in the Parliament on 1^st February 2024. Finance Minister Nirmala Sitharaman submitted the Union Budget in Parliament earlier today. This was the sixth budget given by the current Finance Minister and the final one of Prime Minister Narendra Modi’s second term. The comprehensive budget will be delivered in July of 2024 after the new government is formed following the Lok Sabha elections.

In this article, we will look into the important highlights and analysis of the Union Budget 2024-25 in detail.

About Union Budget 2024

The budget concentrated on fiscal consolidation, infrastructure, agriculture, green growth, and railways. However, there were no increases to tax rates, which disappointed salaried individuals. The fiscal deficit target for FY25 was set at 5.1 percent of GDP, which was better than expected, but the FY24 objective was reduced to 5.8 percent. In FY25, the capex target was increased by 11.1% to ₹11.1 lakh crore.

The Indian economy has undergone a positive transition over the previous ten years. People are optimistic about the future. In 2014, the country faced huge challenges. In her budget address, Finance Minister Sitharaman stated that the Narendra Modi-led government overcame these issues through Sabka Saath and Sabka Vikaas. She also added that ‘We are working towards making India a Viksit Bharat by 2047’.

Highlights of Union Budget 2024-25

The following are the key highlights of the Interim Union Budget 2024-25:

1. The revised fiscal deficit, or the difference between government revenue and expenses, is 5.8% of GDP for the fiscal year 2023-24 (FY24). The fiscal deficit for FY25 is estimated to reach 5.1% of GDP. The goal is to reduce the fiscal deficit to less than 4.5% of GDP in 2025-26.
2. Sitharaman stated the number of tax filers increased by 2.4 times. Since 2014, direct tax collections have tripled. Tax revenues are expected to reach Rs 26.02 lakh crore in 2024-25.
3. There are no changes to income tax slabs.
4. In an important statement, the government has agreed to withdraw outstanding direct tax claims of up to Rs 25,000 for the fiscal year 2009-10 and Rs 10,000 for the fiscal years 2010-11 to 2014-15.
5. Tax breaks for startups are extended until March 31, 2025.
6. Sitharaman announced three important economic railway corridor initiatives aimed at improving passenger train operations: energy, mineral, and cement corridors, port connectivity corridors, and high-traffic density corridors. They will increase logistics efficiency and reduce expenses. The subsequent decongestion of high-traffic corridors will also help in the operation of passenger trains, resulting in increased safety and travel speed for passengers. This will also result in lower logistics costs.
7. The finance minister also announced plans to build 2 crore new residences under the Pradhan Mantri Awas Yojana – Gramin (PMAY-G).
8. For tech-savvy kids, this will be a golden age. A fund of Rs 1 lakh crore will be established, including a 50-year interest-free loan. The corpus will provide long-term funding and refinancing with low or zero interest rates. This will encourage the private sector to greatly step up its research and innovation efforts in emerging domains.
9. We need courses that combine the abilities of our youth with technology. Sithraman stated that a new scheme will be created to boost deep technology for defense objectives and accelerate Atma Nirbharta.
10. Sitharaman also announced plans to establish more medical institutions by utilizing “existing hospital infrastructure under various departments. A committee for this purpose will be set up to examine the issues and make relevant recommendations.
11. Making triple talaq illegal, reserving one-third of Lok Sabha and state assembly seats for women, and providing over 70% of rural housing to women through the PM Awas Yojana have all improved their dignity, according to Sitharaman.
12. Long-term interest-free loans would be granted to states to encourage development and boost tourism.
13. Sitharaman began her address by noting that the Indian economy has undergone remarkable transformations over the last decade.
14. Poor, women, youth, and farmers – their needs and aspirations will determine the country’s growth.
15. The government aims to make India ‘Viksit Bharat’ by 2047. “Our focus is sabka sath, sabka vikas,” Sitharaman stated.
16. The government places equal emphasis on GDP – Governance, Development, and Performance.
17. On social justice, the Finance Minister stated, “Our government is working with an approach to development that is all-round, all-pervasive, and all-inclusive.”

Conclusion – Union Budget 2024-25

The Union Budget 2024-25 includes some of the most important government schemes, contributions, and financial allocations made by the Indian government. A union budget is an important financial statement that provides an outline of the budgets projected for the upcoming fiscal year. The Union Budget is prepared using real-time analysis of financial and economic data, flexible reactions, and safety-net buffers.

People Also Read:

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• Objectives of Government Budget
• Highlights of Union Budget 2023-24

FAQs on Union Budget 2024-25

When Union Budget 2024 will be presented?

Finance Minister Nirmala Sitharaman has introduced the Union Budget 2024 on February 1, 2024 in the Parliament.

What Budget is 2024?

Union Budget 2024 is an Interim Union Budget which has been presented in the Parliament by the finance minister Nirmala Sitharaman.

Will Tax slab change in 2024?

Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 on February 1, 2024, and kept the tax slab rates same for both the new and old income tax regimes.

What is Interim Budget 2024?

The interim budget for 2024/25 is viewed as an economic manifesto for Prime Minister Narendra Modi’s ruling Bharatiya Janata Party (BJP), providing market indications on its objectives for fiscal consolidation, borrowing, and future taxation policies.

How many Budgets are there in India in 2024?

Finance Minister Nirmala Sitharaman produced the Interim Budget 2024 today, during the backdrop of the upcoming Lok Sabha elections. Nirmala Sitharaman delivered her sixth straight budget presentation.

What time is the Indian Budget 2024?

Finance Minister Sitharaman introduced the budget on February 1, 2024, at 11 a.m. in the new Parliament Building.

Is Budget 2024 Over?

Budget 2024 will be the final budget of Prime Minister Narendra Modi’s second term, as the Lok Sabha elections 2024 are set for April-May. The interim budget 2024 is valid for the first four months of the new fiscal year 2024-2025.