Interim Budget 2024

Interim Budget 2024

News: Here, we will look at comprehensive analysis of the Interim Budget 2024.

Key Highlights

Budget Estimates 2024-25
• Total receipts other than borrowings - 30.80 lakh crore
• Tax receipts - 26.02 lakh crore
• Total expenditure - 47.66 lakh crore

Fiscal Deficit
• The fiscal deficit in 2024-25 is estimated to be 5.1% of GDP. The revised fiscal deficit is at 5.8% of the GDP for 2023-24 (FY24).

Tax exemptions for startups
• Tax exemptions given to start-ups extended till March 31, 2025.

Interest free loans on Capital expenditure to states
• The scheme of fifty-year interest free loan for capital expenditure to states will be continued this year with total outlay of 1.3 lakh crore.

Income tax
• The number of tax filers have increased by 2.4 times. The direct tax collection has trebled since 2014.
• No change in income tax slabs

Green energy sector
• Coal gasification and liquefaction capacity of 100 MT will be set up by 2030 which will help in reducing imports of natural gas, methanol, and ammonia.
• A new scheme of bio-manufacturing and bio-foundry will be launched.
• Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes will be mandated.

Women Empowerment
• Target of Lakhpati Didi (SHG women) has been enhanced from 2cr to 3cr.
• Creation of one comprehensive programme for maternal and Child Care. Faster upgradation of Anganwadi Centres under ‘Saksham Anganwadi and Poshan 2.0’.
• Vaccination programme to prevent Cervical Cancer for girls in the age group of 9 to 14 years.

Agriculture
• Extension of application of Nano DAP to all agro-climatic zones in India
• Steps will be taken to achieve Atmanirbharta for oil seeds like groundnut, sesame, mustard, soybean etc.
• Encourage private and public investment in post-harvest activities such as storage, efficient supply chains, primary and secondary food processing and marketing and branding.
• Better implement PM Matsya Sampada Yojana, enhance aquaculture productivity, double exports to 1 lakh crore and generate around 55 lakh new job opportunities in the future.

Healthcare
• Setup more medical colleges, extend coverage of Ayushman Bharat Scheme by including Anganwadi worker, Asha Workers and helpers.

R&D
• A corpus of INR one lakh crore to encourage the private sector to scale up research and innovation significantly in sunrise domains.
• A new scheme to be launched for strengthening deep-tech technologies.

Infrastructure Highlights
• Capital Expenditure: The capital expenditure outlay for the next year is being increased by 11.1% to Rs 11,11,111 crore, which would be 3.4% of the GDP.
• Expansion of Pradhan Mantri Awas Yojana- Gramin (PMAY-G): 2 crore more houses will be built under the Pradhan Mantri Awas Yojana-Gramin (PMAY-G). Nearly 3 crore houses have already been built as quoted by FM in the speech.
• Through rooftop solarization under PM Suryodaya Yojana, one crore households will be enabled to obtain up to 300 units’ free electricity every month.
• Energy, mineral and cement corridors, port connectivity corridors have been announced which will result in decongestion of the high-traffic corridors. It will help in improving operations of passenger trains.