The Interim Union Budget 2024-25 was announced by the Union Minister for Finance and Corporate Affairs Nirmala Sitharaman with the ‘mantra’ ‘Sabka Saath, Sabka Vikas, Sabka Vishwas’. The main vision of the budget is to build Viksit Bharat by 2047.
Budget 2024 Highlights: Tax Proposals and Taxation Reforms
- No changes to direct and indirect tax. The same income tax rates and import duties were retained.
- Tax exemptions for start-ups, sovereign wealth funds/pension funds extended to March 31, 2025.
- Govt will withdraw outstanding disputed direct tax demands up to Rs. 25,000 till the financial year 2009 and Rs 10,000 for the financial years 2010-11 to 2014-15.
- The number of tax fillers swelled by 2.4 times, the Finance Minister said. The direct tax collection trebled since 2014.
- The tax receipts in 2024-25 are projected at Rs. 26.02 lakh crore.
- For Corporate Taxes-22% for existing domestic companies, 15% for certain new manufacturing companies
- No tax liability for taxpayers with income up to ₹7 lakh under the new tax regime.
- Direct tax collections have more than tripled in the last 10 years.
- Processing time of tax returns reduced from 93 days (2013-14) to 10 days (2023-24).
- Average monthly Gross GST collections doubled to ₹1.66 lakh crore in FY24.
- Increase in tax buoyancy of State revenue from 0.72 (2012-16) to 1.22 in the post-GST period (2017-23).
Budget 2024 Highlights: Empowerment of Youth
- 1.4 crore youth trained under Skill India Mission
- Fostering entrepreneurial aspirations of Youth-43 crore loans sanctioned under PM Mudra Yojana
Budget 2024 Highlights: Healthcare
- Health cover facilities under the Ayushman Bharat scheme are to be extended to all ASHA, Anganwadi workers and helpers.
- Cervical Cancer Vaccination for girls (9-14 years)
- Saksham Anganwadi and Poshan 2.0 to be expedited for improved nutrition delivery, early childhood care and development
Budget 2024 Highlights: Tourism
- New Projects Ideas, Funds allocated for islands including Lakshadweep
- Interest-free loans will be provided to states to promote tourism
Budget 2024 Highlights: Air
- UDAN scheme for the expansion of airports. 517 new routes will be launched.
- Orders for 1000 new aircraft have been placed by the Indian carriers.
Budget 2024 Highlights: Railway
- Implementation of 3 major railway corridor programmes under PM Gati Shakti to improve logistics efficiency and reduce cost
- Promotion of urban transformation via Metro rail and NaMo Bharat
- 40,000 normal rail bogies to be converted into high-speed Vande Bharat standards.
- Port connectivity and High-traffic density corridors announced
- Energy, mineral and cement corridors are announced as well
- Railways get an allocation of Rs. 2.4 lakh crore
Budget 2024 Highlights: Agriculture and Food Processing
- Promotion of private and public investment in post-harvest activities
- Application of Nano-DAP to be expanded in all agro-climatic zones
- A comprehensive programme for dairy development
- Implementation of Pradhan Mantri Matsaya Sampada Yojana to be stepped up to enhance aquaculture productivity, double exports and generate more job opportunities
- 5 Integrated Aquaparks to be set up
Budget 2024 Highlights: Housing
- Pradhan Mantri Awas Yojana (Grameen) is close to achieving the target of 3 crore houses, with an additional 2 crore targeted for the next 5 years.
- Housing for Middle-Class scheme
Budget 2024 Highlights: Sustainable Development, Renewable Energy
- Viability gap funding for wind energy
- Setting up of coal gasification and liquefaction capacity
- Phased mandatory blending of CNG, PNG and compressed biogas
- Financial assistance for procurement of biomass aggregation machinery
- Under the Rooftop solarization initiative, 1 crore households will be enabled to obtain up to 300 units of free electricity per month
- e-buses for public transport network
- Strengthening the e-vehicle ecosystem by supporting manufacturing and charging
- New biomanufacturing and bio-foundry scheme for environment-friendly alternatives
Budget 2024 Highlights: Garib Kalyan, Desh ka Kalyan
- DBT has led to savings of ₹2.7 lakh crore
- 25 crore people moved out of Multidimensional poverty
- Credit assistance to 78 lakh street vendors under PM-SVANidhi
Budget 2024 Highlights: Annadata
- Under PM-KISAN, 11.8 crore farmers will get Direct financial assistance
- 4 crore farmers will get Crop Insurance under PM Fasal Bima Yojana
- Integration 1,361 mandis under eNAM, supporting trading volume of ₹ 3 lakh crore
Budget 2024 Highlights: Nari Shakti
- Under the Mudra Yojana, 30 crore of loans were disbursed to women entrepreneurs
- Increased female enrolment in higher education by 28 per cent in 10 years
- 43 per cent of female enrolment in STEM courses
- 1 crore women assisted by 83 lakh SHGs to become Lakhpati Didis
