Finance Minister Nirmala Sitharaman on Friday offered the interim Union Budget 2024 within the Parliament. In her finances speech, the finance minister termed the finances as a imaginative and prescient doc for Viksit Bharat. While presenting the finances, she introduced that the capital expenditure outlay for the subsequent 12 months is being elevated by 11.1 per cent to Rs 11,11,111 crore, which might be 3.4 per cent of the GDP.
Here are the highlights of the Budget 2024
She introduced that the FDI influx throughout 2014-23 was USD 596 billion marking a golden period and that is twice the influx throughout 2005-14. For encouraging sustained international funding, we’re negotiating bilateral funding treaties with our international companions, within the spirit of ‘first develop India’, the Finance Minister added.
The Interim Budget proposes to withdraw such excellent direct tax calls for as much as Rs. 25000/- pertaining to the interval as much as monetary 12 months 2009-10 and as much as Rs. 10,000/- for monetary years 2010-11 to 2014-15. This is predicted to learn about a crore taxpayers.
Referring to the fiscal consolidation, as introduced in her Budget Speech for 2021-22, to scale back fiscal deficit beneath 4.5 per cent by 2025-26, Smt Sitharaman mentioned, the fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP, adhering to that path.
For Railways, three main financial railway hall programmes can be implemented-energy, mineral and cement corridors, port connectivity corridors, and excessive site visitors density corridors. Moreover, forty thousand regular rail bogies can be transformed to the Vande Bharat requirements to boost security, comfort and luxury of passengers.
On oblique taxes, the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman mentioned that GST has decreased the compliance burden on commerce and trade by unifying the extremely fragmented oblique tax regime in India. Mentioning about a latest survey performed by a main consulting agency, she mentioned that 94% of trade leaders view the transition to GST as largely constructive. In her Interim Budget speech, the Minister highlighted the truth that tax base of GST has greater than doubled and common month-to-month gross GST assortment has nearly doubled to Rs. 1.66 lakh crore this 12 months. States too have benefited. States’ SGST income, together with compensation launched to states, within the post-GST interval of 2017-18 to 2022-23, has achieved a buoyancy of 1.22.
Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment. Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and sixty thousand people with credit score linkages.
