Budget 2024: Presenting the Narendra Modi government’s final budget before the May Lok Sabha elections, Finance Minister Nirmala Sitharaman stated today that India’s economy is undergoing a significant transition. In her Budget 2024 speech, Sitharaman stated that the government is committed to improve the lives of the impoverished, women, young, and farmers. This statement set the stage for the announcement of welfare programmes in these sectors.
The following are some Key points of Nirmala Sitharaman’s Budget 2024
- “The government is focused on more comprehensive GDP – governance, development, performance.” Sitharaman said.
- In ten years, the government has lifted 250 million people out of poverty.
- Forty million farmers will profit from the crop insurance system.
- Economic growth has accelerated and inflation has decreased.
- According to Sitharaman, tax reforms have expanded the tax base and raised tax revenues.
- According to the Finance Minister, India’s economy would develop at an unparalleled rate over the next five years.
- The fastest-growing major economy in the world, India’s, is undergoing significant transformation, Ms. Sitharaman stated to the thumping of desks in parliament.
- According to her, the government wants the nation to be “Viksit” (developed) by 2047.
- “The next five years will be years of unprecedented development and golden moments to realize the dream of developed India by 2047,” Sitharaman said.
- The government is going to introduce a new plan to enhance deep tech for military.
- According to Nirmala Sitharaman, the government will assist worthy middle-class citizens in building their own homes.
- In addition to the 30 million affordable homes currently constructed, Nirmala Sitharaman stated that the government plans to construct an additional 20 million in the next five years.
- The government claims that the success of self-help groups enabled one crore women to become “Lakhpati didis” during the presentation of Budget 2024.
- The FY24 fiscal deficit was 5.8% of GDP, which was less than the objective. It was set at 5.1% in FY25 and is expected to drop to 4.5% by FY26.
- There are no modifications to direct or indirect taxes.
- Pension funds, sovereign wealth funds, and startups will all receive tax breaks through March 2025.
- The country’s tourism industry will get substantial government investment, according to Finance Minister Nirmala Sitharaman’s statement on the interim Budget 2024.
- She stated that the government will give the island Union Territory of Lakshadweep its full attention to upgrade its tourism infrastructure.
Infrastructure Advocacy by Sitharaman
Nirmala Sitharaman, the finance minister, strongly advocated for infrastructure, which includes airports, trains, and ports, in her address. According to her, the capital expenditure budget for the upcoming year has climbed to Rs 11.11 lakh crore, an increase of 11.1%.
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