Budget 2024 Highlights : As of today, February 1, 2024, it is crucial to clarify that the comprehensive Union Budget for the fiscal year 2024-25 has not been officially presented. India is presently governed by an interim budget, designed to govern expenditures until the general elections later in 2024. The detailed budget, outlining allocations and policies for the entire financial year, is slated to be unveiled by the newly elected government post the elections.
Nonetheless, for those interested, here are the key highlights from the interim budget announced on February 1, 2024:
Budget 2024 Highlights Key Points :
- Fiscal Deficit: The revised estimate for the fiscal deficit in 2023-24 stands at 5.8% of GDP, with a strategic goal of bringing it below 4.5% by 2025-26.
- Increased Spending: A noteworthy 7.5% surge in the budget spending target has been set, totaling Rs 45.03 lakh crore.
- Infrastructure Focus: The interim budget places a significant emphasis on infrastructure development, with a remarkable 33% increase in capital expenditure amounting to Rs 10 lakh crore. This includes substantial boosts for railways (48%), roads (24.4%), and defense (8%).
- Social Welfare: Under the Pradhan Mantri Awas Yojana – Gramin (PMAY-G), an announcement has been made for the construction of an additional 2 crore houses.
- Education and Health: Increased budgetary allocations for both the education and health sectors, with education receiving Rs 1.13 lakh crore and health allocated Rs 88,950 crore.
- Energy Transition: A substantial budget of Rs 35,000 crore has been allocated for initiatives promoting clean energy.
- Tax Benefits: Noteworthy changes include a reduction in the highest surcharge rate to 25% and an increased rebate limit under the new income tax regime.
It’s important to note that these highlights are a glimpse of the interim budget, and the complete details can be accessed online. It is advised to stay informed that a more comprehensive budget, encompassing detailed plans, will be presented later in the year.
Feel free to reach out if you have any further inquiries regarding the interim budget or any other aspects related to Indian finances.
