Union Finance Minister Nirmala Sitharaman gave a presentation of her sixth budget on the first of February 2024. In advance of the general elections later this year, this was an interim budget. The Interim Budget 2024 preserved fiscal consolidation and continued capital expenditures while emphasizing the empowerment of women and youth. FM The budget deficit target for FY25 was cut by Sitharaman to 5.1% of GDP. The rates of direct tax and indirect tax were left unchanged.
With a $5 trillion GDP, India's economy is the fastest-growing major economy in the world and is expected to overtake the US economy as the third biggest in the next few years. It is anticipated that FM Nirmala Sitharaman's Budget 2024 Vote On Account will offer a route to achieve that aim.Source: Safalta
25 crore individuals have been lifted out of multifaceted poverty: Sitharaman remarked that during the previous ten years, 25 crore people have been emancipated from multifaceted poverty. During her presentation of the interim Budget to the Lok Sabha, she stated that the previous strategy of addressing poverty through entitlements produced very little results. She stated that there is assurance of transparency and that rewards are distributed to all qualified residents.
Key takeaways from FM Sitharaman’s post-budget
Nirmala Sitharaman, the finance minister, emphasized five "Disha Nirdashak" baatein: The use of technology to increase productivity, infrastructure, the poor, women, and Annadata (farmers) as successful governance models, and a high-power committee to address issues originating from demographic difficulties are all examples of effective governance models.
India has had three consecutive years of 7% GDP growth and is the fastest-growing economy in the G20.
GDP stands for Performance, Government, and Development. We have improved economic management and delivered on development. Even though these are really difficult times, we are reducing the fiscal deficit.
The government's capital expenditure program would continue; FM stated that this is crucial.
The India, Middle East, and European Corridor (IMEC) project will proceed despite the Red Sea unrest.
According to Revenue Secretary Sanjay Malhotra, the exchequer would pay less than ₹3,500 crore for the removal of 1.1 crore pending minor direct tax requests for certain years.
FM reiterated that there will be no prolongation of the reduced tax rate to new industrial units starting beyond March 2024.
DIPAM Secretary Tuhin Kanta Pandey stated that there is no set goal for disinvestment in FY25.
Attempting to achieve India's development by 2047:
By 2047, the government wants to have developed India, according to Finance Minister Nirmala Sitharaman's remarks on February 1, 2024. Sitharaman added, "Minimum support prices for 'annadata' (farmers) have been increased periodically and appropriately" when presenting the interim Budget 2024–25. She claimed that social justice is a useful and essential paradigm for the government. Sitharaman declared, "We focus on outcomes and not outlays."
Extension of Ayushman Bharat healthcare coverage to ASHA employees:
The government declared on Thursday that all ASHA and Anganwadi workers will now have access to healthcare coverage under Ayushman Bharat. The largest publicly financed health insurance program in the world, Ayushman Bharat Pradhan Mantri-Jan Arogya Yojana (AB-PMJAY), covers up to Rs 5 lakh in secondary and tertiary care hospitalization per family annually. In summary, the India Budget 2024 has unveiled a plan that aligns with the goals and difficulties of the country. A strategic strategy to promote inclusiveness, sustainable development, and economic prosperity is reflected in the announcements and highlights. The budget creates the conditions for a robust and dynamic economy by funding projects that support innovation and digital transformation in addition to infrastructure, healthcare, and education. The budget's focus on fiscal discipline and dedication to social welfare, together with the nation's handling of the complexities of the post-pandemic era, highlights a comprehensive approach to nation-building. These actions are expected to have an impact on a wide range of businesses and will influence India's future course. The government's vision for a wealthy and progressive India is encapsulated in the India Budget 2024, which is a crucial document for stakeholders to consider as they process the ramifications and specifics.