Finance Minister Sitaramanji, in her interim budget, has been able to bring out a confident India story. A story of resilience despite severe geopolitical tensions. A story of growth and forward movement which will make India a developed nation by 2047. A story which talks about every section of society. Be it our youth, farmers, poor, or women. Every section has received due attention. It’s very progressive, very forward-looking and lays the foundation of a prosperous India…
Union Minister Piyush Goel, Leader in Rajya sabha
Union Finance Minister Nirmala Sitharaman unveiled her last Budget or Interim Budget on Thursday before the 2024 Lok Sabha elections this year, announcing a double-digit boost to infrastructure spending and the ‘Modals of Development’ the government’s “golden moments” ahead.
FM Saree on Budget Day
Finance Minister Nirmala Sitharaman, hours before presenting the anticipated Interim Budget 2024, made an appearance donning a striking blue and cream-coloured tussar saree with kantha handwork, sending a resounding “vocal for local” message. This sartorial choice is consistent with her previous Budget day ensembles and reflects her known love for Indian textiles.
Tussar silk is celebrated for its unique texture and golden sheen. What sets Tussar silk apart is its coarse texture, which adds a distinct character to the fabric.
Budget Insider’s
Nirmala Sitharaman also proposed a scheme that will allow people to buy or build their own homes, free electricity as part of a new rooftop solar programme and increased medical coverage for some government workers.
Nirmala Sitharaman also announced plans to increase milk and dairy production in the country. India is the largest milk producer in the world but there is low productivity, Sitharaman said. The finance minister also said a strategy will be developed for Atma Nirbharta for oilseeds production. Efforts of the value addition in the agriculture sector and increase farmers’ income will be stepped up, the minister said.
The finance minister made no changes in the taxation structure in which can be seen as a relief to taxpayers.
“In keeping with convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct and indirect taxes including import duties. However, certain tax benefits to startups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on March 31 2024; to provide continuity, I propose to extend the date to March 31 2025,” she said.
Crux of Interim Budget 2024
- There are no changes in direct, indirect tax rates.
- The government withdrew income tax demands up to ₹25,000 (till 2009-10) and ₹10,000 from 2010-11 to 2014-15.
- This will benefit about one crore taxpayers.
- A scheme to help middle class living in rented houses to buy or build their own houses will be launched.
- Govt to form high-powered panel to address population growth challenges and demographic changes.
Govt to strengthen EV ecosystem by supporting charging, manufacturing infra: Sitharaman
The government will expand the electric vehicle ecosystem by supporting charging and manufacturing infrastructure in the country, Finance Minister Nirmala Sitharaman said on Thursday, a move lauded by the automotive industry players.
Sitharaman, in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, also noted that usage of electric buses for public transport networks will be encouraged.
Health experts hail plan to set up more medical colleges, boost vaccination for girls
Healthcare experts on Thursday gave a thumbs up to the Centre’s plan to set up more medical colleges by utilising the existing hospital infrastructure, with some saying the move demonstrates a “holistic commitment” to health.
Finance Minister Nirmala Sitharaman, while presenting the interim Union Budget for 2024-2025 on Thursday, among other announcements, also said the government will encourage vaccination for girls in the 9-14 year age group for the prevention of cervical cancer.
Jal Shakti Ministry allocated ₹98,418 cr in interim budget, Jal Jeevan Mission gets maximum share
The Jal Shakti Ministry was on Thursday allocated ₹98,418 crore in the interim budget for 2024-25 with its flagship Jal Jeevan Mission getting a 71 per cent share.
The allocation for the ministry in the 2023-24 budget was ₹96,549 crore. The Department of Drinking Water and Sanitation (DoDWS) has been allocated ₹77,390 crore in the budget, a minimal increase of 0.4 per cent from 2023-24. Out of this, the share of the Jal Jeevan Mission, which aims to provide safe and adequate drinking water by 2024 to all households in rural India, is ₹69,926 crore.
We have better managed the economy with correct intentions, says FM Sitharaman
“This is an interim budget presented just before the (2024 Lok Sabha) elections… On governance, this budget speaks from a position where we have delivered on development, we have better managed the economy with correct intentions, correct policies and correct decision. So it’s a governance with care, conviction and confidence,” says Union Finance Minister Nirmala Sitharaman at a press conference.
Comments 1