Crux of Budget 2024 in Seven Pointers. What is the intent of the government?

Interim budget was presented on 1 February 2024 in the In the Parliament of India by the Finance Minister Nirmala Sitharaman, the highlights of the budget are quite a few and this budget is totally an election year budget, wherein the government promised to do few things, if voted to power. Overall the Budget speech lasted around 58 minutes. Let us check the highlights of the budget in a quick crux.

Highlights:

1. No changes in tax. Retain same tax rates for direct and indirect taxes including import duties.

2. Capex outlay allocation to be increased by 11.1% to Rs 11,11,111 lakh Crore, accounting for 3.4 % of GDP - This will unlock the potential for real estate development across assets because major part of this allocation will be used for various infra upgrades and new projects.

3. Withdraw outstanding direct tax demands up to twenty-five thousand rupees (Rs 25,000) pertaining to the period up to financial year 2009-10 and up to ten-thousand rupees (Rs 10,000) for financial years 2010-11 to 2014-15. This is expected to benefit about a crore tax-payers.

4. Ayushman Bharat cover will be extended to all Anganwadi and Asha workers. Further, all maternal and child healthcare schemes will be brought under one comprehensive scheme. Furthermore, the government is enhancing the target for Lakhpati Didi scheme to Rs 3 crore from Rs 2 crore.

5. There is macroeconomic stability, investments are robust, economy is doing well, people are doing well, with greater aspirations for future, average real income has increased by 50%, inflation is moderate, people are getting empowered to pursue their aspirations, there is effective and timely delivery of programmes and large projects.

6. PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs 22.5 lakh crore for entrepreneurial aspirations of our youth - Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth, says FM.

7. We need to focus on the poor, women, youth and farmers/anna data. Their needs and aspirations and welfare are our highest priority. All four require and receive government support, their empowerment and well being will drive the country forward, says Finance Minister.

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