Interim Budget 2024: A Comprehensive Overview

The Interim Budget for the year 2024 was presented by Union Finance Minister Nirmala Sitharaman on February 1, 2024. This budget is interim in nature and the comprehensive budget for the financial year 2024-25 will be introduced only after the formation of the new government following the general elections.

Key Highlights

• No Change in Tax Rates: The same tax rates will be retained for the direct and indirect taxes including export duties.
• Increased Capex Outlay: The capex outlay for the next year will be increased by 11%.
• Focus on Four Major ‘Castes’: The government’s focus was on four major ‘castes’ — women, youth, poor, and farmers. “The country progresses, when they progress,” Sitharaman said.
• Poverty Reduction: FM Sitharaman said that the Government pulled 25 crore people out of poverty in ten years.
• Direct Benefit Transfers: Direct Benefit Transfers of Rs. 34 lakh crore through PM Jan Dhan Yojana accounts has led to savings of ₹2.7 lakh crore.
• PM Vishwakarma Yojana: The PM Vishwakarma Yojana scheme provides end-to-end support to artisans.
• PM-SVANidhi Scheme: The government provided credit assistance to 78 lakh street vendors under the PM-SVANidhi scheme.
• Mudra Yojana Loans: 30 crore Mudra Yojana loans disbursed to women entrepreneurs.
• Skill India Mission: Upskilling and reskilling was a focus for the government, and over 1.4 crore youth were trained under the Skill India Mission.
• ‘Lakhpati Didi’ Scheme: The Government will also expand the ‘Lakhpati Didi’ scheme to empower rural women and boost the rural economy.

Conclusion:

The Interim Budget 2024 has been presented with a clear focus on the development of women, youth, poor, and farmers. With no changes in the tax rates and an increased capex outlay, the budget aims to provide stability and predictability. The various schemes and initiatives announced are expected to further drive growth and development in the country.

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