Sun. Jun 23rd, 2024

Budget 2024 Highlights & Announcements: FM Sitharaman reduces forecasts of the fiscal deficit; no tax adjustments; affordable housing

Budget 2024 Highlights & Announcements: FM Sitharaman reduces forecasts of the fiscal deficit; no tax adjustments; affordable housingBudget 2024 Highlights

Budget 2024 Highlights: Export tariffs, indirect taxes, and direct taxes would continue to be levied at the current rates, as affirmed by Finance Minister Nirmala Sitharaman. She also revealed that the capital expenditure allocation for the next year would increase by 11% to ₹11.1 lakh crore. Sitharaman lowered the budgetary imbalance to 5.8% of the gross domestic product at the federal budget release for the current fiscal year. A housing program for the deserving middle class was also created by the finance minister; it was targeted at people who were renting, living in chawls, slums, or unapproved colonies. According to Prime Minister Modi, this program will help them buy or build their own homes. Sitharaman brought attention to the expansion of Ayushman Bharat healthcare coverage to all ASHA and Anganwadi workers and assistance among a plethora of announcements benefiting youth, the destitute, women, and farmers. – Budget 2024 Highlights

Highlights of the 2024–2025 Interim Budget

  • The rates of direct and indirect taxes remain unchanged.
  • The government has withdrawn income tax requests up to ₹25,000 (until 2009–10) and ₹10,000 (from 2010–11 to 2014–15), This is going to help almost one crore taxpayers.
  • A scheme will be introduced to assist middle-class renters in purchasing or building their own homes.
  • Tax benefits for pension funds and sovereign wealth funds’ investments and start-ups are extended by one year, to March 31, 2025.
  • Capital outlays increased by 11% to ₹11.11 lakh crore.
  • The estimated fiscal deficit for FY25 is 5.1%, which is less than the revised projection of FY24 (5.8%).
  • The government plans to borrow ₹14.13 lakh crore in the upcoming fiscal year, which is lower than the ₹15.43 lakh crore borrowed in the fiscal year 2023-24.
  • The projected nominal GDP growth rate for the fiscal year 2024-25 is 10.5%.
  • Up from ₹30,000 crores in FY24, the mop-up from central public sector enterprises (CPSEs) disinvestment is estimated at ₹50,000 crores for FY25.
  • The gross tax revenue forecast for FY25 increased by 11.46% to ₹38.31 lakh crore from ₹34.37 lakh crore in FY24.
  • The aim for direct tax collection is ₹21.99 lakh crore, while indirect tax is ₹16.22 lakh crore.
  • The government intends to publish a white paper on the economy’s mishandling before 2014.
  • Reforms of the next generation will be revealed after consulting with States and stakeholders.
  • The government will establish a high-powered body to handle issues related to population growth and demographic shifts.

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