Sector-wise Look At The Important Interim Budget 2024 Announcements

A sector-wise look at the important announcements made in the Interim Budget 2024 by Ms Nirmala Sitharaman.

Interim Budget 2024

The Interim Budget for the year 2024 was announced by the finance minister Ms Nirmala Sitharaman earlier today. While we will have to wait for the elections to get the full union budget, several important announcements were made in today’s budget across different sectors. 

  • Fiscal deficit for FY25 to be 5.1%, which is less than the market estimate of 5.3-5.4%

  • Full union budget expected after a new government comes to power

  • At 58 minutes, it is the shortest of the six budget speeches by Ms Sitharaman

  • Direct and Indirect Taxes

 – As expected in an interim budget, no changes were proposed in the direct and indirect tax laws

  1. The finance minister extended the tax benefits given to startups, investments made by sovereign wealth or pension funds, and specific incomes of IFSC units that are expiring this financial year, to 31 March 2025.
  2. Old disputed tax demands of up to Rs 25,000 pertaining to 2009-10 or earlier will be dismissed. Similar demands for 2010-11 to 2014-15 will be dismissed if they are less than Rs 10,000.

  • Real Estate – 

    1. The PM Awas Yojana Grameen has undertaken an additional target of completing two crore houses in the next five years

    2. A new scheme will help middle-class families living on rent or in chawls and unauthorised colonies to build or buy homes

  • Green Energy – 

    1. Measures to be taken in offshore wind energy generation, coal gasification and liquefaction, compressed biogas, CNG, piped natural gas, etc. 

    2. Expansion of e-vehicle infrastructure and introduction of more e-buses

    3. New scheme for bio-manufacturing and bio-foundry announced

    4. 1 crore households to get solar panels

  • Healthcare – 

    1. More medical colleges to be set up 

    2. Vaccination for the prevention of cervical cancer will be encouraged for 9 to 14-year-old girls

    3. A comprehensive programme to cover the various maternal and childcare schemes

    4. Angadvaadi upgrades to deliver better nutrition and early childhood care

    5. Immunisation management will be expedited under the U-Win platform and Mission Indradhanush

    6. Ayushman Bharat Health Care scheme to cover all Asha workers, Angadvaadi workers and helpers. 

Also ReadBudget 2024: What Experts Want From The Interim Budget

  • Agriculture and allied sectors – 

    1. Promotion of private and public investment in post-harvest activities

    2. Use of Nano DAP on crops in all agro-climatic zones

    3. Aatmanirbhar Oilseeds Abhiyan to achieve self-reliance in oilseeds

    4. A comprehensive programme for dairy farmers

    5. Pradhan Mantri Matsya Sampada Yojana to enhance productivity, double exports, generate 55 lakh job opportunities and set up five aquaparks.

  • Infrastructure and industries – 

    1. Three major economic railway corridors announced

    2. Convert 40,000 normal railway bogies to Vande Bharat standards

    3. Metro rail and NaMo Bharat expansion in large cities

    4. Long-term interest-free loans to states to develop iconic tourist places

    5. Develop island tourism 

  • Entrepreneurship – 

    1. Sufficient finance, technology and training support to MSMEs

    2. A corpus of Rs 1 lakh crore for research and innovation in sunrise sectors through long-term financing and refinancing at low or nil interest

    3. Scheme to strengthen deep-tech technologies for the defence sector

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Also ReadWhat Can The Travel And Tourism Industry Expect From The Interim Budget 2024?

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