Key Highlights of the Interim Budget 2024: At Quick Glance

Get all the key highlights of the Interim Budget 2024 with announcements related to agriculture, housing, tourism, energy and more.

Post-Budget: Key Highlights

Finance Minister Nirmala Sitharaman presented her sixth straight budget on the floor of the parliament on 1 February 2024. Being the election year norm, she presented an interim budget, while the elected government will present the full budget after the elections. 

  • The full union budget is expected after the new government comes to power in May 2024

  • The lower fiscal deficit can be good news for the bond market

  • Garib, Yuva, Annadata and Narishakti (GYAN) are seen as the key drivers of development

Also Read: Interim Budget 2024 And Stock Market: Expecting A Crash Or A Rally?

The Key Highlights

Some of the key highlights of Interim Budget 2024 are:

  • Vikasit Bharat by 2047 is at the core of the government’s agenda, with a focus on GDP (Governance, Development and Performance).

  • Total expenditure for FY24 has been budgeted at Rs 44.90 lakh crores. Capital expenditure saw an 11.1% increase to reach Rs 11.1 lakh crores. Capex for FY25 will be 3.4% of the GDP.

  • The revised fiscal deficit for FY24 has been estimated at 5.8% of GDP, while for FY25 it is pegged at 5.1%, buoyed by strong tax collections. The market estimate for the same was 5.3-5.4%. The fiscal deficit will be financed by market borrowings from dated securities to the tune of Rs 11.75 lakh crores. 

  • Railways, metros, power and capital goods are identified as key infrastructure segments that will see government support. Indian Railways will improve 40,000 normal railway bogies to Vande Bharat standards. This will improve the safety standards and quality of railway travel.

  • The government will launch a new housing scheme for the middle class. Two crore more houses will be constructed under the PM Awas Yojana. The target completion time is five years.

  • Ayushman Bharat Health Care scheme will be extended to Asha and Angadvaadi workers. Angadvaadis will be upgraded to provide better nutrition and early childcare. Immunisation is to be expanded and streamlined under the U-Win platform and Mission Indradhanush. Cervical cancer vaccination will be provided to girls between the ages of 9 and 14.

  • The finance minister avoided any changes to the present direct and indirect tax structures. However, disputed tax demands of less than Rs 25,000 for FY09 and earlier will be dismissed. Demands of less than Rs 10,000 for FY2010 to FY2014 will also be dismissed.

  • A corpus of Rs 1 lakh crore will be created to encourage research and innovation in sunrise sectors. It will provide long-term financing and refinancing with minimal or zero interest rates.

  • Long-term interest-free loans will be provided to the states to develop tourism.

  • Pradhanmantri Surydaya Yojana will reach 1 crore households, generating 300 units per month and an expected saving of Rs 15,000-18,000 per household.

  • Private and public investment will be promoted in post-harvest activities. Aatmanirbhar Oilseeds Abhiyan will aim to achieve self-reliance in oilseeds.

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Also Read: What Can The Travel And Tourism Industry Expect From The Interim Budget 2024?

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