02-Feb-2024

Budget, 2024, Finance, Government , Empowerment,

Budget 2024

The budget 2024 is a comprehensive financial plan that outlines the financial priorities and strategies for the coming year. This blog outlines the key goals and objectives, revenue projections, expenditure plans, and funding mechanisms for the proposed budget.

The Interim Budget 2024 was focused on youth and women empowerment, while maintaining revenue merging and continuing capital investment. FM Sitharaman lowered the FY25 revenue shortage target to 5.1% of the GDP. There were no changes made to the direct tax and indirect tax rates. FM announced on February 1, 2024, that the theme of this year’s budget is “Viksit Bharat Budget 2024”. The FM repeated that the country would continue to work towards Atmanirbhar Bharat. Meanwhile, the welfare and aspirations of Gareeb (poor), Mahila (women), Yuva (youth) and Annadata (farmers) will be key areas of focus in the 2024 mid-term budget.

Interim Budget 2024: Direct Tax Proposals

1. FM announced that the same direct tax rates will be maintained for the financial year 2024-25. Under the new tax regime, taxpayers whose income does not exceed Rs 7 lakh will not be required to pay tax.

2. The corporate tax rate is 22% for existing domestic companies and 15% for certain new manufacturing companies.

3. FM revealed that direct tax revenue has more than tripled over the past decade and the number of taxpayers has increased 2.4 times.

4. On the other hand, the average processing time for tax returns has decreased from 93 days (about 3 months) in 2013-14 to 10 days (about 1 and a half weeks) in 2023-24.

Interim Budget 2024: Viksit Bharat by 2047

This year’s Budget took on the Viksit Bharat theme, with the government visualising a developed India by 2047. ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmers) are the four-pillars of the Viksit Bharat Budget 2024. Considering the people-centric inclusive development plan, the finance minister announced-

1. There will be significant progress in the advancement of various types of infrastructure - including physical, digital, and social.

2. The implementation of Digital Public Infrastructure (DPI) will play a crucial role in encouraging formalization and enhancing financial inclusion.

3. The government aims to expand and diversify the tax base through the implementation of GST.

4. The reinforced financial sector has successfully restored savings, credit, and investment to their rightful path.

5. The establishment of a robust gateway known as GIFT IFSC will facilitate global capital and financial services for the economy.

6. Proactive measures will be taken to effectively manage inflation.

Garib Kalyan, Desh ka Kalyan

1. The implementation of Direct Benefit Transfer (DBT) has resulted in savings amounting to Rs. 2.7 lakh crore.

2. A total of 25 crore individuals have successfully escaped multidimensional poverty.

3. Under the PM-SVANidhi scheme, credit assistance has been extended to 78 lakh street vendors.

The Youth Empowerment Program

1. Over 11.4 million young individuals have received training as part of the Skill India Mission.

2. Supporting the entrepreneurial dreams of the youth - a total of 430 million loans have been approved under the PM Mudra Yojana.

3. A fund of Rs. 100 billion has been allocated to support technologically skilled young individuals with a 50-year, interest-free loan at minimal or no interest rates, enabling them to access financing or refinancing opportunities.

The welfare of Annadata

1. A total of 118 million farmers have received direct financial assistance through the PM-KISAN program.

2. The PM Fasal Bima Yojana has extended crop insurance coverage to 40 million farmers.

3. The integration of 1,361 mandis into the eNAM platform has facilitated trading worth Rs. 3 trillion, promoting seamless agricultural transactions.

Women empowerment

1. A total of 130 million Mudra Yojana loans have been distributed to women entrepreneurs.

2. Over the past decade, there has been a 28 percent rise in female enrollment in higher education.

3. STEM courses witness a significant 43 percent female enrollment.

4. 100 million women are supported by 8.3 million Self-Help Groups (SHGs) to become successful Lakshapati Didis.

The Budget 2024 is a strategic financial plan that aims to promote economic growth, social welfare, education, healthcare, infrastructure development, climate change reduction, public safety, and digital transformation. By using revenue sources and adopting effective funding mechanisms, the government aims to deliver on its promises and improve the lives of its citizens.

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Budget 2024