Explore Budget 2024:

Sitharaman’s vision for a developed India by 2047 unveiled in government’s ambitious plan, as Modi Ji called it “Viksit Bharat”

In her interim budget speech, Finance Minister Nirmala Sitharaman suggested maintaining current direct and indirect tax rates, along with import duties.

In her interim budget speech, Finance Minister Nirmala Sitharaman presented a key proposal to maintain the existing tax rates for both direct and indirect taxes, along with import duties.

This long-anticipated announcement brings clarity to speculations regarding the potential default status of the new tax regime introduced in the Union Budget 2023. Ms. Sitharaman, in adherence to convention, began her announcements with this confirmation.

On the direct taxation front, the finance minister went on to propose the withdrawal of outstanding tax demands. The proposed limits are set at up to Rs 25,000 for the period up to the financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15. This strategic move is expected to bring relief to approximately “a crore taxpayers.”

Finance Minister Nirmala Sitharaman declared today that India’s economy is undergoing a profound transformation, as she presented the last budget of the Narendra Modi government before the Lok Sabha polls scheduled by May.

In her Budget 2024 speech, Sitharaman outlined the government’s concentrated efforts on enhancing the conditions for the underprivileged, women, youth, and farmers. She set the tone for forthcoming welfare schemes dedicated to these crucial sectors, aligning with the government’s commitment to social upliftment.

Budget 2024 Highlights: Key Takeaways from Nirmala Sitharaman’s Address

1. The government’s focus extends beyond traditional GDP, encompassing governance, development, and performance, as highlighted by Finance Minister Nirmala Sitharaman.

2. Emphasizing the need for attention to the “four major castes” – the poor, women, youth, and farmers – Sitharaman asserted that their needs, aspirations, and welfare hold the highest priority.

3. Over the past decade, the government has successfully lifted 250 million people out of poverty.

4. The benefits of the crop insurance scheme are set to reach 40 million farmers.

5. Notably, inflation has moderated, and economic growth has experienced an upward trajectory.

6. Tax reforms have contributed to a widened tax base and increased tax collections, according to Sitharaman.

7. Sitharaman anticipates unprecedented economic growth in India over the next five years.

8. India’s economy, the fastest growing among major nations, is undergoing profound change, Sitharaman declared to applause in parliament.

9. The government aims to transform the country into a ‘Viksit’ (developed) nation by 2047.

10. A new scheme will be launched to enhance deep-tech capabilities for defense purposes.

11. Assistance for deserving sections of the middle class to build their own houses is on the government’s agenda.

12. The government pledges to build 20 million affordable houses in the next five years, supplementing the 30 million already constructed.

13. The success of self-help groups has empowered one crore women to become “Lakhpati didis,” as announced in Budget 2024.

14. The fiscal deficit for FY24 is expected to be lower than the target at 5.8% of GDP, with a further reduction to 5.1% in FY25 and a target of 4.5% by FY26.

15. No changes are proposed in taxation, both direct and indirect.

16. Tax benefits for startups and investments made by sovereign wealth and pension funds will be extended until March 2025.

17. Significant investments are planned for the tourism sector in the country, according to Finance Minister Nirmala Sitharaman during her Budget 2024 speech.

18. The island Union Territory of Lakshadweep will receive special attention from the government to enhance its tourist infrastructure.

Source: Google, The Hindu, NDTV

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