Budget 2024: The Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman presented the Interim Budget 2024-25 in Parliament today. This was the sixth budget presented by the present Finance Minister.
In her budget speech, FM Nirmala Sitharaman said the country’s fiscal deficit for financial year 2025 will narrow to 5.1% from the revised 5.8% for 2024. Capital expenditure will rise by 11.1% to 11.11 trillion rupees ($133.9 billion) in fiscal year 2025.
In her about 60 min long speech the Finance minister said, Eighty-three lakh SHGs with nine crore women are transforming rural socio-economic landscape with empowerment and self-reliance. Their success has assisted nearly one crore women to become Lakhpati Didi already.
They are an inspiration to others. Their achievements will be recognised through honouring them. Buoyed by the success, it has been decided to enhance the target for Lakhpati Didi from 2 crore to 3 crore, she added.
Here’s the Key highlights of the budget 2024
- No changes in direct, indirect tax rates in this budget.
- Tax benefits to start-ups and investments made by sovereign wealth or pension funds extended by 1 year till March 31, 2025
- India’s real GDP projected to grow at 7.3 per cent in FY 2023-24
- Capital expenditure hiked 11% to ₹11.11-lakh crore
- Investments : FDI inflow during 2014-23 of USD 596 billion was twice of the inflow during 2005-14.
- Fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP
- Momentum for Nari Shakti : 30 crore Mudra Yojana loans given to women entrepreneurs. Over 70% houses under PM Awas Yojana given to women from rural areas.
- Welfare of ‘Annadata’ : PM-KISAN SAMMAN Yojana provided financial assistance to 11.8 crore farmers.
- Railways : Forty thousand normal rail bogies to be converted to Vande Bharat standards. Key rail infrastructure projects will be expanded to more cities.
- Tourism Sector: Huge Investments For Lakshadweep To Draw Tourists. States will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at global scale.
- Ayushman Bharat cover will be extended to all Anganwadi and Asha workers. All maternal and child healthcare schemes will be brought under one comprehensive scheme
- PM Awas Yojana (Grameen) The target of three crore houses under PM Awas Yojana (Grameen) will be achieved soon. Two crore more houses to be taken up in the next five years.