Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 for the fiscal year 2024-2025 on February 1, 2024, revealing key plans and initiatives for the nation’s economic growth and welfare.
Highlighting the Key Points of Interim Budget 2024-2025
- The Interim Budget 2024-2025 was presented by Nirmala Sitharaman, the Minister of Finance, on February 1, 2024 [Page no. 5].
- The Indian economy has witnessed positive transformation in the last ten years, and the people of India are looking ahead to the future with hope and optimism [Page no. 5].
- The total receipts other than borrowings for the fiscal year 2023-2024 are estimated to be Rs. 27.56 lakh crore, with tax receipts estimated at Rs. 23.24 lakh crore. The total expenditure for the same period is estimated to be Rs. 44.90 lakh crore [Page no. 27].
- The revenue receipts for the fiscal year 2023-2024 are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalization in the economy. The Revised Estimate of the fiscal deficit is 5.8% of GDP [Page no. 27].
- For the fiscal year 2024-2025 ( Interim Budget 2024-2025), the total receipts other than borrowings and the total expenditure are estimated to be Rs. 30.80 lakh crore and Rs. 47.66 lakh crore respectively. The tax receipts are estimated at Rs. 26.02 lakh crore [Page no. 27].
- The government aims to focus on four major castes – ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth), and ‘Annadata’ (Farmer) – and their needs, aspirations, and welfare are the highest priority [Page no. 8].
- The government plans to withdraw outstanding direct tax demands up to Rs. 25,000 for the period up to financial year 2009-10 and up to Rs. 10,000 for financial years 2010-11 to 2014-15, benefiting about a crore tax-payers [Page no. 32].
- The government aims to improve ease of living and ease of doing business and make improvements in tax payer services [Page no. 32].
- The government has a vision for ‘Viksit Bharat’ and a strategy for ‘Amrit Kaal’ in Interim Budget 2024-2025. [Page no. 5].
- The Interim Budget 2024-2025 has a focus on inclusive development and growth, social justice, economic management, global context, and infrastructure development [Page no. 5].
- The government emphasizes the importance of social justice and the saturation approach of covering all eligible people to achieve comprehensive social justice [Page no. 8].
Highlighting the positive transformation witnessed by the Indian economy in the past decade, Sitharaman instilled hope and optimism in the people of India. The total receipts, excluding borrowings, for the fiscal year 2023-2024 are projected to be Rs. 27.56 lakh crore, with tax receipts estimated at Rs. 23.24 lakh crore in Interim Budget 2024-2025. The total expenditure for the same period is expected to reach Rs. 44.90 lakh crore.
Sustaining the growth momentum and formalization in the economy, revenue receipts for the fiscal year 2023-2024 are expected to surpass the budget estimates. The fiscal deficit, as per the revised estimate, is projected to be 5.8% of the GDP.
Also Read: Paytm Payments Bank’s Bold Move After RBI Restrictions – Find Out What They’re Planning Next!
Looking ahead to the fiscal year 2024-2025, the total receipts, excluding borrowings, and the total expenditure are anticipated to be Rs. 30.80 lakh crore and Rs. 47.66 lakh crore, respectively. Tax receipts for this period are estimated at Rs. 26.02 lakh crore.
The government’s primary focus lies on four major sections of society, namely the ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth), and ‘Annadata’ (Farmers), with their needs, aspirations, and welfare taking precedence. In order to benefit approximately a crore taxpayers, the government plans to withdraw outstanding direct tax demands up to Rs. 25,000 for the period up to the financial year 2009-10 and up to Rs. 10,000 for the financial years 2010-11 to 2014-15.
The government aims to improve the ease of living and ease of doing business, while also making enhancements in taxpayer services in Interim Budget 2024-2025. With a vision for ‘Viksit Bharat’ and a strategy for ‘Amrit Kaal’, the government’s emphasis remains on inclusive development and growth, social justice, economic management, global context, and infrastructure development.
In their pursuit of comprehensive social justice, the government underscores the importance of the saturation approach, ensuring coverage for all eligible individuals.
The Interim Budget speech by Finance Minister Nirmala Sitharaman sets the groundwork for a promising future for the Indian economy, with plans and policies focused on uplifting various segments of society and promoting overall growth and development.
[Page numbers are provided to refer to the source data]
Last Updated on 8 months
