Key Insights From Nirmala Sitharaman’s Budget 2024 Speech

Budget 2024: Nirmala Sitharaman articulated the government’s vision to elevate India to a ‘Viksit’ (developed) nation by the year 2047. Nirmala Sitharaman, stated today that India’s economy is undergoing a profound metamorphosis as she presented the final budget of the Narendra Modi government before the Lok Sabha polls scheduled by May.

Ms. Sitharaman emphasized the government’s commitment to improving the circumstances for the underprivileged, women, youth, and farmers in her Budget 2024 speech, establishing the framework for forthcoming welfare initiatives in these domains.

Here are the main points from Nirmala Sitharaman’s Budget 2024:

  • “The government is dedicated to a more all-encompassing GDP – governance, development, performance,” expressed Ms. Sitharaman.
  • Over the past decade, the government has uplifted 250 million individuals from poverty.
  • Benefits from the crop insurance scheme will extend to 40 million farmers.
  • Inflation has stabilized, and there is an upswing in economic growth.
  • Tax reforms have broadened the tax base and augmented tax collections, as per Ms. Sitharaman.
  • The Finance Minister anticipated an unparalleled economic upswing in India over the next five years.
  • Addressing the parliament’s applause, she declared that India’s economy, the swiftest growing among major nations, is in the midst of a significant transformation.
  • She articulated the aspiration to metamorphose the country into a ‘Viksit’ (developed) state by 2047.
  • “The forthcoming five years will be an epoch of extraordinary development and auspicious moments, propelling the realization of the vision of a developed India by 2047,” Ms. Sitharaman proclaimed.
  • The government will initiate a new program to fortify advanced technology for defense purposes.
  • Nirmala Sitharaman assured assistance to deserving segments of the middle class in constructing their residences.
  • The government aims to construct 20 million affordable houses in the next five years, supplementing the existing 30 million houses.
  • Highlighting the success of self-help groups, the government revealed that one crore women have been empowered to become “Lakhpati didis” during the Budget 2024 presentation.
  • The fiscal deficit for FY24 is projected to be lower than the target at 5.8% of GDP, envisaging a further reduction to 5.1% in FY25 and a subsequent decrease to 4.5% by FY26.
  • There will be no modifications in taxation, both direct and indirect.
  • Tax incentives for startups and investments by sovereign wealth and pension funds will be prolonged until March 2025.
  • In her interim Budget 2024 speech, the Finance Minister asserted that the government will make substantial investments in the tourism sector across the nation.
  • She pledged undivided attention to enhance tourist infrastructure in the island Union Territory of Lakshadweep.

What Is Interim Budget?

An interim budget is a temporary financial plan presented by the government during the transition period when a new government is about to take charge or during an election year. It covers the government’s spending and revenue for a short duration until a full-fledged budget can be formulated by the new government.

The need for an interim budget arises to ensure that essential government functions and services continue to operate smoothly during the transitional phase. It helps avoid disruptions in government spending and ensures that necessary expenses are met until a new government can thoroughly assess the financial situation and present a comprehensive budget for the entire fiscal year.

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