Finance Minister Nirmala Sitharaman presented the interim Union Budget 2024-25 in Parliament on Thursday. As a vote-on-account Budget, the Budget is an unsurprising one. Direct and indirect tax rates remain unchanged. The following are the main contents of the budget:

Capital expenditure next year will increase by 11.1% to 11,111.11 billion rupees, accounting for 3.4% of GDP.

The 50-year interest-free loan will continue to be provided to states for capital expenditure this year, with a total expenditure of Rs 130 crore. A 50-year interest-free loan of Rs 75,000 crore has been proposed this year to support the landmark reforms of Viksit Bharat implemented by the state government.

Referring to the fiscal consolidation plan announced in the 2021-22 budget speech, Sitharaman said the fiscal deficit is expected to be 5.1 per cent of GDP in 2024-25 and bring it down to below 4.5 per cent by 2025-26. Stay on this path.

Sitharaman also said gross and net market borrowings through term securities are estimated at Rs 14.13 and Rs 1,175 crore respectively during 2024-25, both of which will be lower than 2023-24.

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Divided into four main castes. They are “Garib” (poor people), “Mahilayen” (women), “Yuva” (youth) and “Annadata” (farmers). Their welfare is the government’s top priority.

In his 2024 Budget speech, India’s Finance Minister said, “We are working towards making India a ‘Viksit Bharat’ by 2047. To achieve this, we need to empower people and empower them.”

The government will attach great importance to making the eastern region and its people a strong driver of India’s economic growth. Prime Minister Awas Yojana (Grameen) is close to achieving the target of building Rs 30 million houses, with two more to be added in the next five years. Crores of housing construction to meet the demand generated by the increase in the number of households. Similarly, through rooftop solar, 10 million households will receive up to 300 kilowatt hours of free electricity per month.

Sitharaman announced that this will be a golden era for our tech-savvy youth as a treasury of Rs 100 crore will be created through 50-year interest-free loans.

“We are working towards making India a ‘Viksit Bharat’ by 2047. To achieve this, we need to empower people and empower them,” she said.

In terms of railways, three major economic railway corridor plans are implemented – the energy, mineral and cement corridor, the port connectivity corridor, and the high traffic density corridor.

In the aviation sector, the number of airports has doubled to 149, with 517 new routes currently serving 130,000 passengers. Air India has aggressively placed orders for more than 1,000 new aircraft.

Withdrawal of outstanding direct tax requirements

The interim budget proposes to withdraw unpaid direct tax claims up to Rs 25,000 during the financial year 2009-10 and up to Rs 10,000 between the financial years 2010-11 to 2014-15. This is expected to benefit tens of millions of taxpayers.

Direct taxes triple

Thanks to taxpayers for their support, Smt. Sitharaman said that in the past 10 years, direct taxes have more than tripled and the number of tax filers has also increased by 2.4 times.

GST reduces compliance burden

Sitharaman said the GST reduces the compliance burden on trade and industry by unifying India’s highly fragmented indirect tax system. She referred to a recent survey conducted by a leading consultancy firm that said 94 per cent of industry leaders believed the transition to GST would be largely positive.

lay white paper

Regarding the economic situation in India, the Indian federal minister said that the responsibility to gradually improve the economy and straighten out the governance system in 2014 is huge. She said that the government has successfully done this with its firm belief in the “nation-state”. -First’.

Tax benefits for start-ups

The government has announced tax incentives for start-ups and investments by sovereign wealth or pension funds. “Certain tax benefits for start-ups and investments in sovereign wealth or pension funds, as well as exemptions from certain income from certain IFSC units, will expire on March 31, 2024. To ensure tax continuity, I propose that the date be extended until March 31, 2025,” she said.