Tax policy remains unchanged, major subsidies on food, fertilizers and fuel were reduced by 8 per cent and allocations for the MGNREGA rural employment scheme remained stable in the 2024 interim budget read out by union finance minister Nirmala Sitharaman in Parliament on Thursday. The People’s Court election held in May.
The interim budget is seen as a stopgap fiscal package during an election year, designed to meet immediate fiscal needs before a new government is formed. The full union budget will only be released after the election.
“I recommend retaining the same rates of direct and indirect taxes, including import duties,” Sitharaman said.
However, the minister proposes to withdraw up to 25,000 rupees before the 2009/10 fiscal year, and from the 10,000 rupees of the Depera -Rude from the fiscal year from 2010 to 14/15 in fiscal year to 14/15, and said that this will make about about about about The 100 billion rupee taxpayer benefits.
Sitraman said that over the past 10 years, the amount of direct levy has been doubled, and the number of tax declaration forms has increased by 2.4 times.
“The Indian economy has undergone profound positive transformation over the past decade. The Indian people look to the future with hope and optimism,” the minister said.
She added that the needs, desires and benefits of Garib (poor), Mahilayen (women), YUVA (youth) and Annadata (farmers) are the “highest priority” led by Premier Modi.
Sitraman also stated in the sixth consecutive (also the first temporary) budget that the government of Prime Minister Narendra Modi was working hard to make India a “developed Barlat” by 2047. This development It will be “all-encompassing, inclusive and ubiquitous”.
“Our vision of VIKSIT Bharat is to build a prosperous India … Harmony with nature and modern infrastructure, and provide everyone with the opportunity to play potential,” she said. “In the next five years, it will be an unprecedented development, and it is also a golden moment to achieve the developed goals of India.”
Sitharaman said the government plans to set up a “high-power committee” to “broadly consider the challenges posed by rapid population growth and demographic challenges”.
“The committee will be mandated to make recommendations to comprehensively address these challenges and achieve the objectives of ‘Viksit Bharat’,” she explained.
Sitraman said that the fiscal deficit of India’s 2024-25 fiscal year is expected to account for 5.1%of the GDP. The country’s total borrowing in the fiscal year is estimated to be 14.13 billion rupees. She said that the fiscal deficit of 2023-24 is expected to be 5.8%, which is slightly lower than the previous budget estimate of 5.9%. She announced that the alliance government will continue to implement fiscal rectification to achieve the goal of fiscal deficit in fiscal 2025-26.
Sitharaman said FDI (foreign direct investment) inflows between 2014 and 2023 marked a “golden era”. The figure is $596 billion, double the amount between 2005 and 2014, she said.
“In order to encourage sustainable foreign investment, the government is negotiating bilateral investment treaties with our foreign partners in the spirit of foreign direct investment or ‘first development of India’,” she said.
The highest funding in the budget is the Ministry of National Defense, with 6.2 billion rupees, followed by the Ministry of Transport, 2.78 billion rupees, and the last railway, 2.55 billion rupees.
In her speech, she said: “Our government provides transparent, responsible, people -oriented, and trust -based governance, with citizenship, the minimum government, and the maximum governance model.”
The minister said 40,000 regular railway bogies will be modified as per “Vande Bharat standards” to enhance safety and comfort of passengers. She also announced the three major economic railway corridors under the leadership of Premier Gatti Shakti: energy, minerals and cement corridors; port connecting corridors and high traffic density corridors.
The alliance government proposes to increase the capital expenditure of 2024-25 fiscal year to 11.1%to 11.11 billion rupees. This will account for 3.4%of GDP.
According to the “St. Gansi National Rural Employment Guarantee Law”, the trade union government allocates 860 billion rupees for the employment security plan of 2025, which is the same as the expenditure given in the budget after the fiscal year.
Sitraman said that a new plan will be launched to help part of the deserves to buy or build her own house in the middle class that “lives in renting houses, slums, huts, and unauthorized colonies”. She also said, she also said, ” In the next five years, Pradhan Mantri Awas Yojana (Grame) will build another 20 million rupees of houses.
The Minister of Finance announced that it will set up a new fund with a total fund of 1 billion rupees and provides 50 -year interest -free loans to promote innovation. “This will encourage the private sector to expand research and innovation in the field of Chaoyang,” she said. “We need to formulate plans to combine the strength of young people with technology.”
After the pran pratistha ceremony held at the Ram Mandir in Ayodhya on January 22, Sitharaman mentioned Prime Minister Narendra Modi’s promise to reduce electricity bills for the poor. When the expected benefit of the roof solar plan was listed, the Minister of Finance stated that after the historic completion ceremony, the Prime Minister’s “determination” was implemented, which caused the implementation of the plan. She further mentioned that the scheme is expected to not only bring savings to households but also create entrepreneurship and employment opportunities. The finance minister added that free solar power will be provided to power distribution companies along with surplus power, saving households up to Rs 18,000 per year.
Sitharaman also announced that the government will strengthen the electric vehicle ecosystem by supporting electric vehicle manufacturing and building charging stations and encouraging greater adoption of electric buses in public transport.
Prime Minister Narendra Modi said that the temporary budget was “inclusive” and “innovative”, and added that it would make the lives of ordinary people easier.
“The income tax reduction plan will provide reduction for the 10 million middle class. In this budget, it will make important decisions for farmers.” Premier Modi said.
MPs Manish Tavari expressed concern about budget deficit. “This is a ‘accounting voting’, and its purpose is only one, that is, to maintain the government’s solvency in the first quarter of this fiscal year. What is worrying is that the budget deficit is as high as 18 billion rupees. This means that the government is doing it for it for it for it. Expenditure borrowing. This number will only increase next year, “he said.
Industrialist Anand Mahindra welcomed the interim budget. The Mahindra Group chairman said too much drama is created around the budget every year, which raises expectations for policy announcements to an “unrealistic level of enthusiasm”. “The budget is not necessarily the occasion to announce transformational policies. These can and should happen throughout the year,” he wrote on social media site X. “Like for all private households, the Budget is an opportunity to plan our finances carefully and honestly. The more we focus on living within our means and investing for a strong and sustainable future, the more confidence we will gain from investors around the world. “
(Institutional investment)
Follow us on Google news ,Twitter , and Join Whatsapp Group of thelocalreport.in
