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Indian Budget 2024: A New Fiscal Policy Budget of 2024-25

Indian Budget 2024: A New Fiscal Policy Budget of 2024-25

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The Indian Budget 2024 for the economic 12 months of year 2024-25, supplied by means of Finance Minister Smt. Nirmala Sitharaman on Feb 1st, 2024, encompasses quite a number tasks geared toward fostering economic boom and social welfare.

Ms. Sitharaman mentioned in her Budget 2024 speech, Centre’s several initiatives for women, youth and poor etc., She stated that the Indian economy has undergone a radical change and credited structural reforms implemented by the government.

The government’s concentration was directed towards four of major ‘varnas’, which were women, youth, farmers and poor “as when they progresses then country proceed,” she added.

Image Credit: The Economic Times

Taxation and Financial Reforms:

  • The price range continues the current fees for direct and oblique taxes, such as import obligations.
  • Notably, there is an extension of tax benefits to Start-Ups and investments through sovereign wealth or pension price range till March 31, 2025.
  • A commendable step is the withdrawal of great direct tax demands as much as Rs. 25000/- for positive intervals, benefiting a massive range of taxpayers.
  • Direct tax collections have seen a giant growth, with the tax base of GST more than doubling and the average month-to-month gross GST collection reaching Rs. 1.66 lakh crore.
  • With the Direct Benefit Transfers (DBTs) amounting to Rs. 34 lakh crore, there were considerable government savings savings of about Rs. 2.7 lakh crore.
  • As Revenue Secretary Sanjay Malhotra said, the withdrawal of standing claims (outstanding small direct tax demands for certain years) amounted to about 1.1 crore will cost less than Rs. 3,500 crore to exchequer.

Social Justice and Empowerment:

  • The budget emphasizes upliftment across four key segments: the bad, ladies, youngsters, and farmers.
  • Programs like PM Jan Dhan Yojana awareness on tribal businesses, marking a sizable step toward inclusive development.

Education and Youth Empowerment:

  • Establishment of recent educational institutions which includes IITs, IIMs, AIIMS, and universities.
  • The Pradhan Mantri Mudra Yojana has made giant strides in encouraging young people entrepreneurship.

Economic and Infrastructure Development:

  • The advent of foremost financial railway corridor programs and the upgrading of rail bogies to Vande Bharat standards.
  • In the aviation area, there is a great increase inside the variety of airports and new plane orders.

Housing and Urban Development:

  • The authorities keeps its attention on housing, with the Pradhan Mantri Awas Yojana (Grameen) making plans to construct 2 crore greater homes in the subsequent 5 years.

Image Credit: Fortune India

  • Introduction of a new scheme to assist middle-elegance families in owning homes.
  • The Pradhan Mantri Suryodaya Yojna introduced in the Indian Budget of 2024-25 concentrates on rooftop solarization and has a plan to provide Rs. 1 crore households with up to 300 units free electricity per month.

Healthcare Initiatives:

  • Budget 2024 Plans to set up more scientific schools and sell cervical cancer vaccination.
  • Healthcare facilities under Ayushman Bharat will be extended to all Aasha workers, Aanganwadi workers.

Agriculture and Food Processing:

The Indian Budget for the fiscal year 2024-25 has added numerous new schemes and has continued its consciousness on tremendous investments in various sectors to force increase and improvement.

Here are the highlights of the brand new tasks and schemes, at the side of their sanctioned funds and related details:

Research and Innovation:

  • A fund worth Rs. 1 lakh crore is set up to kick start a glorious era in the history of youngsters who are technology-driven that shall propel their country forward.
  • This Fund is designed to offer long-term loan or refinancing of loans with such high tenors and irregular, if any interest repayments; noticeable the fund frees up financial resources that enable sustained mass private sector.

Railways:

  • Budget concentrates on energy, mineral, and cement corridors which provide better rail infrastructure for traffics optimization to boost economic performance.
  • Consolidation of the port connectivity and high-traffic density corridors effectively forms a cornerstone for strengthening the rail sector through planning, directive measures.
  • Transforming 40,000 rail carriages to Vande Bharat standards emphasizes a significant leap in passenger safety and comfort.
  • Key rail infrastructure projects including Metro Rail and Namo Bharat will be expanded to more cities.

Image Credit: TimesofIndia

Aviation Sector:

  • India’s aviation as airports double to 149,along with 517 new routes, boosting passenger capacity considerably amid extensive boom.
  • Indian vendors order 1000 new aircrafts, signaling a commitment to aviation sector’s growth in fiscal year budget 2024.

High-Powered Committee:

  • Challenges arising from fast population increase will be dealt with by a committee, whose recommendations would take ‘Viksit Bharat’ into consideration for coherent development initiatives.
  • Setting up a powerful committee to deal with demographics change and all actions meeting the ambition of ‘Viksit Bharat’.

Fiscal Policy and Taxation:

  • The interim finances keeps the direct and oblique taxes unchanged, making sure stability in tax tiers for continuity.
  • Significant upgrades in taxpayers offerings such as withdrawal of legacy direct taxes needs.
  • Unchanged import responsibilities hold balance in the tax surroundings.
  • Measures installed location to simplify tax administration that eases the concerns of sincere taxpayers.

Conclusion

The Indian budget 2024 is extra than only a monetary statement; it lays down the time table of India with a view to be modern, inclusive and sustainable.

This budget is a landmark within the records of fiscal planning due to the fact via taking up balanced technique closer to growth, empowerment and innovation it has set an example for future planners.

It sincerely indicates that the authorities is decided to manual the India onto a higher and wealthy future.

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