In her sixth consecutive budget presentation, Finance Minister Nirmala Sitharaman outlined the government’s focus on transformative measures for India’s economy. The budget, being the last before the upcoming Lok Sabha polls, emphasized welfare initiatives for the poor, women, youth, and farmers. Here are the key takeaways from Nirmala Sitharaman’s Budget 2024:
- The government is concentrated on comprehensive GDP – governance, development, and performance.
- Notable achievements include uplifting 250 million people from poverty over the past decade.
- A crop insurance scheme aims to benefit 40 million farmers.
- Inflation moderation and economic growth acceleration were highlighted.
- Tax reforms have broadened the tax base and increased collections.
- The Finance Minister envisions unprecedented economic growth in India over the next five years.
- The goal is to make India ‘Viksit’ (developed) by 2047.
- The government plans to strengthen deep tech for defense purposes with a new scheme.
- Support for deserving sections of the middle class to build their own houses will be provided.
- Plans include constructing 20 million affordable houses in the next five years, adding to the existing 30 million.
- Self-help groups’ success empowered 1 crore women to become “Lakhpati didis.”
- Fiscal deficit for FY24 is expected to be lower than the target at 5.8% of GDP; targeted at 5.1% in FY25, with a reduction to 4.5% by FY26.
- No changes in both direct and indirect taxation.
- Tax benefits for startups and investments by sovereign wealth and pension funds extended to March 2025.
- Significant investments are planned for the tourism sector, with a focus on improving tourist infrastructure in the Union Territory of Lakshadweep.
- Finance Minister Nirmala Sitharaman’s Budget 2024 aims to address immediate challenges while setting the stage for sustainable and inclusive growth in the coming years.