The anticipation surrounding India’s Budget Day is palpable as businesses and citizens eagerly await insights into potential schemes and initiatives that could shape their lives. This year, with elections looming, Interim Budget 2024 is presented as an Interim Budget. However, Finance Minister Smt. Nirmala Sitharaman has adeptly introduced schemes and benefits to meet public expectations.

Under the theme “Viksit Bharat Budget 2024,” the Finance Minister emphasizes India’s dedication to Atmanirbhar Bharat, prioritizing the welfare of various segments including the poor (Gareeb), women (Mahila), youth (Yuva), and farmers (Annadata).

Key Highlights of Interim Budget 2024:

Direct Tax Proposals:

• Maintaining current tax rates for direct taxes in FY 2024-25.
• Tax exemption for those earning up to Rs. 7 lakh under the new regime.
• Corporate tax rates are set at 22% for existing domestic companies and 15% for specific new manufacturing firms.
• Extending tax benefits for startups and investments by sovereign wealth funds/pension funds until March 2025.

Goods and Services Tax (GST):

• Doubling average monthly gross GST collection to Rs. 1.66 lakh crore in FY24.
• Keeping customs rates, including import duties, stable in FY 2024-25.

Youth Empowerment:

• Training 1.4 crore youth under the Skill India Mission.
• Sanctioning 43 crore loans under the PM Mudra Yojana to foster entrepreneurship.

Welfare of Farmers (Annadata):

• Providing direct financial assistance to 11.8 crore farmers under PM-KISAN.
• Offering Crop Insurance to 4 crore farmers under PM Fasal Bima Yojana.
• Integrating 1,361 mandis under eNAM.

Garib Kalyan, Desh ka Kalyan:

• Implementing Direct Benefit Transfer (DBT), resulting in savings of Rs. 2.7 lakh crore.
• Assisting 78 lakh street vendors under PM Svanidhi.
• Making significant strides in poverty reduction.

Roadmap for Viksit Bharat:

• Focusing on developing physical, digital, and social infrastructure.
• Introducing Digital Public Infrastructure (DPI) to promote formalization and financial inclusion.
• Expanding and diversifying the tax base through GST.
• Establishing GIFT IFSC as a robust global capital and financial services gateway.

Nari Shakti:

• Prioritizing the development of physical, digital, and social infrastructure.
• Introducing Digital Public Infrastructure (DPI) to promote formalization and financial inclusion.
• Broadening the tax base through GST.
• Establishing GIFT IFSC as a robust global capital and financial services gateway.

Infrastructure and Investment:

• Executing major railway corridor programs and encouraging foreign investment.
• Expanding airports and developing new ones under the UDAN scheme.
• Transforming urban areas through Metro rail and NaMo Bharat projects.

Inclusive Development: During Amrit Kaal, the Finance Minister underscored the importance of inclusive development and introduced an aspirational District Programme to aid states in accelerating development, including employment generation. In this context:

Healthcare:

• Promoting cervical cancer vaccination for girls aged between 9-14 years.
• Upgrading Anganwadi centers under the Saksham Anganwadi and Poshan 2.0 scheme.
• Launching the U-WIN platform to support Mission Indradhanush’s immunization efforts.
• Expanding health coverage under the Ayushman Bharat scheme to include all ASHA, Anganwadi workers, and helpers.
• Establishing a committee to address issues related to establishing more medical colleges in India.

Housing:

• Nearly reaching the target of 3 crore houses under the Pradhan Mantri Awas Yojana (Grameen), with an additional 2 crore targeted for the next 5 years.
• Introducing a housing scheme for the middle class to encourage homeownership.

Tourism:

• Encouraging states to develop iconic tourist centers to boost business and create local entrepreneurship opportunities.
• Providing long-term interest-free loans to states to stimulate development.
• Undertaking projects for port connectivity, tourism infrastructure, and amenities in islands, including Lakshadweep.

Agriculture and Food Processing:

• Encouraging private and public investment in post-harvest activities.
• Expanding the application of Nano-DAP across all agro-climatic zones.
• Formulating the Atmanirbhar Oilseeds Abhiyan to achieve self-sufficiency in oilseeds.
• Developing a comprehensive program for dairy development.
• Intensifying the Pradhan Mantri Matsya Sampada Yojana to enhance aquaculture productivity, double exports, and create more employment opportunities.
• Establishing five integrated aqua parks.

Strategy Shift for Amrit Kaal as Kartavya Kaal – Sustainable Development/Green Energy:

• Committing to achieving ‘Net Zero’ by 2070.
• Providing viability gap funding for offshore wind energy, coal gasification, and liquefaction capacity.
• Implementing phased mandatory blending of CNG, PNG, and compressed biogas.
• Offering financial assistance for biomass aggregation machinery.
• Promoting rooftop solarization and supporting electric vehicles.