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Interim Budget 2024
February 3 , 2024
300 days
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- Finance Minister Nirmala Sitharaman presented the Interim Budget in the Lok Sabha.
- She set a record by presenting the sixth Budget in a row -- five annual Budgets and one interim.
- She surpassed the records of her predecessors like Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha, who had presented five budgets in a row.
- Morarji Desai, as Finance Minister, had presented five annual Budgets and one interim Budget between 1959-1964.
- The Government proposed to maintain the same tax rates for direct and indirect taxes, including import duties.
- The Government borrowings on a gross and net basis for 2024-25, at Rs. 14.13 lakh crore and Rs. 11.75 lakh crore, respectively were lower than 2023-24.
- Spends on capital expenditure have been increased to ₹11.11 lakh crore for 2024-25.
- The Government will continue on path of fiscal consolidation to reduce fiscal deficit to 4.5% in 2025-26.
- A scheme to help middle class living in rented houses to buy or build their own houses will be launched.
- Tax benefits to start-ups and investments made by sovereign wealth or pension funds are extended by 1 year till March 31, 2025.
- Fiscal deficit for FY25 projected at 5.1% was lower than the revised estimate (5.8%) in FY24.
- The Govt is to borrow ₹14.13-lakh crore in next fiscal, lower than ₹15.43 lakh crore in FY24.
- Nominal GDP growth for FY25 is projected at 10.5%.
- Gross tax revenue target for FY25 was hiked 11.46% to ₹38.31-lakh crore, from ₹34.37 lakh crore in FY24.
- Direct tax collection target was set at ₹21.99-lakh crore, while that of indirect tax is at ₹16.22-lakh crore.
- The allocation for children in the interim Budget for fiscal year 2024-25 has witnessed a notable increase, reaching ₹109,493.08 crore.
- The defence budget was increased to ₹6.21 lakh crore for 2024-25 in a modest hike of 4.72 per cent from last year’s allocation of ₹5.25 lakh crore.
- The budgetary allocation for the civil aviation ministry has come down to ₹2,300 crore.
- The agriculture ministry has been allocated ₹1,27,469.88 crore for 2024-25 financial year.
- The government has allotted more than ₹73,000 crore for school education in the interim Budget for 2024-25.
- The largest share of aid portfolio has been granted to Bhutan with the allocation of ₹2,068 crore.
- ₹13,000 crore was allocated to the Tribal Affairs Ministry in the interim Budget 2024-25, with an increase of 70 per cent from the previous financial year.
- The Ayushman Bharat scheme will be expanded to all ASHA workers, Anganwadi workers and helpers.
- The Centre will encourage cervical cancer vaccination and combine maternal and child health care schemes into one comprehensive programme.
- The Government will subsidise the construction of 30 million affordable houses in rural areas.
- Two crores more homes will be built under the PM Awas Yojana.
- Rooftop solar for at least 300 units of power generation which will be given free electricity for households.
- Government has pulled 25 crore people out of poverty in ten years.
- FM noted that government provided free food for 80 crore people through various schemes.
- Direct Benefit Transfers of Rs. 34 lakh crores through PM Jan Dhan Yojana accounts have led to savings of ₹2.7 lakh crore.
- 43 crore loans were sanctioned under PM Mudra Yojana.
- The Government will also expand the ‘Lakhpati Didi’ scheme to empower rural women and boost the rural economy.
- 30 crore Mudra Yojana loans were disbursed to women entrepreneurs.
- The next ‘full budget’ will be presented in July, once a new government has been sworn in after the Lok Sabha elections.
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