In a much-anticipated budget presentation, Finance Minister Nirmala Sitharaman outlined the fiscal blueprint for the upcoming financial year 2024-25. With a comprehensive approach encompassing taxation, infrastructure development, social welfare, and economic reforms, the budget aims to steer India towards sustained growth and development.
![Key Highlights of Budget FY 2024-25 by FM Nirmala Sitharaman Key Highlights of Budget FY 2024-25 by FM Nirmala Sitharaman](/img/preview/budget/20240201160114_bkey.png)
Let's delve into the key highlights unveiled in the budget speech
- Stable Income Tax Regime: The budget maintains the status quo on income tax slabs, providing stability for taxpayers.
- Corporate Tax Stability: No changes in tax rates for companies, LLPs, or any other entities, ensuring continuity in the corporate tax regime.
- Tax Incentives for Startups: Extending tax sops for sovereign wealth funds and startups until March 2025 to foster innovation and entrepreneurship.
- Taxpayer Service: Withdrawal of direct tax demands for small amounts, benefiting over 1 crore taxpayers.
- Modernization of Railways: Conversion of 40,000 normal railway bogies to Vande Bharat standards to enhance rail infrastructure.
- R&D Financing: Establishment of a ₹1-lakh crore corpus for long-term interest-free financing to boost private sector research and development (R&D).
- Rooftop Solarisation: Initiative to enable 1 crore households to obtain up to 300 units of free electricity monthly through rooftop solarisation.
- Focus on Empowerment: Targeting marginalized groups including Garib (poor), Mahila (women), Annadata (farmers), and Yuva (youth) for inclusive development.
- Vision 2047: Aim to transform India into a developed nation by 2047.
- Food Security: Assurance of free rations for 80 crore people to address food security concerns.
- Poverty Alleviation: Remarkable achievement of lifting 25 crore people out of multidimensional poverty over the past decade.
- Leakage Reduction: Government's efforts resulted in saving ₹2.7-lakh crore through leakage avoidance.
- Digital Agri Mandi: Integration of 1,051 mandis with electronic agri Mandi, facilitating transactions worth ₹2-lakh crore.
- Support for Farmers: Incremental increases in minimum support prices (MSP) to support farmers' livelihoods.
- Direct Financial Assistance: Extending financial assistance to 11.8 crore farmers annually under PM Kisan Samman Yojana.
- Empowering Street Vendors: Credit assistance provided to 78 lakh street vendors under PM SVANIDHI scheme.
- Inclusive Development: Schemes like PM JANMAN and PM Vishakarma aimed at empowering vulnerable groups and artisans.
- Empowerment of Differently Abled: Scheme for empowerment of Divyang and transgender individuals to ensure inclusivity.
- Entrepreneurial Support: PM Mudra Yojana sanctioning 43 crore loans amounting to ₹22.5 lakh crore to nurture youth entrepreneurship.
- Education Reforms: Implementation of National Education Policy 2020 and focus on quality teaching under PM Shri initiative.
- Skill Development: Skill India Mission training 1.4 crore youth and establishing 3,000 new ITIs.
- Higher Education Expansion: Establishment of prestigious institutions like IITs, IIITs, IIMs, AIIMSs, and universities.
- Sports Achievement: India's highest ever medal tally in Asian Games and Para Games in 2023 showcasing sports prowess.
- Gender Empowerment: Initiatives like Triple Talaq ban, women's reservation in politics, and housing ownership promoting women's dignity.
- STEM Education: Increasing enrollment of girls and women in STEM courses and workforce participation.
- GDP Governance: Emphasis on comprehensive GDP - Governance, Development, and Performance.
- Healthcare Expansion: Extension of Ayushman Bharat scheme to Asha, Anganwadi workers, and helpers.
- Housing Initiative: Launching schemes to facilitate housing for the middle class and rural population.
- Healthcare Infrastructure: Committee formation for setting up more medical colleges and free cervical cancer vaccines for girls.
- Agricultural Innovation: Expansion of Nano DAP application in agroclimatic zones and modernization of agricultural markets.
- GST Reform: GST ensuring One Nation One Market One Tax for streamlined taxation.
- Financial Gateway: Initiatives like GIFT IFSC and Unified Regulatory Authority IFSCA attracting global capital.
- Inflation Management: Proactive measures to manage inflation within policy bounds.
- Fisheries Scheme: Promoting fisheries sector to achieve ₹1 lakh crore exports target.
- Housing for All: Targeting 2 crore additional houses under PM Awas Yojana Gramin.
- Fiscal Prudence: Revised fiscal deficit estimated at 5.8% for FY24 and 5.1% for FY25.
- Investment Promotion: Promoting private and public investment in post-harvest activities and tourism infrastructure.
- FDI Inflow: FDI inflows doubling between 2014-2023, indicating investor confidence.
- Population Management: Addressing concerns of fast population growth through a high-powered committee.
- Global Trade Corridor: India's initiatives like the Middle East-Europe corridor enhancing global trade prospects.
- Tourism Development: Projects for port connectivity and tourism infrastructure on islands including Lakshadweep.
- Agricultural Market Integration: Electronic National Agricultural Market integrating mandis and empowering farmers.
- Taxation Stability: Retention of same tax rates for direct and indirect taxes including import duties.
- Economic Transparency: White paper on pre-2014 economic mismanagement to ensure accountability.
The budget for FY 2024-25 reflects the government's commitment to holistic development, economic stability, and inclusive growth.
With a focus on innovation, infrastructure, and social welfare, India's fiscal roadmap sets the stage for a resilient and prosperous future.
Also Read: Interim Budget Speech 2024-2025