Key Highlights of Budget FY 2024-25 by FM Nirmala Sitharaman

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.

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