New Delhi, February 01: Finance Minister Nirmala Sitharaman presented the Interim Budget for FY-2024-25. This Budget will be the last one by the Modi government before the country heads to General elections.

In her Union Budget 2024-25 speech, Finance Minister Nirmala Sitharaman outlined a profound transformation of India’s economy. The government’s focus is on improving conditions for the poor, women, youth, and farmers, setting the stage for welfare schemes in these areas. Union Budget 2024-25: Indian Economy Witnessed Profound Positive Transformation in Last 10 Years, Says FM Nirmala Sitharaman (Watch Video).

Union Budget 2024-25: Highlights From Nirmala Sitharaman’s Interim Budget

Key takeaways from the Budget 2024 include:

  1. The government is focused on a more comprehensive GDP - governance, development, performance.

  2. Over the past decade, the government has lifted 250 million people out of poverty.

  3. Benefits from the crop insurance scheme will reach 40 million farmers.

  4. Inflation has moderated, and economic growth has picked up.

  5. Tax reforms have broadened the tax base and increased tax collections.

  6. The next five years are projected to see unprecedented economic growth in India.

  7. The government aims to make India ‘Viksit’ (developed) by 2047.

  8. A new scheme will be launched to strengthen deep tech for defence purposes.

  9. The government will assist deserving middle-class sections in building their own houses.

  10. The government plans to build 20 million affordable houses in the next five years, adding to the 30 million houses already built.

  11. The success of self-help groups has empowered 1 crore women to become “Lakhpati didis”.

  12. The FY24 fiscal deficit is expected to be lower than the target at 5.8% of GDP; it is pegged at 5.1% in FY25 with an aim to reduce it to 4.5% by FY26.

  13. There will be no changes in taxation - both direct and indirect.

  14. Tax benefits for startups and investments made by sovereign wealth and pension funds will be extended to March 2025.

  15. Significant investment will be made in the country’s tourism sector, with the island Union Territory of Lakshadweep receiving undivided attention to improve its tourist infrastructure.

FM Sitharaman lowered down FY25 fiscal deficit target to 5.1% of the GDP. There were no changes made to the direct tax and indirect tax rates.

(The above story first appeared on LatestLY on Feb 01, 2024 01:13 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).