The Interim Budget for 2024 was presented by FM Nirmala Sitharaman in the Lok Sabha on February 1st. Explore the key points.
An interim budget is a financial plan presented during a transition period of a year, typically focusing on essential expenditures and services.
The Interim Budget 2024 prioritizes youth & women empowerment while maintaining fiscal consolidation.
The Capital Expenditure Outlay for FY 2024-25 is increased by 11.1% to INR 11,11,111 crore, with a focus on railway corridors to reduce logistics costs.
A substantial allocation of INR 144.18 crore is made for the staff, household & allowances of the president.
Despite other challenges, the budget aims to reduce the fiscal deficit, aligning with the vision of 'Viksit Bharat by 2047'.
No changes are announced in tax slabs as per Finance Minister Nirmala Sitharaman.
The government has removed income tax demands up to INR 25,000 (till 2009-10) & INR 10,000 (from 2010-11 to 2014-15), benefiting around one crore taxpayers.
A new scheme was introduced to assist the middle class living in rented houses to purchase or build their own homes.
The gross tax revenue target for FY25 has been raised by 11.46% to INR 38.31-lakh crore from INR 34.37 lakh crore in FY24.