Finance Minister Nirmala Sitharaman underscored the ongoing transformative trajectory of India’s economy while presenting the final budget before the imminent Lok Sabha polls. The core emphasis of Budget 2024 revolves around fortifying conditions for the disenfranchised, encompassing the impoverished, women, youth, and farmers.
Here are the key takeaways from Nirmala Sitharaman’s Budget 2024:
- Finance Minister Nirmala Sitharaman outlined a comprehensive approach to GDP, emphasizing governance, development, and performance.
- Addressing the needs of the marginalized, Sitharaman identified four major segments – “garib” (the poor), “mahilayen” (women), “yuva” (the youth), and “annadata” (the farmer), asserting their welfare as the highest priority.
- The government successfully lifted 250 million people out of poverty over the last decade.
- A crop insurance scheme is expected to benefit 40 million farmers.
- Inflation has moderated, and economic growth has seen positive momentum.
- Tax reforms, widening the tax base and increasing collections, were highlighted by Sitharaman.
- The Finance Minister projected the next five years as a period of unprecedented economic growth, with India being the fastest-growing among major nations.
- The government aspires to make the country ‘Viksit’ (developed) by 2047, with plans to construct 20 million affordable houses in the next five years, complementing the existing 30 million.
- A new scheme to strengthen deep technology for defense purposes will be launched.
- Assistance for the middle class to build their own houses was emphasized by Sitharaman.
- The government plans to build 20 million affordable houses in the next five years, adding to the 30 million already constructed.
- Success stories of self-help groups were highlighted, empowering one crore women to achieve financial prosperity.
- Fiscal projections for FY24 anticipate a lower fiscal deficit at 5.8% of GDP, with further reductions to 5.1% in FY25 and 4.5% by FY26.
- No changes were reported in direct and indirect taxation.
- Tax benefits for startups, investments by sovereign wealth, and pension funds are extended until March 2025.
- Significant investments in the tourism sector were pledged by Sitharaman.
- The Union Territory of Lakshadweep will receive focused attention to enhance tourist infrastructure.
