Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 in the Parliament today, February 1, which kept the major focus on India's macroeconomic growth and fiscal consolidation. This was the sixth budget presented by Sitharaman and the last one of Prime Minister Narendra Modi-led government's second term.
Since 2024 is an election year, with Lok Sabha Elections expected in April-May, the finance minister unveiled an Interim Budget or a Vote on Account in February, rather than a comprehensive annual budget. After the formation of the new government, the new full Budget is expected in July this year.
Here is a three-minute summary of the Budget 2024 presented by Finance Ministry Nirmala Sitharaman today, February 1 in Parliament. Check the key numbers at a glance:
-The revised fiscal deficit is estimated at 5.8 per cent of GDP for 2023-24, with a goal to reduce it below 4.5 per cent by 2025-26.
-Capex outlay has been increased to ₹11.11 trillion for the fiscal year starting 1 April 2024, up 11.1 per cent from 2023-24 allocation
-The Centre aims for ₹14 lakh crore of gross market borrowings through dated securities aimed for 2024-25
-The budgeted expenditure for MGNREGS in 2024-25 is ₹86,000 crore, same as the revised estimate for 2023-24
-300 units: Free electricity to be provided per month to 10 million households through rooftop solarization
- ₹44 lakh crore is the Revised estimate for total expenditure for 2023-24, slightly lower than the budgeted ₹45 trillion
-10 million: Number of taxpayers likely to benefit from the withdrawal of historical tax demands until 2014-15
-A 19 per cent increase in gender budget of the Centre in 2024-25, to ₹3 lakh crore.
Also Read | Income Tax Budget 2024 Live Updates: No change in slabs, both new and old regimes to continue
In conclusion, the Interim Budget 2024-25 reflects the government's continued focus on inclusive growth, economic stability, strategic global positioning, sector-specific developments, environmental sustainability, and tax reforms, with an overarching vision towards a developed India by 2047.
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