New Delhi, Feb 1: Union Finance Minister Nirmala Sitharaman presented the interim budget ahead of the end of the 2024 Lok Sabha elections.
No changes were introduced to tax slabs. Meanwhile, the fiscal deficit target — the gap between the government’s revenue and expenses — for 2024-25 (FY25) was set at 5.1% of the gross domestic product (GDP). The next ‘full budget’ will be presented in July, once a new government has been sworn in after the Lok Sabha elections.
Budget 2024: Top Highlights from Union Budget 2024-25 by FM Nirmala Sitharaman 1.
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3. The Minister also redefined the GDP by saying that the government is equally focused on GDP – Governance, Development and Performance.
4. Health: Encouragement of vaccination for girls aged 9 - 14 years to prevent cervical cancer. Besides, various schemes under maternal and child healthcare to be amalgamated into one comprehensive programme for improved synergy in implementation.
5. Tech-savvy youth: A corpus of Rs 1 lakh crore will be established with 50-year interest free loan provided. The corpus will provide long term financing and re-financing with long tenures at low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains.
6. Rooftop solarisation: 1 crore households will benefit from rooftop solarisation, providing up to 300 units of free electricity monthly. Expected benefits include savings of up to Rs. 15,000 - Rs. 18,000 and opportunities to sell surplus electricity to discoms.
7. Housing for middle class: Launch of a scheme to assist deserving sections of the middle class living in rented houses, slums, chawls, or unauthorized colonies to buy or build their own houses.
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8. Railways: Three major railway corridor programs will be implemented. These are: 1) Energy, mineral and cement corridor 2) Port-connectivity corridor 3) High-traffic density corridor and 40,000 normal rail bogeys will be converted to Vande Bharat standards
9. Nano DAP application: Following the success of nano urea, Nano DAP application on various crops will be expanded across all agroclimatic zones.
10. Electric Vehicles: Entrepreneurship opportunities for vendors and employment prospects for youth skilled in manufacturing, installation, and maintenance of electric vehicles.
Also Read: Budget 2024: What is Interim Budget? How is it different from Union Budget?
11. Societal changes: Formation of a high-powered committee to comprehensively address challenges arising from population growth and demographic changes, with recommendations for comprehensive solutions.
12. No changes to income tax slabs.
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