Budget 2024: 3-minute summary of Finance Ministry Nirmala Sitharaman’s Interim Budget speech

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.

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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:

Interim Budget 2024: Key Figures

-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 | Budget 2024 corporate reactions LIVE updates: Green energy sector hails interim budget announcements by FM Sitharaman

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Also Read | Budget 2024 Live Updates: Capex outlay for next year increased by 11.1%, says FM

• Social Justice and Empowerment:
  • The government aims to achieve all-around, pervasive, and inclusive development, focusing on the empowerment of the poor, women, youth, and farmers.
• Economic and Fiscal Management:
  • The budget outlines a multi-pronged economic management strategy, including infrastructure development, digital public infrastructure, and tax reforms.

Also Read | Income Tax Budget 2024 Live Updates: No change in slabs, both new and old regimes to continue

• Sector-Specific Initiatives:
  • Significant focus on agriculture, with initiatives like Nano DAP and Atmanirbhar Oil Seeds Abhiyan.
  • Development programs for fisheries, dairy, and the empowerment of women in rural areas.
  • Emphasis on the youth through education and skill development, support for startups, and sports achievements.
  • Healthcare initiatives, including expansion of Ayushman Bharat and cervical cancer vaccination.
• Infrastructure and Environmental Initiatives:
  • Massive capital expenditure outlay, development of major railway corridors, and expansion of the aviation sector.
  • Focus on green energy, including offshore wind energy, coal gasification, and bio-manufacturing.
  • Promotion of electric vehicles and the establishment of a bio-manufacturing and bio-foundry scheme.
• Tourism and Investment Promotion:
  • Comprehensive development of tourist centers and infrastructure projects to boost domestic tourism.
  • Foreign Direct Investment (FDI) inflows marked a significant increase, with continued efforts to attract more foreign investment.
• Tax Reforms and Ease of Doing Business:
  • Rationalization of direct and indirect tax rates, including GST, to ease the tax burden and improve compliance.
  • Proposals to withdraw outstanding direct tax demands for small amounts, benefiting about a crore taxpayers.
• Future Outlook and ‘Viksit Bharat’ Vision:
• The budget sets the foundation for the vision of a ‘Viksit Bharat’ (Developed India) by 2047, focusing on demographic, democratic, and diversity strengths.
• Commitment to national development with new inspirations and resolutions, termed as ‘Kartavya Kaal’ (Era of Duty).

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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Published: 01 Feb 2024, 01:12 PM IST