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Finance Minister Nirmala Sitharaman unveiled the interim Union Budget 2024 in Parliament today, marking her sixth budget presentation. As the nation anticipates the upcoming Lok Sabha Elections, the interim budget refrains from altering tax slabs in both old and new regimes. This short-term financial plan seeks parliamentary approval for an advance grant to cover essential government expenditures for the initial four months of the new fiscal year.
Important points:
- No change is expected in tax rates for individual taxpayers opting for the regular tax regime
- Nirmala Sitharaman said the government is working to make India 'Viksit Bharat' by 2047
- Government is focusing on four major groups - poor, women, youth and the farmers
- Government has helped 25 crore people to get freedom from poverty in last 10 years
- Goods Service Tax GST has enabled 'one nation one market one tax'. Tax reforms have led to deepening, widening of tax base
- Rooftop solarisation to give 1 crore households 300 units of free electricity per month
- Nirmala Sitharaman's Tech Push: corpus of ₹ 1 lakh crore will be established with 50-year interest free loan to provide long term financing with long tenure with no or less interest rates
Financial points:
- FY24 fiscal deficit seen at 5.8% of GDP
- FY24 total expenditure revised to ₹ 44.90 lakh crore
- FY 24 total receipts other than borrowings is ₹ 27.56 lakh crore
- FY24 tax receipts are ₹ 23.24 lakh crore
- FY25 fiscal deficit seen at 5.1%
- Aim to reduce fiscal deficit to below 4.5% by FY26
- FY25 gross market borrowing seen at ₹ 14.13 lakh crore