India Budget 2024: A Blueprint for Inclusive Growth and Economic Resilience
Despite global uncertainties, India's economic growth remains robust. The Finance Minister, Smt. Nirmala Sitharaman, highlighted that India’s inflation is low, stable, and moving towards the 4% target. Core inflation (non-food, non-fuel) stands at 3.1%.
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Major Initiatives and Schemes
The PM’s package includes five schemes with an outlay of ₹2 lakh crore, aimed at providing employment, skilling, and opportunities for 4.1 crore youth over five years.
Focus on Employment, Skilling, MSMEs, and Middle Class
The budget prioritizes employment, skilling, MSMEs, and the middle class, allocating ₹1.48 lakh crore for education, employment, and skilling. The Mudra loan limit is enhanced to ₹20 lakh from ₹10 lakh.
Agricultural Advancements
A provision of ₹1.52 lakh crore is allocated for agriculture and allied sectors. The government will release 109 high-yielding and climate-resilient crop varieties and initiate 1 crore farmers into natural farming.
Women-Led Development
An allocation of over ₹3 lakh crore is dedicated to schemes benefiting women and girls. Working women hostels and crèches will be set up in collaboration with industry.
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Rural Development
A provision of ₹2.66 lakh crore is made for rural development, including rural infrastructure. Phase IV of PMGSY will provide all-weather connectivity to 25,000 rural habitations.
Energy Security and Infrastructure
PM Surya Ghar Muft Bijli Yojana aims to install rooftop solar plants for 1 crore households. ₹11.11 lakh crore is allocated for capital expenditure, representing 3.4% of GDP.
Tax Reforms and Relief
Significant tax relief for salaried individuals and pensioners includes an increase in the standard deduction from ₹50,000 to ₹75,000 and enhanced family pension deduction from ₹15,000 to ₹25,000.
Over 58% of corporate tax receipts are collected under the new regime, with two-thirds of individual taxpayers switching to the new income tax regime. Angel tax is abolished for all investors to boost startups, and corporate tax on foreign companies is reduced from 40% to 35%.
Budget Estimates for 2024-25
Total receipts (excluding borrowings) are estimated at ₹32.07 lakh crore, and total expenditure at ₹48.21 lakh crore. The net tax receipts are ₹25.83 lakh crore, with a fiscal deficit estimated at 4.9% of GDP.
India's Budget 2024-25 sets a forward-looking agenda with a focus on inclusive growth, economic stability, and creating ample opportunities for all sectors of society.