Budget 2024
As India eagerly awaits the unveiling of the Union Budget for the fiscal year 2024, the nation is poised on the cusp of potentially transformative economic policies. The Budget, which serves as a financial statement of the government’s revenue and expenditure for the upcoming year, is a critical indicator of the nation’s economic health and policy priorities.
This is Nirmala Sitharaman’s sixth Union Budget. The full-fledged budget will be presented by the new government that comes to power after the elections. The interim budget – a short-term financial plan – seeks Parliament’s nod for a grant in advance to meet the government’s essential expenditure for the first four months of the new financial year.
Here Are The LIVE Updates On Interim Budget 2024:
- Current Income Tax Slabs in India 2023-24: The current income tax slab structure under the new regime are:
Slab Structure:
- 0%: No tax on income up to Rs 3 lakhs
- 5%: From Rs 3 lakhs to Rs 6 lakhs
- 10%: From Rs 6 lakhs to Rs 9 lakhs
- 15%: From Rs 9 lakhs to Rs 12 lakhs
- 20%: From Rs 12 lakhs to Rs 15 lakhs
- 30%: Above Rs 15 lakhs
Slab structure under the Old Tax Regime:
- 5%: From Rs 2.5 lakhs to Rs 5 lakhs
- 20%: From Rs 5 lakhs to Rs 10 lakhs
- 30%: Above Rs 10 lakhs
- Tax benefits for startups, investments made by sovereign wealth, pension funds to be extended to March 2025.
- Nirmala Sitharaman’s Budget Speech
- 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
- FM proposes to retain same tax rates for direct and indirect taxes including export Duties.
- Union Budget 2024 Income Tax: Propose No Changes to Taxation, Says Nirmala Sitharaman.
- Cabinet approves continuation of Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) for export of Apparel/Garments till 31st March 2026.
- Cabinet approves subsidy of ₹18.50 per kg per month of sugar to beneficiaries of Antyodaya Anna Yojana (AAY) till 31st March 2026.
- FY25 fiscal deficit budgeted at 5.1% of GDP.
- Union Budget 2024 Income Tax: Fiscal Year 2025 Tax Receipts Pegged at Rs 26.02 Lakh Crore.
- The expansion of existing airports will continue, announced Finance Minister. She added that viability gap funding for harnessing offshore wind energy potential for the initial capacity of 1 GW.
- 3 major railway corridors announced: Port connectivity corridor, energy, mineral and cement corridor and High traffic density corridor, announced Nirmala Sitharaman.
- On the Capex front, the outlay for next year increased by 11.1% to Rs 11.11 lk cr.
- The corpus will provide long-term financing with long tenors and low/nil interest rates. This will encourage pvt sectors to scale up Research and innovation significantly in sunrise domains.
- Will encourage vaccination in girls of 9-14 years to prevent cervical cancer.
- Female enrollment in higher education has gone up by 28% in 10 years.
- In STEM courses, girls and women constitute 43% of enrollment, one of the highest in the world.
- PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for the entrepreneurial aspirations of your youth.
- Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth and established 3,000 new ITIs.
- After the successful adoption of Nano Urea, the application of Nano DAP will be expanded in all agroclimatic zones, announced the Finance Minister.
- Finance Minister Nirmala Sitharaman said benefits of Ayushman Bharat will be extended to all ASHA and Anganwadi workers.
- Rooftop solarisation to give 1 crore households 300 units of free electricity per month, says Nirmala Sitharaman
- Finance Minister Nirmala Sitharaman highlighted the work being done for the farmers of the nation and said that “welfare of 11.8 crore farmers is being done under the PM Kisan Yojana”.
- Economic management over the past 10 years has complimented people-centric development, says Sitharaman
- All forms of infrastructure are being built in record time.
- All parts of the country are becoming active participants in eco-growth.
- DPI, a new factor of production in the 21st century, is instrumental in the formalization of the economy.
- Strengthening of the finance sector has made things more efficient.
FAQs
What Date and time will the Budget be announced?
At 11 am on February 1, the Finance Minister is scheduled to present a provisional financial blueprint to guide the country until a new government is established. This presentation will mark the finance minister's sixth budget announcement, comprising five annual budgets and one interim.
Where to watch FM Nirmala Sitharaman’s speech?
The Budget speech by Finance Minister Nirmala Sitharaman will be broadcasted live on the official Parliament channel, Sansad TV, as well as on Doordarshan.
Where to read the Budget 2024 document?
The interim Budget 2024 will be available in a "paperless form" via the Union Budget Mobile App, which supports both English and Hindi languages. This app can be downloaded on Android and iOS devices or accessed through the Union Budget Web Portal at www.indiabudget.gov.in. Developed by the Government of India, the app will offer access to key Budget documents such as the Annual Financial Statement, Demand for Grants, and the Finance Bill, as required by the Constitution. These documents will be promptly accessible on the Mobile App immediately after the Budget Speech concludes.