Budget 2024 : No change in tax structure

• Interim budget presented
• 40,000 ordinary railway coaches to be transformed into Vande Bharat coaches
• New projects will be started in Lakshadweep
• 3 new railway lines will be started
• 3 crore women will become ‘Lakhpati Didi’

New Delhi – Union Finance Minister Nirmala Sitharaman presented the interim budget for the year 2024-25 in the Lok Sabha. No change has been made in the tax structure in this budget. Therefore, it is seen that the middle class has not got any special benefit from this. The full budget will be presented in July. The plan of developed India will be presented in it, finance minister said.

Finance Minister Sitharaman said,

1. The Interim Budget has focused on 4 sectors. Poor, women, youth and farmers. In this, the Government lifted 25 crore people out of poverty. A total of ₹34,00,000 crore has been sent to the accounts under Garib Kalyan Yojana. Approximately 1 crore women have become lakhpatis. Now the target of ‘Lakhpati Didi’ has been set to make 3 crore women lakhpatis. 3,000 new IITs have been opened for the youth. 54 lakh youth have been trained. 11.08 crore people have got financial assistance through the Pradhan Mantri Kisan Yojana for farmers.

2. The process of paying income tax has been simplified as no tax is levied on those with income up to ₹7 lakh. Returns are also issued immediately. Goods and Services Tax (GST) collections have doubled. GST has changed the indirect tax system.

3. Fiscal deficit is estimated at 5.1%. Expenditure is ₹44,00,000.9 crore and estimated revenue is ₹30 lakh crore. Income tax collection has increased 3 times in 10 years. We have reduced the tax rate. By 2025-26, the deficit will be even smaller.

4. We have introduced dedicated schemes for biofuels. The development of tourist centres will be expedited, and the development of the tourism sector has accelerated. States are being given interest-free loans. 70% of the houses in Pradhan Mantri Awas Yojana (PMAY) are built for women. Foreign investment in the tourism sector will be boosted. A loan of ₹75,000 crore has been given without interest. Foreign investment has also increased from 2014 through 2023. 1.47 crore youth have been trained under ‘Skill India’. Fish production has doubled. Economic development has accelerated in the last 4 years. Yuvashakti (The youth) will form the technology scheme. The number of airports has increased. Airline companies are going ahead with a demand for 1,000 aircraft.

Nothing has become cheap or expensive

Nothing has become cheap or expensive in this interim budget. The reason behind this is that after the implementation of GST in 2017, only the customs and excise duties have been raised or reduced in the budget, which affects only a few items.

₹11,00,000 crore provision for defence

₹11,11,111 crore have been allocated for defence in the interim budget. This amount is 11% higher than last year. Defence accounts for 3.4% of the country’s Gross Domestic Product (GDP). Last year it was only 1.9%.

1 crore families to be brought under rooftop solar power generation

Finance Minister Sitharaman said that 1 crore families will be brought under the rooftop solar energy scheme. This will enable 1 crore families to get free electricity up to 300 units per month. Through this, families will be able to save ₹15,000-18,000 per year by selling the surplus electricity to establishments along with getting free solar energy.

Highlights of the budget

1. New projects will be started in Lakshadweep

2. 11% more will be spent on infrastructure

3. The Committee on Population Growth constituted

4. Everyone will be given a permanent home

5. Pradhan Mantri Matsya Sampada Yojana will be expanded

6. 3 new railway lines will be laid

7. The functioning of passenger trains will be improved

8. Works will be expedited under Pradhan Mantri Gati Shakti Yojana

9. A freight project will also be developed

10. 40,000 ordinary railway coaches will be made like ‘Vande Bharat’ coaches

11. E-vehicles will be made available for public transport

12. Emphasis will also be put on rail-sea connectivity