The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, introduces several key measures aimed at boosting various sectors of the Indian economy while maintaining fiscal responsibility. Here are some of the highlights:
Tax Reforms:
No changes in direct and indirect tax rates were proposed, maintaining predictability for businesses and taxpayers (mint) (Press Information Bureau (PIB)).
Significant enhancements in taxpayer services include a reduction in the average processing time for tax returns to 10 days and the introduction of faceless assessments (Press Information Bureau (PIB)).
Infrastructure and Transportation:
The capital expenditure outlay for infrastructure is increased by 11.1% to ₹11.11 lakh crore, which is 3.4% of the GDP (mint).
Major railway projects include converting 40,000 rail bogies to Vande Bharat coaches and developing three new railway corridors (mint).
Support for MSMEs:
Introduction of a credit guarantee scheme to facilitate term loans for machinery and equipment purchases (mint).
The increase in the MUDRA loan limit from ₹10 lakh to ₹20 lakh to boost small businesses (mint).
Skill Development:
A new initiative aims to skill 20 lakh youth over the next five years, focusing on aligning with the demands of sectors like healthcare (mint).
Women Empowerment:
Enhancement of the ‘Lakhpati Didi’ scheme target to empower three crore women through self-help groups (mint).
Agriculture and Rural Development:
Continued support for farmers through schemes like PM-KISAN and PM Fasal Bima Yojana, benefiting millions of farmers (Press Information Bureau (PIB)).
Two crore more houses to be constructed under the PM Awas Yojana (Grameen) in the next five years (Press Information Bureau (PIB)).
Economic and Fiscal Goals:
The fiscal deficit target for FY25 is set at 5.1% of GDP, with a goal to reduce it to 4.5% by FY26 (mint) (mint).
Emphasis on building a $5 trillion economy by empowering MSMEs and improving credit access (mint).
These measures collectively aim to drive sustainable growth, enhance credit accessibility, and promote social justice and economic development. For more detailed information, you can refer to the full articles on Mint and the Press Information Bureau websites.
