Highlights of the 2024 Interim Budget of India Presented, by Finance Minister Nirmala Sitharaman
The 2024 Interim Budget of India, presented on February 1, 2024, by Finance Minister Nirmala Sitharaman, was an interim budget as general elections are due in April-May 2024.
The government increased the capital expenditure outlay for the next year by 11.1% to Rs 11,11,111 crore, which would be 3.4% of the GDP.
The government aims to reduce the fiscal deficit to 4.5% of GDP by 2025-26. The fiscal deficit for 2023-24 is estimated to be 5.8% and for 2024-25, it is targeted at 5.1%.
The government maintained the same tax rates for direct and indirect taxes, including import duties. This was expected as major changes in tax policy are usually announced in the regular budget, which is presented after the elections.
The government announced a scheme of 50-year interest-free loans for capital expenditure to states with a total outlay of Rs 1.3 lakh crore.
More than two crore houses will be constructed in the coming 5 years under PM Awas Yojana.
The government will launch a scheme to help eligible sections of the middle class “living in rented houses, slums, chawls, and unauthorized colonies” to construct their own houses.
Nirmala Sitharaman announced the Target of Lakhpati Didi Yojana increased from 2 crore women to 3 crore women