Union Budget 2024 Update :
The Union Finance Minister, Niramala Sitharaman presented an interim budget in Parliament today ahead of 2024 loksabha election. Expectations were high for a potential redefinition of the the Income Tax Slab in the budget. However there is no such good news for tax payers in the union budget 2024. The old tax slabs remain unchanged in this interim budget for direct and indirect taxation including import duties.
Key Points of Union Budget 2024 :
During the presentation of her 6th budget, the Union Finance Minister asserted that the objective of the government is to transform India into a developed nation by 2047. She explained that the GDP stands for Governance, Development and Performance.
Here are the key takeaways of her speech.
- Tourist sector in the country is expected to experience a significant boost in coming years with plans for redefined the infrastructure within next five years. She highlighted that the government is committed to providing undivided attention to the Union Territory of Lakshadweep to make it more attractive to tourists.
- No Changes are proposed in direct and indirect taxation. “I do not propose changes in tax rates in direct and indirect taxes, including import duties”, said the Union Finance Minister during her speech.
- More than 1 Crore women have been empowered by Self help group and have become “Lakhpati Didis”
- 43 Crores have been sanctioned so far for the youth, as claimed by the Finance Minister during her shortest ever speech lasting for 56 minutes
- As per the interim union budget 2024, 40 thousand railway bogies will be transformed to Vande Bharat coach level to improve safety and comfort. Existing railway projects, such as NAMO BHARAT and METRO RAIL, will be expanded
- Three railway corridors have been announced which are the energy, mineral, cement corridor, Port connectivity corridor and high traffic density corridor
- She also claimed that India is the fastest growing country among all major growing nations in the world
- The defense budget for FY 2024-25 is 6.21 Lakh Crore constituting 13.04% of the budget for 2024. It is one of the significant highlight of the interim union budget 2024
- The Fiscal deficit target is set at 5.1% of the total GDP for FY 25 and the fiscal deficit for FY24 has also been reduced to 5.8%
The Prime Minister, Narendra Modi, praised the Finance Minister by highlighting that this budget has a reflection of the youthful aspirations of a young India. He further expressed confidence, stating that “this budget gives the guarantee of making India a developed nation by 2047”.
Also read: https://newsheadline365.com/union-budget-2024/