Interim Union Budget 2024: FM leaves tax structure untouched


Updated

Daijiworld Media Network - New Delhi

New Delhi, Feb 1: Finance Minister Nirmala Sitharaman today, February 1 presented the Union Budget 2024 in the Lok Sabha. This was an interim budget as it came just ahead of the Lok Sabha Elections. In her Budget speech, she said that Indian economy has witnessed a profound transformation in the last ten years and that the Modi government carried out structural reforms and implemented pro-people programmes. She noted that the government will continue on path of fiscal consolidation to reduce fiscal deficit to 4.5% in 2025-26. 

No changes were announced in the tax slabs in both the old and new regimes. The full budget will be presented in July this year after the new government is formed post-Lok Sabha Elections.

 

FM Sitharaman had earlier said that there would be no major announcements in this budget as polls are due in April-May this year.

In Budget 2023, the Modi Government brought in multiple new regulations for income tax. One notable announcement about personal taxation was making the new income tax regime the default regime. However, the citizens have the option to avail the benefits of the old tax regime. 


Highights of the budget

Some of the key highlights of the budget are social justice, Garib Kalyan, Desh ka Kalyan, Welfare of ‘Annadata’, and Momentum for Nari Shakti.

On Infrastructure, she said that the capital expenditure outlay for infrastructure development and employment generation will be increased by 11.1 per cent to Rs 11,11,111 crore, that will be 3.4 per cent of the GDP.

On reforms in the states for ‘Viksit Bharat’, she said that a provision of Rs 75,000 crore rupees as fifty-year interest free loan has been proposed to support milestone-linked reforms by the state governments.

She said that three major economic railway corridor programmes identified under the PM Gati Shakti will also be implemented to improve logistics efficiency and reduce cost energy, mineral and cement corridors, port connectivity corridors, and high traffic density corridors.

“Forty thousand normal rail bogies will also be converted to Vande Bharat standards,” she said.

About the aviation sector, she said that the number of airports in the country have doubled to 149 airports.

“Five hundred and seventeen new routes are carrying at least 1.3 crore passengers. We have also placed orders for over 1000 new aircrafts,” she said.

On ‘Garib Kalyan, Desh ka Kalyan’, she said that the government has assisted 25 crore people out of multi-dimensional poverty in the last 10 years.

“DBT of Rs 34 lakh crore using PM-Jan Dhan accounts led to savings of Rs 2.7 lakh crore for the government. PM-SVANidhi provided credit assistance to 78 lakh street vendors. At least 2.3 lakh have received credit for the third time,” she said.

On welfare of ‘Annadata’, she said that the PM-Kisan Samman Yojana has provided financial assistance to 11.8 crore farmers.

“Under PM Fasal BimaYojana, crop insurance has been given to 4 crore farmers,” she said.

She said that Electronic National Agriculture Market (e-NAM) has integrated 1361 mandis, providing services to 1.8 crore farmers with a trading volume of Rs 3 lakh crore.

On Nari Shakti, she said that 30 crore Mudra Yojana loans have been given to women entrepreneurs.

“Female enrolment in higher education has gone up by 28 per cent,” she said.

She said that in STEM courses, girls and women constitute 43 per cent of enrolment which is one of the highest in the world.

“Over 70 per cent houses -- under PM Awas Yojana -- have been given to women from rural areas,” she said.

On PM Awas Yojana (Grameen) she said that despite COVID challenges, the target of three crore houses under PM Awas Yojana (Grameen) will be achieved soon.

“At least two crore more houses will be taken up in the next five years,” she said.

She also mentioned rooftop solarisation and “muft bijli”, saying that 1 crore households will obtain 300 units free electricity every month through rooftop solarisation.

“Each household is expected to save Rs 15,000 to Rs 18,000 annually due to rooftop solarisation,” she said.

On Ayushman Bharat, she said that healthcare cover under Ayushman Bharat scheme will be extended to all ASHA workers, Anganwadi workers and helpers.

On agriculture and food processing, the Finance Minister said that Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated at least 10 lakh employment.

“Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60000 individuals with credit linkages,” she said.

“A corpus of Rs 1 lakh crore will be established with fifty-year interest free loan to provide long-term financing or refinancing with long tenors and low or nil interest rates,” she mentioned about research and innovation for catalysing growth, employment and development.

 

Live Updates

11.57 am  - I do not propose to make any changes to taxation and proposed to retain same tax rates for direct and indirect tax rates including import duties," concludes FM Sitharaman

11.52 am - In the full Budget in July, our government will present a detailed roadmap for our pursuit of Viksit Bharat, says FM Sitharaman

11.50 am - I appreciate taxpayers for their continued support, says FM Sitharaman

11.48 am - Revised estimate of fiscal deficit is 5.8% of GDP, says FM

11.46 am - FY25 capex target set at Rs 11.1 lakh crore, up 11.1%: Nirmala Sitharaman.

11.45 am - FM says the government will push for bilateral treaties with foreign partners in the spirit of 'First Develop India

11.43 am - For our tech-savvy youth, this will be a golden era. A corpus of Rs 1 lakh crore will be established with 50-year interest-free loan provided. It will be for long-term financing or re-financing with low or nil interest rates - FM

11.42 am - FM: 40,000 rail bogies to be converted to Vande Bharat standards. Airports to be doubled to 149. Indian carriers have placed orders for 1,000 new aircraft

11.41 am - Recently announced India Middle East Europe Economic Corridor will be game changer for India - Sitharaman

11.40 am - Our government will adopt economic policies which will foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunties for all and help them enhance their capabilities and contribute to generation of resources to power investments and fulfill aspirations. The government will take up next gen reforms and build consensus with stakeholders for effective implementation - FM

11.39 am - Defence outlay to be increased by 11.1% to Rs 11,11,111 crore, which will be 3.4% of GDP - FM

11.38 am - Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anusandhaan (research) is the motto of the Modi govt, says Sitharaman

11.37 am - Despite the challenges due to Covid, implementation of PM Awas Yojana Rural continued and we are close to achieving the target of 3 crore houses. 2 crore more houses will be taken up in the next 5 years to meet the requirement arising from increase in the number of families - FM

11.36 am - India as a G20 host showed forward way and built consensus for solutions for problems being faced by the world - FM

11.34 am - Our govt plans to setup more medical colleges by utilising the existing medical infra under various departments: FM

11.28 am - The economy is doing well. Inflation is moderate - FM

11.27 am - One crore households will get up to 300 units of electricity every month with rooftop solarisation, says FM

11.26 am - Making Triple Talaq illegal, reserving one-third legislative seats for women highlight government's women empowerment programme - FM

11.25 am - Geopolitically, global affairs are becoming more complex. A new world order is emerging after the Covid-19 pandemic. The pandemic led to the crisis while India successfully navigated its way. India assumed the G20 summit after a very difficult time - Sitharaman

11.24 am - PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for entrepreneurial aspirations of your youth. Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth: FM

11.22 am - Average real income of people increased by 50%, says FM Sitharaman

11.21 am - GST regime boosted tax-based growth, says Sitharaman

11.19 am - The Skill India Mission has trained 1.4 crore youth, upskilled and re-skilled 54 lakh youth, and established 3000 new ITIs. A large number of institutional higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 Universities have been set up - FM

11.17 am - In last 10 years, 25 crore people got freedom from multi-dimensional poverty, says FM

11.14 am - Minimum support prices for 'Annadata' (farmers) increased periodically, appropriately: FM Sitharaman

11.13 am - Garib Kalyan is Desh ka Kalyan, says Sitharaman

11.10 am - FM says, 'We need to focus on - Garib, Mahilayen, Yuva and Annadata; Their needs and aspirations are our highest priorities'

11.09 am - DBT of Rs 34 lakh crore has led to savings of Rs 2.7 lakh crore for government, says Sitharaman

11.08 am - Working to make India 'Viksit Bharat' by 2047: FM

11.07 am - Minimum support prices have been increased periodically: Sitharaman

11.06 am - Out govt has strengthened its mantra to Sabka Saath, Sabka Vikas: FM

11.02 am - People blessed the govt with bigger mandate: Nirmala Sitharaman 

 

Earlier report

New Delhi, Feb 1 (IANS): Union Finance Minister Nirmala Sitharaman reached Rashtrapati Bhawan to call on President Droupadi Murmu before presenting the interim Union Budget for 2024 in Lok Sabha.

The FM will also attend the Union cabinet meeting and then present the budget at around 11 a.m.

Sitharaman will also lay a statement of the estimated receipts and expenditure of the government in the interim budget.

An interim budget serves as a temporary measure, often lacking extensive policy considerations, and typically earmarks funds for crucial government operations over a brief period. Consequently, it undergoes less scrutiny and debate in Parliament.

In contrast, the annual Union Budget is a much more thorough financial blueprint, encompassing all facets of expenditure, fund distribution, and revenue generation for the entire fiscal year.

Lok Sabha elections are scheduled this year.

 

 

  

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Comment on this article

  • Naresh, Kerala

    Fri, Feb 02 2024

    From 2004 to 2012 Personal Income Tax rate was 30%. In 2013 & 2014, it became 33.9%. Since BJP came to power, the Personal Income Tax rate has been systematically increased to the present day 42.74%. Whereas Corporate Tax Rate is 34.94%. The rate for the last 3 years was 25.17%. Corporates can claim Input Tax Credit, Depreciation and what not. Poor common pay GST on everything he spend and at the end he save something, you pay tax on that as well. JUST FOR A MOMENT, REMOVE YOUR SAFFRON TINTED SPECTACLES AND THINK WHETHER THIS GOVERNMENT STANDS FOR THE COMMON MAN OR CORPORATE? Except for hollow sloganeering, nothing.

    DisAgree [2] Agree [10] Reply Report Abuse

  • Rajan, mangalore

    Fri, Feb 02 2024

    MOst arrogant Fiance min -- no other FM was so arrogant -- corpoartes are helped with reduced taxes and bank writeoffs-- suit boot ki sarkar -- Rahul gandhi has said rightly-- Budget is peoples money -- borrowings by the govt is also borrowing by the people who pay taxes -- gst -- income tax etc- it is as though personal money being given -- as though BJP ministers personal accounts ( observe MRS SITARAMAN -- the face -- the expressions etc --)--

    DisAgree [4] Agree [12] Reply Report Abuse

  • Rajan, mangalore

    Fri, Feb 02 2024

    MOst arrogant Fiance min -- no other FM was so arrogant -- Budget is peoples money -- borrowings by the govt is also borrowing by the people who pay taxes -- gst -- income tax etc- it is as though personal moeny being given --( observe MRS SITARAMAN -- the face -- the expressions etc --)--

    DisAgree [3] Agree [6] Reply Report Abuse

  • Jossey Saldanha, Raheja Waterfront

    Fri, Feb 02 2024

    Her Last Budget ...

    DisAgree [6] Agree [9] Reply Report Abuse

  • KRPrabhu, Bangalore

    Fri, Feb 02 2024

    ತಿರುಕನ ಕನಸು......

    DisAgree [4] Agree [3] Reply Report Abuse

  • Pinthaam, Mangloor

    Fri, Feb 02 2024

    What else can you expect from a MA graduate finance minister? The common man is happy with charmburi and pakodas :)

    DisAgree [11] Agree [20] Reply Report Abuse

  • ???? ??????., ?????????? ,575017.

    Thu, Feb 01 2024

    ಸ್ವಾಮೀ.ದಯವಿಟ್ಟು ಬೆಲೆಯೇರಿಕೆಯನ್ನು ಕಡಿಮೆ ಮಾಡಿ.ಸಾಗಾಟದ ಖರ್ಚನ್ನು ಹತೋಟಿಗೆ ತನ್ನಿ.ಮಧ್ಯಮ ವರ್ಗದವರನ್ನು ಬದುಕಲು ಬಿಡಿ.

    DisAgree [8] Agree [20] Reply Report Abuse

  • KRPrabhu, Bangalore

    Fri, Feb 02 2024

    ಬದುಕಲು ಕಲಿಯಿರಿ......

    DisAgree [4] Agree [3] Reply Report Abuse

  • David Pais, Mangalore

    Thu, Feb 01 2024

    I agree to the ಮಣ, ಮಣ: ಮಣ, ಮಣ ಮಂತ್ರ. (Mana, Mana; Mana, Mana Manthra, However, I Don't agree to Central's Budget's ಕುತಂತ್ರ (Cunning)

    DisAgree [14] Agree [23] Reply Report Abuse

  • Gautam Das, Bangalore

    Thu, Feb 01 2024

    All democratic countries of the world hold open press conference after budget release. But in india after 2014 our leaders speak only from monkey Ba’ath like monkeys. They do not dare to answer people’s concerns and questions for they are full of guilt.

    DisAgree [8] Agree [27] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai Mangalore

    Thu, Feb 01 2024

    World ranking 💪:: corruption 93/180; per capita income 142/197???

    DisAgree [11] Agree [24] Reply Report Abuse

  • Joel, Mangalore

    Thu, Feb 01 2024

    Achche din for MP/MLA's only these people's wealth has increased by 10x in just 8 years. While common man can't even afford a holiday anymore, education institutions are many. But even they are struggling with jobs now, people from these ITI's, IIIT's jobs offers are getting revoked. Infrastructure is third class, just look at mangalore's footpaths. There are holes everywhere.

    DisAgree [7] Agree [27] Reply Report Abuse

  • John Pinto, Belman / Bolman

    Thu, Feb 01 2024

    Election avad bokka thooka budget

    DisAgree [10] Agree [23] Reply Report Abuse

  • real kujuma, kodial

    Thu, Feb 01 2024

    total jumla announcements just for the brain washing of voters...

    DisAgree [20] Agree [53] Reply Report Abuse

  • Michael, Brahmavar

    Thu, Feb 01 2024

    Khao na pyaaz hai..... khao na pyaaz hai

    DisAgree [9] Agree [35] Reply Report Abuse

  • rahmath, Mangalore/Bahrain

    Thu, Feb 01 2024

    How can she Guarantee that their government will propose full budget in July. It mean its sure that EVM will win them LS election. "EVM hatao India ko Bachao"

    DisAgree [18] Agree [51] Reply Report Abuse

  • Nagaraj, Banglore

    Thu, Feb 01 2024

    We (common man) work for government and you (MP/MLA) work for money.

    DisAgree [8] Agree [38] Reply Report Abuse

  • Charan, Mangalore

    Thu, Feb 01 2024

    Acche din for gulaams

    DisAgree [10] Agree [30] Reply Report Abuse

  • Flavian, Mangalore/Kuwait

    Thu, Feb 01 2024

    Cynthia, Be happy, why disagree ?

    DisAgree [7] Agree [42] Reply Report Abuse

  • Flavian, Mangalore/Kuwait

    Thu, Feb 01 2024

    Interim Union Budget is only Temporary ... Main purpose is to influence public in view of forthcoming election. Jai ho

    DisAgree [15] Agree [45] Reply Report Abuse

  • Flavian, Mangalore/Kuwait

    Thu, Feb 01 2024

    Whatever your efforts, for the last two terms, you could not improve Exchange value of Indian Rupees against US Dollars. You need to involve Nalin Kumar when you are drafting provisional budget, so that he can shoot the problem as he is an expert trouble shooter in his own ways. Give a try.

    DisAgree [18] Agree [65] Reply Report Abuse

  • Jossey Saldanha, Raheja Waterfront

    Thu, Feb 01 2024

    Interim Union Budget is only Temporary ...

    DisAgree [18] Agree [45] Reply Report Abuse


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Title: Interim Union Budget 2024: FM leaves tax structure untouched



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