Budget 2024 Live Updates: Key Announcements by Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman presented the interim Budget 2024 with a strong focus on fiscal consolidation, infrastructure development, and green energy initiatives.
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Fiscal Measures:
• Fiscal deficit target for FY25 set at 5.1% of GDP.
• FY24 target revised down to 5.8%.
Infrastructure and Development:
• Capital expenditure outlay increased by 11.1% to ₹11.1 lakh crore.
• Major rail infrastructure projects, including the conversion of 40,000 rail bogies to Vande Bharat coaches.
Green Energy:
• Viability gap funding for offshore wind energy.
• Commitment to net zero by 2070 with initiatives in coal gasification and biogas blending.
Social Initiatives:
• Expansion of the ‘Lakhpati Didi’ scheme to empower three crore women through self-help groups.
• Introduction of a rooftop solar scheme providing up to 300 units of free electricity monthly to 10 million households.
Electric Vehicles (EVs):
• Strengthening of the EV ecosystem with enhanced support for manufacturing and charging infrastructure.
Taxation:
• No changes in direct and indirect tax rates.
This budget emphasizes sustainable growth, social empowerment, and technological advancements, paving the way for a robust economic future.
Budget 2024: Nirmala Sitharaman Unveils ₹2 Lakh Crore Package for Youth; Focus on Jobs, Skilling, Education
Finance Minister Nirmala Sitharaman announced a comprehensive ₹2 lakh crore package under the Prime Minister’s initiative, targeting 4.1 crore youth over five years. The package includes five schemes aimed at enhancing employment, skilling, and education. For the current year, ₹1.48 lakh crore has been allocated specifically for these areas, emphasizing the government’s commitment to empowering the youth and equipping them with necessary skills for the future.
Budget 2024: FM Nirmala Sitharaman Unveils ₹2 Lakh Crore Youth Package
On Tuesday, Union Finance Minister Nirmala Sitharaman announced a ₹2 lakh crore package under the Prime Minister’s initiative, focusing on employment, education, and skills for youth. In her Budget speech, she stated, “I am pleased to introduce five schemes aimed at facilitating opportunities for 4.1 crore youth over five years.” For the current year, ₹1.48 lakh crore has been allocated specifically for education, employment, and skilling to support this initiative.
**Budget 2024: Solar Highlights**
Finance Minister Nirmala Sitharaman’s Budget 2024 includes several key initiatives to boost solar energy in India:
1. **Rooftop Solar Scheme**: Provision for 10 million households to receive up to 300 units of free electricity monthly through rooftop solar installations.
2. **Green Energy Transition**: Financial incentives and support for solar energy projects as part of the broader commitment to achieve net zero emissions by 2070.
3. **Viability Gap Funding**: Funding to support the initial capacity of offshore wind energy projects, complementing solar energy initiatives.
These measures aim to promote sustainable energy solutions and reduce the carbon footprint.
### Key Tax Highlights from Budget 2024
1. **No Change in Tax Rates**: Finance Minister Nirmala Sitharaman announced that there will be no changes in the tax rates for direct and indirect taxes, including import duties. This stability in tax rates is intended to help businesses plan their finances better and ensure a predictable tax environment.
2. **Tax Collections**: Over the past decade, India’s tax collections have more than doubled, indicating improved tax compliance and administration. This growth in tax revenue is expected to support various government initiatives without increasing the tax burden on individuals and businesses.
3. **Processing Time for Tax Returns**: The average processing time for tax returns has been reduced to 10 days, reflecting improvements in the efficiency of the tax administration system.
4. **Fiscal Deficit and Capex**: The fiscal deficit target for FY25 has been set at 5.1% of GDP, while the FY24 target has been revised to 5.8%. Additionally, the capital expenditure outlay for the next year is increased by 11.1% to ₹11.1 lakh crore, aimed at boosting infrastructure development and economic growth.
5. **Old Outstanding Tax Demands**: The government has decided to withdraw old outstanding tax demands up to ₹25,000, providing relief to many taxpayers and simplifying the tax compliance process.
These measures are part of a broader strategy to maintain fiscal prudence, support economic growth, and ensure a stable and predictable tax regime [oai_citation:1,Budget 2024 Key Highlights: Income tax, infra, EVs and more – 15 key takeaways
Latest updates:
…financial assets will have to be ready for at least two years to be classified as long-term. Unrestricted bonds and debentures, debt mutual funds, and market-linked debentures, irrespective of holding period, however, will attract tax on capital gains and WB rates. Taxpayer services, all related taxpayer services, under GST, and those services under Customs and Contracts, have been targeted. All remaining services, such as telephone, internet, info rectification, and order doing exploration of job-related orders, shall be digitized and made vigorous over the next two years. Litigation and appeals, while our concerted efforts to reduce the tendency of appeals at various appellate fora, are beginning to show good results, which will continue to engage our highest attention.
