The 2024 Interim Budget for India was presented on February 1st, 2024, by Finance Minister Nirmala Sitharaman. As it’s an interim budget, it covers spending plans for the first half of the upcoming fiscal year (April 2024 – March 2025).
Here are some key highlights of the 2024 Interim Budget:
Fiscal Consolidation:
- Fiscal deficit target: Reduced to 5.1% of GDP for FY25, aiming to reach 4.5% in FY26.
- Fiscal responsibility: Emphasis on maintaining a sustainable fiscal path.
Economic Growth:
- GDP growth: Claimed to have achieved 7% growth for three consecutive years, making India the fastest-growing G20 economy.
- Inflation: Moderate inflation within the target band of 2%-6%.
- Average real income: Increase of 50% in average real income during the past few years.
Key Initiatives:
- Infrastructure: Increased allocation for infrastructure development by 11.1% to ₹11.11 lakh crore.
- Social welfare: Increased allocation for social programs, including ₹14,225 crore for the Social Justice Ministry and ₹900 crore for the Khelo India program.
- Housing: Subsidy for construction of 30 million affordable houses in rural areas.
- Rural development: Expansion of the “Lakhpati Didi” scheme to empower rural women.
- No tax changes: No changes announced in direct or indirect taxes, including import duties.
Other noteworthy points:
- The budget focuses on youth and women empowerment.
- Emphasis on “First Develop India” initiative to attract foreign investment.
- The budget highlights the role of India-Middle East-Europe Economic Corridor in world trade.
Resources:
- Press Release: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2001136
Disclaimer: This summary provides a general overview of the budget. It’s recommended to consult official sources and analyses for comprehensive information.
