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  • Category: Central Government
    Points:8

    Salient features of Union Budget (Interim) 2024-25

    Finance Minister, Mrs. Nirmala Sitharaman, presented the interim budget for 2024-25 before the Lok Sabha on 1st February 2024-25. As this is an election year, the full budget was not presented. I am trying to mention the salient features of this interim budget (taking help from the PIB press release and the PPT of the Ministry of Finance).

    The salient features of this budget are:
    1. Central Government's focus will be on economic recovery, social welfare, and infrastructure development.

    2. Boost to Healthcare: The budget allocates substantial funds to bolster the healthcare sector, with a focus on improving healthcare infrastructure, expanding access to medical facilities, and enhancing healthcare services across rural and urban areas. Investments in healthcare aim to strengthen India's response to future health crises and ensure better healthcare access for all.

    3. Infrastructure Development: Significant investments are earmarked for infrastructure development projects, including roads, railways, ports, and airports. The budget prioritizes enhancing connectivity, improving transportation networks, and modernizing infrastructure to facilitate economic growth.

    4. Social Welfare Programs: The Interim Budget continues to prioritize social welfare programs aimed at addressing poverty, unemployment, and inequality. Schemes targeting marginalized communities, such as the Pradhan Mantri Awas Yojana (PMAY) for affordable housing and the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) for rural employment, etc. will continue receiving fiscal support from the Government.

    5. Digital Initiatives: The Government emphasizes digital transformation initiatives to promote e-governance, digital literacy, and financial inclusion. Investments in digital infrastructure and technology-driven solutions aim to enhance efficiency, transparency, and accessibility of public services while fostering innovation and entrepreneurship.

    6. Tax Reforms: The Interim Budget outlines tax reforms aimed at simplifying the tax system and stimulating economic activity. Measures may include tax incentives for businesses, rationalization of tax rates, and streamlining of tax administration to create a more conducive environment for entrepreneurship.

    7. Fiscal Consolidation: The budget aims to achieve fiscal consolidation by balancing expenditure commitments with revenue generation efforts. Efforts to enhance revenue collection, rationalize expenditure, and reduce fiscal deficits indicate the Government's commitment to fiscal prudence and macroeconomic stability.

    8. Environment and Sustainability: The Interim Budget incorporates provisions for environmental conservation and sustainable development, with investments in renewable energy, climate resilience, and environmental protection initiatives. The Budget stresses India's commitment to address climate change.

    9. However, in this Interim Budget, there is no proposal to change the Income Tax slab for which the salaried people were eagerly waiting.

    We can conclude that India's Interim Budget for 2024-25 reflects a comprehensive approach to economic development and social welfare.
  • #776679

    Points:3
    Being an interim budget, Govt has not announced any special tax exemption for the salaried or business class people. May be after elections when final budget is presented then some such things can crop up after discussions on the budget in the parliament.
    Anyway, as per the outlines well brought out in this post by the author the budget seems to be people friendly and indicating towards developmental activities.
    Knowledge is power.

  • #776686

    Points:3
    Many employees expected some relief for them in the form of a reduction in income tax percentage. But nothing has been announced in this budget. Probably after the elections, the full budget may be announced and we will see some concessions in IT also for employees. The author has made us understand the important points in the budget and I thank him for the same. There are good proposals. A budget will be considered good if a balance is maintained between development and social welfare.
    drrao
    always confident

  • #776831

    Points:2
    I have gone through some comments and reviews about this interim budget and many experts have mentioned that there will not be any change in the final budget so salaried class should not expect any exemption or concession at that time.
    Thoughts exchanged is knowledge gained.

  • #780169

    Points:2
    Now the election is over. During the upcoming Parliament Session, which will commence in the month of June 2024 itself, the Government (Finance Minister Smt. Nirmala Sitharaman) is going to present the complete budget for 2024-25. I would like to know from the members what would be their expectations from the Budget for 2024-25.
    (a) Those who have forgotten Noakhali, how can they protest Sandeshkhali?
    (b) Have no fear of perfection - you'll never reach it. ---------- Salvador Dali

  • #780173

    Points:4
    I am not expecting any major changes especially in the matters of Income Tax for salaried/retired persons.
    There may be some announcements for boosting the industry morale by reducing the corporate tax. Another thing is that people working online and earning through consultancy or sale of goods may get more clarification about their income tax implications.
    To encourage people to go for new regime while selecting it in the beggining of the ITR filing, there could be some little slab rate change in 6-9 lakh slab.
    Let us see how these things take shape in coming times.
    Knowledge is power.

  • #780180

    Points:5
    I do not have any expectations from the budget. But what I am thinking is there will be no much changes in this budget from the interim budget already a present-day in February. The same finance minister. the same ruling party and the same budget will be presented I feel. Yesterday one of my friends visited my house. He is a finance person. He says there may be some reduction in the GST for some commodities. To get back the confidence of the people by the present government they may do so, is the opinion of my friend. It may be true, as any party has to get votes if they want to continue in the government.
    The Finance Minister may announce some reduction in income tax percentage also. We may get some rebates in income tax we pay from this financial year. Definitely. it is a requirement for the government to get back the confidence from employees especially who are in the 10% or 20% slabs.
    More than this we may not see any difference will be there.
    drrao
    always confident

  • #780181

    Points:3
    Since the election is over, there will be a final presentation of the budget. I think the government might provide some relief against GST levied on some commodities. Apart from that, there could be a slight concession in the income-tax slabs of the different structures.
    The finance minister might be not in the mood to displease the citizens with the introduction of more burden by way of additional taxes currently.

  • #780185

    Points:3
    Whenever we discuss about budget, we discuss only about income tax. But income tax rates consist of less than one page of the budget.

    We never discuss railway budget, increase/decrease of train fares or freight charges, duty on laptop, computer, duty on cigarettes , encouragement of any other industry, budget deficit, infrastructure development and related employment potential, etc.

    I hope that members will also discuss their expeectations on these issues.
    (a) Those who have forgotten Noakhali, how can they protest Sandeshkhali?
    (b) Have no fear of perfection - you'll never reach it. ---------- Salvador Dali


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