Interim Budget 2024-2025:
Presented on February 1, 2024, by Finance Minister Nirmala Sitharaman
The Indian government presented its interim budget for 2024- 2025 on February 1, 2024. As an interim budget, it is a vote-on-account for the first three months of the next fiscal year, as elections are due in April-May 2024. The new government will present the total budget after the polls.
Interim Budget 2024-2025: Here are some of the key highlights of the Interim Budget:
- Focus on agriculture:
The government announced several measures to support farmers, including an increase in the PM Kisan Samman Nidhi scheme, which provides financial assistance to small and marginal farmers. - Tax breaks for the middle class:
The government increased the basic exemption limit for income tax from Rs 2.5 lakh to Rs 3 lakh. It also raised the standard deduction for salaried individuals from Rs 50,000 to Rs 75,000. - Boost for infrastructure:
The government allocated significant funds for infrastructure development, including roads, railways, and airports. - Measures to promote investment:
The government announced several measures to attract investment, including reducing the corporate tax rate for new manufacturing companies.
The Interim Budget was generally well-received by the stock market, with the Sensex and Nifty rising by over 1% on the day of the budget presentation. However, some experts have criticised the budget for not doing enough to address the issues of unemployment and inflation.
Overall, the Interim Budget 2024-2025 is a mixed bag. It includes some positive measures for farmers, the middle class, and infrastructure development. However, how effective these measures will be in boosting the economy in the short term remains to be seen.
Interim Budget 2024-2025: Here are some additional details that you may find helpful:
- The Budget Speech’s complete text can be obtained on the Ministry of Finance’s website: https://www.indiabudget.gov.in/
- Analysis of the Budget from various experts can be found in the Indian media.
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Read More: Budget 2024: Unveiling the Roadmap for India’s Economic Future