The union budget is the annual statement outlining the financial plan that the government proposes for the upcoming fiscal year. It provides detailed information about the following:
- Revenue
- Expenditure
- Policy initiatives
- Economic projections
- Tax proposals
The budget announced in 2024 is an interim budget and not a full union budget. It was presented by the current Finance Minister, Nirmala Sitharaman. Staying updated with the latest budget is crucial as it reveals updates about government schemes and taxes that benefit citizens.
Read on to know the key highlights and other details about the union budget 2024.
Interim Budget vs Annual Budget
The full union budget or the annual budget, is a detailed plan covering the expenses and income for the entire financial year. However, an interim budget is announced during an election year. It helps manage the finances of the country until the elections and the formation of the new government. Post-election, the elected government presents a full (union) budget.
Key Highlights of Budget 2024-25
With the interim budget 2024 out, here are some key points announced by the FM:
- The government is working towards making India ‘Viksit Bharat’ by 2047, enabling opportunity and growth for all with needed infrastructure and development. The focus groups for this social justice initiative are Garib (Poor), Mahilayen (Women), Yuva (Youth) and Annadata (Farmers).
- Over 11.8 crore farmers received direct financial assistance through the PM-KISAN SAMMAN Yojana, and the government helped 25 crore people be free from multidimensional poverty through schemes like the PM-Jan Dhan Yojana, PM-SVANidhi, PM-JANMAN Yojana.
- The Skill India Mission has helped train 1.4 crore youth, upskill and reskill 54 lakh youth and establish 3000 ITIs. Moreover, 7 IIMs, 7 IITs, 15 AIIMSs, 16 IIITs, and 390 universities have been established to meet the needs of higher learning.
- The Finance Minister also announced that the average real income of the people increased by 50% while inflation has remained at moderate levels.
- Around 43 crore loans amounting to ₹22.5 lakh crore were sanctioned under PM Mudra Yojana to give wings to the entrepreneurial dreams of India’s youth. In addition, Fund of Funds, Startup India and Startup Credit Guarantee Schemes also help support the youth and their entrepreneurial aspirations.
- A fund of ₹1 lakh crore will be established with a 50-year interest-free period to encourage the private sector to scale R&D. The corpus will be for providing long-term financing and refinancing at low or nil interest rates to boost innovation and technology.
- The tax receipts for FY 24-25 are estimated at ₹26.02 lakh crore, and the average processing time for ITR has reduced to 10 days this year, facilitating quicker refunds
- The Finance Minister proposed that there be no change in the direct and indirect rates, including import duties.
- The government will raise ₹14.13 lakh crore by issuing dated securities during 2024-25.
- The Finance Minister proposed to withdraw tax demands of up to ₹25,000 up to 2009-10 and up to ₹10,000 for FY 2010-11 to 2014-15, which is expected to benefit 1 crore taxpayers.
Budget 2024: When and Where Was it Available
Finance Minister Nirmala Sitharaman presented the budget for the financial year 2024-2025 on February 1st 2024 at 11:00 am. The real-time showcase of the interim budget presented by Nirmala Sitharaman was available in the following ways:
- Live telecast by Doordarshan and Sansad TV
- YouTube channels of Doordarshan and Sansad TV
- YouTube channel of The Press Information Bureau (PIB)
- Website and YouTube channels of various news networks
The real-time updates of Budget 2024-25 are also available on the apps of news channels. Some also offer an analysis of the budget, which can help you better understand its impact. You can also view the budget 2024-25 speech and key highlights on the official website (https://www.indiabudget.gov.in/) or app (Union Budget).
In her Interim Budget 2024-24 speech, the Finance Minister announced the government will present a full budget, detailing the roadmap to a Viksit Bharat, in July 2024. Stay tuned for the latest updates on Fibe.
