Highlights of the Interim Union Budget 2024-25
Description
Highlights of the Interim Union Budget 2024-25
Delivered under the guiding principle of 'Sabka Saath, Sabka
Vikas, and Sabka Vishwas' and the inclusive approach of 'Sabka Prayas', the
Interim Union Budget 2024-25 has been tabled in the Parliament. Here are the
key highlights:
Part A: Social
Justice
- Empowerment Focus:
Prime Minister emphasizes uplifting four key segments: the 'Garib' (Poor),
'Mahilayen' (Women), 'Yuva' (Youth), and 'Annadata' (Farmer).
- Poverty
Alleviation: Government support has lifted 25 crore individuals out of
multi-dimensional poverty in the past decade, with a Direct Benefit Transfer
(DBT) of Rs. 34 lakh crore through PM-Jan Dhan accounts, resulting in Rs. 2.7
lakh crore in savings.
- Empowering Street
Vendors: PM-SVANidhi scheme has extended credit assistance to 78 lakh
street vendors, with 2.3 lakh beneficiaries receiving credit for the third
time.
- Support for
Vulnerable Groups: PM-JANMAN Yojana focuses on the development of
particularly vulnerable tribal groups (PVTG), while PM-Vishwakarma Yojana
provides comprehensive assistance to artisans and craftspeople across 18
trades.
- Farmers' Welfare:
PM-KISAN SAMMAN Yojana extends financial aid to 11.8 crore farmers,
complemented by crop insurance under PM Fasal Bima Yojana for 4 crore farmers.
The Electronic National Agriculture Market (e-NAM) has integrated 1361 mandis,
serving 1.8 crore farmers with a trading volume of Rs. 3 lakh crore.
- Women Empowerment:
Significant strides include 30 crore Mudra Yojana loans to women entrepreneurs,
a 28% increase in female enrollment in higher education, and over 70% of PM
Awas Yojana houses allocated to rural women.
- Housing for All:
Despite challenges posed by COVID-19, the target of three crore houses under PM
Awas Yojana (Grameen) will soon be achieved, with an additional two crore
houses planned over the next five years.
- Green Energy
Initiatives: Rooftop solarization aims to provide 1 crore households with
300 units of free electricity monthly, resulting in annual savings of Rs. 15,000
to Rs. 18,000 per household.
- Healthcare
Expansion: Ayushman Bharat scheme's healthcare coverage will extend to all
ASHA workers, Anganwadi Workers, and Helpers.
- Agricultural and
Food Processing: Pradhan Mantri Kisan Sampada Yojana has benefited 38 lakh
farmers and generated 10 lakh employment opportunities, while Pradhan Mantri
Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh
SHGs and 60,000 individuals with credit linkages.
- Research and
Innovation: A corpus of Rs.1 lakh crore will be established to provide
long-term financing or refinancing for research and innovation, with a focus on
deep-tech technologies for defense and self-reliance.
Infrastructure:
- Investment Boost: Capital
expenditure for infrastructure development and employment generation will
increase by 11.1% to Rs. 11,11,111 crore, amounting to 3.4% of GDP.
- Railway Development: Three major economic railway corridor programs under PM Gati Shakti will improve logistics efficiency and reduce costs, with 40,000 normal rail bogies to be converted to Vande Bharat standards.
- Aviation Expansion:
The number of airports in the country has doubled to 149, facilitating 517 new
routes serving 1.3 crore passengers, with Indian carriers placing orders for
over 1000 new aircraft.
Green Energy,
Tourism, and Investments:
- Green Energy
Initiatives: Coal gasification and liquefaction capacity of 100 MT will be
set up by 2030, with mandatory blending of compressed biogas (CBG) in
compressed natural gas (CNG) and piped natural gas (PNG).
- Tourism Sector:
States will be encouraged to comprehensively develop iconic tourist centers,
with a framework for rating based on quality of facilities and services.
- Investments:
FDI inflow during 2014-23 reached USD 596 billion, double the inflow during
2005-14, with a provision of Rs. 75,000 crore as a fifty-year interest-free
loan to support milestone-linked reforms by State Governments.
Revised Estimates
(RE) 2023-24 and Budget Estimates 2024-25:
- RE 2023-24: Tax
receipts are expected to reach Rs. 23.24 lakh crore, with total expenditure at
Rs. 44.90 lakh crore and fiscal deficit at 5.8% of GDP.
- Budget Estimates
2024-25: Total receipts other than borrowings and total expenditure are
estimated at Rs. 30.80 lakh crore and Rs. 47.66 lakh crore respectively, with
tax receipts projected at Rs. 26.02 lakh crore and fiscal deficit at 5.1% of
GDP. Gross and net market borrowings are estimated at Rs. 14.13 and Rs. 11.75
lakh crore respectively.
Part B: Direct and
Indirect Taxes:
- Direct Taxes:
Tax rates will remain unchanged, with significant improvements in tax payer
services, including withdrawal of outstanding direct tax demands for certain
categories of taxpayers.
- Indirect Taxes:
GST has unified India's indirect tax regime, doubling average monthly gross GST
collections to Rs. 1.66 lakh crore. Tax rationalization efforts have led to
reduced tax liability and simplified return filing processes.
The budget emphasizes continuity in tax rates and significant strides in welfare schemes, infrastructure development, and economic reforms, aiming to bolster inclusive growth and economic resilience.
