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Interim Budget - A short-term financial plan 2024

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Interim Budget - A short-term financial plan 2024
CSSwati Dodhi By: CSSwati Dodhi
February 1, 2024
All Articles by: CSSwati Dodhi       View Profile
  • Contents

 'Citizen First' - Minimum Government and Maximum Governance Approach

  • "FDI now means 'First Develop India'".
  • Four groups - Garib, Mahilaye, Yuva and Annadatta (the poor, women, youth and farmers)  - are a priority for the government. 
  • Finance Minister Nirmala Sitharaman said benefits of Ayushman Bharat will be extended to all ASHA and Anganwadi workers.
  • Finance Minister said the government will help "deserving sections" of middle class to build their own houses.
  • A corpus of ₹ 1 lakh crore will be established with 50-year interest free loan to provide long term financing with long tenure with no or less interest rates.
  • Roof-top solarization scheme - Solar panels rooftops to give 1 crore households 300 units of free electricity per month.
  • 'GDP' -  Focus on more comprehensive 'Governance, Development, Performance'.
  • "Garib Ka Kalyan, Desh Ka Kalyan" - FM said the government has helped 25 crore people to get freedom from poverty in last 10 years.
  • Helping  tribal groups who have remained outside domain of development.
  • Focusing on four major groups - Poor, Women, Youth and the farmers [Annadatta].
  • No change is expected in tax rates for individual taxpayers opting for the regular tax regime. 
  • Goods Service Tax (GST)  has created  'one nation one market one tax'.  
  • Any hesitant in opting for the new regime, to increase its acceptance, the government may allow deductions under 80C in this regime.
  • No proposals to be made on tax rates - direct or indirect taxes including import duties.
  • Tax benefits for startups, investments made by sovereign wealth, pension funds to be extended to March 2025.
  • Government to promote private investment in post harvest activities.
  • Strengthening financial sector in terms of size, capacity, skills, regulatory framework, to meet Investment needs.
  • Empowering Women's participation in workforce - Making triple talaq illegal, reservation of 1/3 seats for women in Parliament and state assemblies, over 70 % houses under PM Awas Yojana to women.

 

By: CSSwati Dodhi - February 1, 2024

 

 

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