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TMI BlogHIGHLIGHTS OF THE INTERIM UNION BUDGET 2024-25X X X X Extracts X X X X X X X X Extracts X X X X ..... HIGHLIGHTS OF THE INTERIM UNION BUDGET 2024-25 X X X X Extracts X X X X X X X X Extracts X X X X ..... to savings of Rs. 2.7 lakh crore for the Government. * PM-SVANidhi provided credit assistance to 78 lakh street vendors. 2.3 lakh have received credit for the third time. * PM-JANMAN Yojana to aid the development of particularly vulnerable tribal groups (PVTG). * PM-Vishwakarma Yojana provides end-to-end support to artisans and crafts people engaged in 18 trades. Welfare of 'Annadata' * PM-KISAN SAMMAN Yojana provided financial assistance to 11.8 crore farmers. * Under PM Fasal BimaYojana, crop insurance is given to 4 crore farmers * Electronic National Agriculture Market (e-NAM) integrated 1361 mandis, providing services to 1.8 crore farmers with trading volume of Rs. 3 lakh crore. Momentum for Nari Shakti * 30 crore Mudr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a Yojana loans given to women entrepreneurs. * Female enrolment in higher education gone up by 28%. * In STEM courses, girls and women constitute 43% of enrolment, one of the highest in the world. * Over 70% houses under PM Awas Yojana given to women from rural areas. PM Awas Yojana (Grameen) * Despite COVID challenges, the target of three crore houses under PM Awas Yojana (Grameen) will be achieved soon. * Two crore more houses to be taken up in the next five years. Rooftop solarization and muft bijli * 1 crore households to obtain 300 units free electricity every month through rooftop solarization. * Each household is expected to save Rs.15000 to Rs.18000 annually. Ayushman Bharat * Healthcare cover under Ayushman Bha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rat scheme to be extended to all ASHA workers, Anganwadi Workers and Helpers. Agriculture and food processing * Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment. * Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60000 individuals with credit linkages. Research and Innovation for catalyzing growth, employment and development * A corpus of Rs.1 lakh crore to be established with fifty-year interest free loan to provide long-term financing or refinancing with long tenors and low or nil interest rates. * A new scheme to be launched for strengthening deep-tech technologies for defence purposes and expediting 'atmanirbharta'. Inf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rastructure * Capital expenditure outlay for Infrastructure development and employment generation to be increased by 11.1 per cent to Rs.11,11,111 crore, that will be 3.4 per cent of the GDP. Railways * 3 major economic railway corridor programmes identified under the PM Gati Shakti to be implemented to improve logistics efficiency and reduce cost * Energy, mineral and cement corridors * Port connectivity corridors * High traffic density corridors * Forty thousand normal rail bogies to be converted to Vande Bharat standards. Aviation Sector * Number of airports in the country doubled to 149. * Five hundred and seventeen new routes are carrying 1.3 crore passengers. * Indian carriers have placed orders for over 1000 new a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ircrafts. Green Energy * Coal gasification and liquefaction capacity of 100 MT to be set up by 2030. * Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes to be mandated. Tourism sector * States to be encouraged to take up comprehensive development of iconic tourist centres including their branding and marketing at global scale. * Framework for rating of the tourist centres based on quality of facilities and services to be established. * Long-term interest free loans to be provided to States for financing such development on matching basis. Investments * FDI inflow during 2014-23 of USD 596 billion was twice of the inflow during 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 005-14. Reforms in the States for 'Viksit Bharat' * A provision of Rs.75,000 crore rupees as fifty-year interest free loan is proposed to support milestone-linked reforms by the State Governments. Revised Estimates (RE) 2023-24 * RE of the total receipts other than borrowings is Rs.27.56 lakh crore, of which the tax receipts are Rs.23.24 lakh crore. * RE of the total expenditure is Rs.44.90 lakh crore. * Revenue receipts at Rs.30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalization in the economy. * RE of the fiscal deficit is 5.8 per cent of GDP for 2023-24. Budget Estimates 2024-25 * Total receipts other than borrowings and the total expenditure are estimated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at Rs.30.80 and Rs.47.66 lakh crore respectively. * Tax receipts are estimated at Rs.26.02 lakh crore. * Scheme of fifty-year interest free loan for capital expenditure to states to be continued this year with total outlay of Rs.1.3 lakh crore. * Fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP * Gross and net market borrowings through dated securities during 2024-25 are estimated at Rs.14.13 and Rs.11.75 lakh crore respectively. Part B Direct taxes * FM proposes to retain same tax rates for direct taxes * Direct tax collection tripled, return filers increased to 2.4 times, in the last 10 years * Government to improve tax payer services * Outstanding direct tax demands upto Rs 25000 pertaining to the perio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d upto FY 2009-10 withdrawn * Outstanding direct tax demands upto Rs 10000 for financial years 2010-11 to 2014-15 withdrawn * This will benefit one crore tax payers * Tax benefits to Start-Ups, investments made by Sovereign wealth funds or pension funds extended to 31.03.2025 * Tax exemption on certain income of IFSC units extended by a year to 31.03.2025 from 31.03.2024 Indirect taxes * FM proposes to retain same tax rates for indirect taxes and import duties * GST unified the highly fragmented indirect tax regime in India * Average monthly gross GST collection doubled to Rs 1.66 lakh crore this year * GST tax base has doubled * State SGST revenue buoyancy (including compensation released to states) increased to 1.22 in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... post-GST period(2017-18 to 2022-23) from 0.72 in the pre-GST period (2012-13 to 2015-16) * 94% of industry leaders view transition to GST as largely positive * GST led to supply chain optimization * GST reduced the compliance burden on trade and industry * Lower logistics cost and taxes helped reduce prices of goods and services, benefiting the consumers Tax rationalization efforts over the years * No tax liability for income upto Rs 7 lakh, up from Rs 2.2 lakh in FY 2013-14 * Presumptive taxation threshold for retail businesses increased to Rs 3 crore from Rs 2 crore * Presumptive taxation threshold for professionals increased to Rs 75 lakh from Rs 50 lakh * Corporate income tax decreased to 22% from 30% for existing domes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tic companies * Corporate income tax rate at 15% for new manufacturing companies Achievements in tax-payer services * Average processing time of tax returns has reduced to 10 days from 93 days in 2013-14 * Faceless Assessment and Appeal introduced for greater efficiency * Updated income tax returns, new form 26AS and prefilled tax returns for simplified return filing * Reforms in customs leading to reduced Import release time * Reduction by 47% to 71 hours at Inland Container Depots * Reduction by 28% to 44 hours at Air Cargo complexes * Reduction by 27% to 85 hours at Sea Ports Economy-then and now * In 2014 there was a responsibility to mend the economy and put governance systems in order. The need of the hour was to: ..... X X X X Extracts X X X X X X X X Extracts X X X X .....
* Attract investments
* Build support to the much-needed reforms
* Give hope to the people
* The government succeeded with a strong belief of 'nation-first'
* "It is now appropriate to look at where we were till 2014 and where we are now": FM
* The Government will lay a White Paper on the table of the house. X X X X Extracts X X X X X X X X Extracts X X X X
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