Budget 2024 Unveils Key Initiatives: Increased Infra Spend and Sector-Specific Measures Announced
In a landmark circulate, Union Finance Minister Nirmala Sitharaman presented the meantime price range for 2024 on Thursday, that specialize in monetary regulations aimed toward fostering boom, inclusive improvement, advanced productiveness, and opportunities for numerous sections of society.
This intervening time price range, crucially presented in advance of the approaching wellknown elections, outlined key measures for young people and women empowerment while retaining fiscal consolidation and persevering with capital expenditure.
Highlights of the Budget
Fiscal Targets: The Finance Minister lowered the monetary deficit goal for the monetary year 2024-25 to 5.1% of the GDP. Despite hard instances, the government pursuits to carry down the fiscal deficit, demonstrating a commitment to monetary prudence.
Tax Rates :No changes were made to direct and indirect tax charges within the intervening time budget. The withdrawal of 1.1 crore high-quality small direct tax needs for certain years become introduced, costing much less than ₹3,500 crore to the exchequer.
Infrastructure Focus: Emphasizing the importance of infrastructure, the Finance Minister highlighted the continuation of presidency capital expenditure. The India, Middle East, European Corridor (IMEC) task is ready to transport forward despite disturbances within the Red Sea.
Empowerment Initiatives:** Finance Minister Sitharaman pressured on 5 key factors: social justice as an effective governance model, focus at the terrible, kids, ladies, and farmers, infrastructure improvement, use of technology to enhance productiveness, and the creation of a excessive-energy committee to deal with demanding situations bobbing up from demographic adjustments.
GDP Growth India has skilled three consecutive years of 7% GDP growth, making it the fastest-growing economic system in the G20.
Debt-to-GDP Ratio: The relevance of the target to reduce the Centre’s debt-to-GDP ratio to 40% is under examination, considering the length earlier than COVID-19.
