Finance Minister Nirmala Sitharaman presented the Interim Union Budget for the FY 2024-25 in the parliament today. It is the last budget of the Modi Government before the Lok Sabha Elections of 2024.
The next 5 years will be an approach to development in the long run. With a vision of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas’, Nirmala Sitharaman emphasized the holistic development of India by 2047. She focused on the ‘trinity of democracy’, demography and diversity will fulfil the aspects of Indians.
There are no new changes concerning tax rates. To benefit the taxpayers, the government is planning to withdraw direct tax issues by withdrawing demands on taxes up to Rs 25000 for the years 2009-10 and up to Rs 10000 for 2010-15.
Allocation for infrastructural projects has been raised to Rs 11.11 Lakh Crore. This will account for 3.4% of the GDP and this allocation is 11.1% more than 2023. The ‘massive tripling’ approach to capital expenditure acted as the multiplier in the last 4 years.
The beneficiary target has been allocated from 2 crores to 3 crores because of the success of the Lakhpati Didi Scheme. The Ayushman Bharat Scheme cover will be extended to ASHA workers, Anganwadis, and helpers to provide women with healthcare safety.
The government will launch new schemes for middle-class families who are living in rented houses to buy and build their own houses. Under Pradhan Mantri Awas Yojana (Grameen), the target of 3 crore households ought to be close by adding 2 crore households in the next 5 years.