Budget 2024: After the Halwa ceremony, the excitement regarding the interim budget increased, 5 things about the last budget which had a big impact
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budget 2024: Sitharaman will present the interim budget for the financial year 2024-25 on February 1. This is his sixth budget presented before the general elections. Like the last three full Union Budgets, the interim budget will also be in paperless digital form. The traditional Halwa ceremony held before the finalization of the budget was organized on Wednesday. Since then, the commotion regarding the budget has increased considerably. All the documents of the Union Budget including Demands for Grants, Finance Bills etc. will be available on the ‘Union Budget Mobile App’. It is in two languages (English and Hindi) and will be available on both Android and iOS platforms. The app can also be downloaded from the Central Budget web portal www.indiabudget.gov.in. The budget documents will be available on the mobile app after the completion of the Union Finance Minister’s budget speech in Parliament on February 1, 2024. Before the budget comes, let us know five important things about the previous budget:
Income Tax: No changes were made in the old tax system. However, the Finance Minister amended the tax slabs under the new system. Accordingly, under the new system, the basic exemption limit was increased from ₹2.5 lakh to ₹3 lakh, while the tax exemption was increased from ₹2 lakh to ₹7 lakh. Also, the standard deduction of ₹50,000 available under the old regime was also extended to the new regime. Additionally, the new system was made the default system.
capex increase: For the third consecutive year, capital investment outlay got a big push. It was increased by 33% to ₹10 lakh crore. Total capital investment outlay was about 3.3% of gross domestic product (GDP).
health and education: ₹89,155 crore allocated to this sector. FM Sitharaman also announced a mission to eliminate sickle cell anemia by 2047. He further said that 157 new nursing colleges will be established, this will be in addition to the 157 medical colleges established since 2014, when the present government first came to power.
PM Awas Yojana: Outlay for Pradhan Mantri Awas Yojana (PMAY) increased by 65% to ₹79,000 crore. This allocation in the last budget was Rs 48,000 crore.
Agriculture: Agriculture Accelerator Fund announced to encourage startups by young entrepreneurs in rural areas. Additionally, the agricultural credit target was increased to ₹ 20 lakh crore with focus on animal husbandry, dairy and fisheries. A new sub-scheme under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) with a targeted investment of ₹6,000 crore was also unveiled to further enable the activities of fishermen, fish sellers and MSMEs (Micro, Small and Medium Enterprises) .
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