Highlights from Finance Minister Nirmala Sitharaman's Interim Budget 2024 address

PTC News Desk: In her Budget 2024 speech, Finance Minister Nirmala Sitharaman emphasised the government's commitment to transforming India into a 'Viksit' (developed) nation by 2047. As she presented the last budget before the upcoming Lok Sabha polls, Sitharaman highlighted the profound transformation underway in India's economy.

The Finance Minister outlined the government's priorities, placing a strong focus on improving conditions for various segments of the population, including the poor, women, youth, and farmers. Sitharaman's speech set the stage for the announcement of welfare schemes aimed at addressing the needs of these key demographics.

The budget reflects the government's dedication to fostering inclusive growth and addressing the challenges faced by different sections of society. As India undergoes this economic transformation, the Finance Minister's budget speech outlines the strategic vision and initiatives to propel the nation towards comprehensive development by 2047.

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Here are the key takeaways from Nirmala Sitharaman's Budget 2024:

1. Comprehensive GDP focus: Nirmala Sitharaman stressed on governance, development, and performance.
2. Poverty reduction: The government successfully lifted 250 million people out of poverty in the past decade.
3. Crop insurance impact: The benefits of the crop insurance scheme will reach 40 million farmers.
4. Economic indicators: Inflation has moderated, and economic growth has shown improvement.
5. Tax reforms success: Tax reforms have broadened the tax base and increased collections, according to Sitharaman.
6. Unprecedented economic growth: The Finance Minister predicted unprecedented economic growth in the next five years.
7. India's economic transformation: India, the fastest-growing major economy, is undergoing a profound change.
8. Vision for 2047: The government aims to develop India into a 'Viksit' (developed) nation by 2047.
9. Golden years ahead: Sitharaman envisions the next five years as a period of unprecedented development and golden moments.
10. Deep tech for defence: A new scheme will be launched to strengthen deep tech for defence purposes.
11. Affordable housing initiatives: The government will assist deserving sections of the middle class in building their own houses.
12. Massive housing project: Plans to build 20 million affordable houses in the next five years, in addition to the existing 30 million.
13. Empowering women: Self-help groups empowered 1 crore women to become "Lakhpati didis," as highlighted in Budget 2024.
14. Fiscal deficit targets: FY24 fiscal deficit expected at 5.8% of GDP, with a target of 5.1% in FY25 and an aim to reduce it to 4.5% by FY26.
15. Tax stability: No changes in taxation, both direct and indirect, were announced.
16. Extended benefits: Tax benefits for startups and investments by sovereign wealth and pension funds extended until March 2025.
17. Tourism sector focus: Significant investments planned for the tourism sector, as mentioned in the interim Budget 2024.
18. Lakshadweep development: Special attention will be given to improving tourist infrastructure in the island Union Territory of Lakshadweep.

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(Inputs from agencies)