Top Highlights of Finance Minister Nirmala Sitharaman’s Union Budget 2024

Top Highlights of Finance Minister Nirmala Sitharaman’s Union Budget 2024

The Joint Session of the Parliament began with the President of India Droupadi Murmu addressing the Rajya Sabha and the Lok Sabha

The Union Minister of Finance, Nirmala Sitharaman delivered the budget speech and presented the interim budget for 2024-2025 in the Parliament on 01 February, a day after the commencement of the Budget Session.

The highlights of the budget are as follows:

1. The government proposed to withdraw the outstanding direct tax demands up to Rs.25,000 for the period up to the Financial Year 2009-2010 and up to Rs.10,000 for Financial Years 2010-2011 to 2014-2015. This is expected to benefit about a crore taxpayers.

2. The government announced the budget estimates for 2024-2025. The total receipts, other than borrowings and the total expenditure, are estimated at 30.80 and 47.66 lakh crore respectively. The tax receipts are estimated at 26.02 lakh crore.

3. The government announced the revised estimate of the fiscal deficit to be 5.8 percent of GDP, improving on the budget estimate, notwithstanding moderation in the nominal growth estimates.

4. The government extended the scheme of a 50-year interest-free loan for capital expenditure to states to be continued this year with a total outlay of 1.3 lakh crore.

5. The government outlined the policy for Amrit Kaal as Kartavya Kaal. However, the government said to present a detailed roadmap for its pursuit of Viksit Bharat in the full budget in July.

6. The government to formulate a framework or rating of the centre based on the quality of facilities and services established. Long-term interest-free loans will be provided to States for financing such development on a matching basis.

7. To address the emerging fervor for domestic tourism, the government shall take up projects for port connectivity, tourism infrastructure, and amenities on islands, including Lakshadweep.

8. The government has formulated the policy for Blue Economy 2.0 i.e., for promoting climate-resilient activities, a scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with an integrated and multi-sectoral approach.

9. The government has expanded the green transition by expanding and strengthening the e-vehicle ecosystem by supporting manufacturing and charging infrastructure. The government seeks to encourage greater adoption of e-buses for public transport networks through payment security mechanisms.

10. The government has proposed three major economic railway corridor programs. These are (1) energy, mineral and cement corridors, (2) port connectivity corridors, and (3) high-traffic density corridors. The projects have been identified under the Prime Minister Gati Shakti program to enable multi-modal connectivity. They will improve logistics efficiency and reduce costs.

11. The government has extended the Ayushman Bharat to all ASHA and Anganwadi workers and helpers.

12. The government proposes rooftop solarization and muft bijli through rooftop solarization. It aims to benefit one crore households who will be able to obtain up to 300 units of free electricity every month.

13. The government has presented the vision for Viksit Bharat. It denotes a ‘Prosperous Bharat in harmony with nature, with modern infrastructure and providing opportunities to all citizens and regions to reach their potential’.

14. The government has formulated the strategy for Amrit Kaal guided by the principle ‘Reform, Perform, and Transform’. The government will take up next-generation reforms and build consensus with the States and stakeholders for effective implementation.

15. The government has announced to lay a White Paper on the table of the Parliament to compare the financial management since 2014.

The Budget Session began with the President of India, Droupadi Murmu addressing the joint session of the Rajya Sabha and the Lok Sabha. The Session will conclude on 09 February.