In a much-awaited budget session, Finance Minister Nirmala Sitharaman presented the Interim Budget for 2024-25. Her speech wasn't just about money; it echoed a decade of achievements, focusing on making development inclusive, improving the economy, and showcasing the country's resilience. Now, let's break down the important points that could shape how money matters for India in the coming years.
Budget Targets And Fiscal Strategies
Sitharaman laid out an ambitious fiscal consolidation target, aiming for a 5.1% fiscal deficit in FY25, surpassing the expected 5.3%. The estimated gross borrowing of ₹14.13 trillion for the fiscal year reflects a reduction compared to the preceding year. This reduction aligns with the government's commitment to financial prudence, a strategy well-received by experts like Alok Aggarwala, Chief Research & Investment Officer at BajajCapital Ltd.
Tax Landscape And Startups
While there were no changes in tax slabs, Sitharaman announced the extension of certain benefits for startups and tax exemptions for specific IFSC units till March 2025. Additionally, the Finance Minister declared the withdrawal of outstanding disputed tax demands, providing relief to approximately 1 crore taxpayers. These measures, coupled with the government's emphasis on 'Sabka Sath Sabka Vikas,' signal a commitment to equitable economic growth.
Inclusive Development Initiatives
The government reiterated its commitment to inclusive development through initiatives like Direct Benefit Transfer of ₹34 lakh crore into PM-Jan Dhan accounts. Success stories include PM-SVANidhi, PM-JANMAN Yojana, and PM-Vishwakarma Yojana. The focus on the welfare of the poor, women, youth, and farmers resonates with the overarching theme of 'Sabka Sath, Sabka Vikas.'
Agricultural Sector Achievements
Sitharaman stressed something called the Comprehensive GDP Approach. This means looking at how well the country is doing in terms of governing and managing things. Now, talking about farming, there are some big achievements. A lot of farmers, around 11.8 crores, are getting benefits from the PM-Kisan Samman Yojana. Then there's the PM-Fasal Bima Yojana, which helps around 4 crores of farmers. They also talked about connecting 1,361 places where farmers sell their produce, making it easier for them. All these steps show that the government is committed to making things better for people in rural areas.
Comprehensive GDP Approach
Sitharaman talked about a big plan called the Comprehensive GDP Approach. This plan is all about how the government manages things like running the country, making it better, and making sure things work well. The government promised to keep our money stable, invest a lot in important things, and make sure programs work effectively. They pointed out that ideas like GST and making our financial system stronger are key parts of making all this happen.
Infrastructure Development And Economic Growth
The budget talked a lot about making our country's roads and bridges better, which helps our economy grow. They also mentioned GST, a way to simplify taxes all over India. The budget liked the idea of changing taxes, too. They even brought up special plans like GIFT IFSC and Unified Regulatory Authority IFSCA, which make it easier for money from around the world to come into India.
Now, leaders like Alok Aggarwala, Ajay Chaurasia, and Abhay Bhutada have shared what they think about these plans. Alok Aggarwala, Chief Research & Investment Officer at BajajCapital Ltd liked how the budget is trying to change things, especially for people in rural areas. Ajay Chaurasia, Vice President of RupeeRedee said it's cool that the government trusts and includes younger people, and he talked about plans that help new ideas and growth. Abhay Bhutada, MD of Poonawalla Fincorp said the budget is going along with the idea of 'Viksit Bharat by 2047' and is friendly to foreign investment, which is good for our country's future.
Conclusion
The Union Budget 2024-2025 is like a plan for making things better, lasting longer, and helping everyone grow together. Sitharaman, our Finance Minister, is determined to guide us through the changes happening after Covid-19. We're excited to see how these plans will work out, and it seems like the budget is steering us towards a bright future for India's economy.
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