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Budget 2024: Highlights and Key Summary

The Budget 2024 highlights and key summary in personal finance provide an overview of important updates, changes, and financial implications for individuals. Stay informed and make informed financial decisions with this comprehensive guide.

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By TheFrames Team
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Budget

The Indian government is all set to present its interim budget for the financial year 2024-25 on February 1, 2024. As an interim budget, it primarily focuses on government spending for the remaining months of the financial year before the general elections scheduled for later in 2024. However, it also provides insights into the government's priorities for the upcoming full budget, which will be presented after the elections.

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What to Expect in Budget 2024?

As an interim budget, it won't be a full-fledged financial plan. Instead, it will cover essential government expenses for the first four months of the next fiscal year (April-July). With the general elections looming, the budget might offer some populist measures and schemes to woo voters. These could include tax breaks, boosts to welfare programs, and announcements of infrastructure spending.

The budget could also provide hints about the new government's potential priorities. Look out for allocations towards key sectors like agriculture, education, and healthcare. While today's budget won't be a year-long plan, it still offers valuable insights into the government's plans.

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Key Highlights of Budget 2024

Here are the key highlights of Budget 2024:

Fiscal Deficit

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  • Revised deficit for FY24: 5.8% of GDP
  • Expected deficit for FY25: 5.1% of GDP
  • Target: Reduce deficit to below 4.5% by FY26

Taxation

  • The number of tax filers increased 2.4 times since 2014
  • Direct tax collection tripled since 2014
  • Projected tax receipts for FY25: Rs 26.02 lakh crore
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Housing

  • 2 crore more houses under Pradhan Mantri Awas Yojana – Gramin (PMAY-G)

Technology & Innovation

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  • Rs 1 lakh crore corpus established for long-term financing and refinancing of research and innovation in sunrise domains
  • New scheme for strengthening deep tech technology for defence purposes

Healthcare

  • Plans to set up more medical colleges by utilizing existing hospital infrastructure
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Women Empowerment

  • Making triple talaq illegal
  • Reserving 1/3rd seats for women in Lok Sabha and state assemblies
  • Granting over 70% of PM Awas Yojana houses in rural areas to women

Renewable Energy

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  • 1 crore households to get up to 300 units of free electricity per month through rooftop solarization
  • Aim to achieve net zero by 2070

Tourism

  • Long-term interest-free loans to States for tourism development

Overall Focus

  • Meeting the needs and aspirations of the poor, women, youth, and farmers
  • Making India a "Viksit Bharat" (Developed India) by 2047
  • Focusing on "sabka sath, sabka vikas" (inclusive development)
  • Prioritizing "GDP" - Governance, Development, and Performance
  • All-round, all-pervasive, and all-inclusive approach to development

Insights into Budget 2024

The interim budget for 2024-25 will be unveiled by Finance Minister Nirmala Sitharaman. This temporary financial roadmap will tide us over until the elections and the subsequent formation of a new government. This will be the sixth budget presentation by the minister, marking a record streak of five annual budgets and one interim.

While the interim budget won't be as comprehensive as a regular budget, it still offers valuable insights into the government's plans for the upcoming months. It serves as a temporary bridge, allowing the government to cover essential expenses until a new government takes over after the elections.

The budget speech by Finance Minister Nirmala Sitharaman will be broadcast live on several channels, providing multiple ways to witness this crucial financial event. The official channel of the Parliament of India, Sansad TV, will be the primary source for viewing the budget speech directly from the Parliament House. Doordarshan, India's national public broadcaster, will also telecast the speech live across its various channels.

Stay tuned for the latest updates on Budget 2024 and get insights into India's economic plans, fiscal policies, and election-year maneuvers.

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