The Interim Budget for 2024-25 has been meticulously crafted to align with India’s long-term vision of Amrit Kaal. Its primary focus is to promote sustainable development and economic growth in key sectors. The budget includes strategic initiatives to improve infrastructure, healthcare, aviation, green energy, and railways. Additionally, it’s worth noting that there are no changes in direct and indirect taxes.
Income Tax Measures:
The budget keeps the income tax rates unchanged. It continues to support individuals earning up to Rs 7 lakh annually by offering a rebate under Section 87A.
It introduces relief measures by withdrawing tax demands up to Rs 25,000 for FY 2009-10 and up to Rs 10,000 for FYs 2010-11 to 2014-15, impacting approximately 1 crore taxpayers.
Fiscal Strategy and Economic Growth:
An 11.1% increase in capital expenditure to Rs 11.11 lakh crore for FY25 aims to stimulate infrastructure development and economic expansion.
Fiscal deficit targets are set at 5.1% of GDP for FY25, with a strategic goal to reduce this to below 4.5% by FY26. The budget outlines a prudent approach to fiscal health through adjusted market borrowing and divestment targets.
Railway and Infrastructure Development:
The Railway Budget proposes a significant upgrade to around 40,000 rail carriages to Vande Bharat standards and introduces three new railway corridors to enhance connectivity.
An ambitious plan to construct 2 crore houses and expand urban infrastructure through Metro Rail and Namo Bharat projects reflects a comprehensive infrastructure investment strategy.
Healthcare Initiatives:
Expansion of the Ayushman Bharat scheme to cover all ASHA and Anganwadi workers, integrating maternal and child care schemes under one umbrella to streamline healthcare delivery.
Aviation and Green Energy:
Continuation of airport expansion projects to meet growing air travel demands.
Introduction of a rooftop solar scheme to promote green energy, aiming to provide free electricity to one crore people.
Support for Electric Vehicles (EVs):
Strengthening the EV ecosystem with initiatives to support manufacturing and charging infrastructure underscores a commitment to sustainable transportation solutions.
Amrit Kaal Vision:
The budget aligns with the strategic vision for India’s development leading up to the centenary of its independence, focusing on infrastructure enhancement, fiscal consolidation, and green energy promotion.
Overall, the Union Budget 2024-2
5 presents a balanced mix of fiscal prudence and strategic investments, aiming to propel India towards its goal of becoming a developed nation while ensuring inclusivity and sustainability.
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