Finance Minister Nirmala Sitharaman today said India’s economy is going through a profound transformation while presenting the Narendra Modi government’s last budget before the Lok Sabha polls due by May.
The government is focused on improving conditions for the poor, women, youth and farmers, Ms Sitharaman said in her Budget 2024 speech, setting the tone for welfare schemes to be announced in these areas.
Here are the key takeaways from Nirmala Sitharaman’s Budget 2024:
- “The government is focused on more comprehensive GDP – governance, development, performance.” Ms Sitharaman said.
- The government has brought 250 million people out of poverty in 10 years
- Crop insurance scheme benefits will reach 40 million farmers
- Inflation has moderated and economic growth has picked up
- Tax reforms have widened the tax base and increased tax collections, Ms Sitharaman said.
The Finance Minister said that the next five years will see unprecedented economic growth in India
- She said that the government aims to make the country ‘Viksit’ (developed) by 2047.
- Government will launch a new scheme to strengthen deep tech for defence purposes.
- Nirmala Sitharaman said that the government will help deserving sections of middle class to build their own houses.
- Success of self-help groups empowered 1 crore women to become “Lakhpati didis”, government says while presenting Budget 2024.
- FY24 fiscal deficit seen lower than target at 5.8% of GDP; pegged at 5.1% in FY25 with aim to reduce it to 4.5% by FY26.
- No changes in taxation – both direct and indirect.
- Tax benefits for startups, investments made by sovereign wealth, pension funds to be extended to March 2025.