Highlights and Announcements of the Budget 2024: No tax changes, reasonably priced housing; FM Sitharaman reduces forecasts of the fiscal deficit

Union Budget for 2024–2025 Important Announcements & Highlights: Export tariffs, indirect taxes, and direct taxes would continue to be levied at the current rates, as affirmed by Finance Minister Nirmala Sitharaman. She also revealed that the capital expenditure allocation for the next year would increase by 11% to ₹11.1 lakh crore. Sitharaman lowered the budgetary imbalance to 5.8% of the gross domestic product at the federal budget release for the current fiscal year. A housing program for the deserving middle class was also created by the finance minister; it was targeted at people who were renting, living in chawls, slums, or unapproved colonies. According to Prime Minister Modi, this program will help them buy or build their own homes. Amidst other declarations that assist women, farmers, the youth, and the poor, Sitharaman emphasized the expansion of Ayushman Bharat healthcare coverage to all ASHA and Anganwadi workers and helpers.

Highlights of the 2024–2025 Interim Budget

← The rates of direct and indirect taxes remain unchanged.

← Income tax requests up to $25,000 (until 2009–10) and $10,000 (2010–11–2014–15) were dropped by the government. This is going to help almost one crore taxpayers.

← A program will be introduced to assist middle-class renters in purchasing or building their own homes.

← One-year extension of tax incentives for investments and start-ups made by sovereign wealth or pension funds through March 31, 2025

← Capital outlays increased by 11% to 11.11 lakh crore.

← The FY25 estimated fiscal deficit is 5.1%, which is less than the FY24 revised projection of 5.8%.

← Govt to borrow 14.13 lakh crore in FY24, down from 15.43 lakh crore in the previous fiscal year

→ A 10.5% nominal GDP growth rate is anticipated for FY25.

← The amount allocated for disinvestment from central public sector enterprises (CPSEs) is estimated to be 50,000 crore in FY25, compared to 30,000 crore in FY24.

← The goal for gross tax revenue in FY25 increased from 234.37 lakh crore to 138.31 lakh crore, an increase of 11.46%.

← The objective for collecting direct taxes is 121.99 lakh crore, while the target for collecting indirect taxes is 16.22 lakh crore.

← The administration is going to publish a white paper on the mishandling of the economy before 2014.

← Future reforms will be revealed after consulting with States and interested parties.

← The government will establish a powerful council to tackle issues related to population growth and demographic shifts.