Interim Budget 2024 Sectoral Highlights
02 February, 2024
In a significant move towards economic growth and development, Finance Minister Nirmala Sitharaman presented the Interim Budget for the fiscal year 2024-25. The budget, labeled as 'Viksit Bharat,' not only emphasises fiscal responsibility but also focuses on empowering the youth, the poor, women, and farmers.
This budget, also known as the Vote-on-Account, serves as a temporary spending plan until the new government takes office after the upcoming general elections. Let's break down the sectoral highlights of Interim Budget 2024.
Sectoral highlights: Transforming India's landscape Taxation landscape: Stability and support for start-ups
No changes in direct and indirect tax rates, including import tax.
Tax break extension for start-ups and investments made by Sovereign Wealth Funds until March 31, 2025.
Withdrawal of old disputed direct tax demands to benefit 1 crore taxpayers.
Focus on improving taxpayer services, with a reduction in processing time for tax returns.
Significant growth in tax base and collections, with projected receipts for 2024-25 at ₹26.02 lakh crore.
Tourism and air connectivity: Boosting regional development
Interest-free loans for states to promote tourism.
Development funds allocated for Lakshadweep.
Launch of 517 new routes under the Udan Scheme to enhance air connectivity.
Supporting farmers and agriculture
Continued support for farmers under the PM-KISAN scheme, providing direct financial assistance to 11.8 crore farmers.
Promoting private and public investment in post-harvest activities to reduce wastage and improve farmer incomes.
Initiatives to empower dairy farmers, control foot and mouth disease, and expand aquaculture through Blue Economy 2.0.
Rail, Product Linked Incentive (PLI) scheme, and agriculture: Infrastructural development and farmer welfare
The government has committed ₹2.55 lakh crore to boost the Indian Railways.
Three major economic railway corridors under the PM Gati Shakti initiative.
PLI scheme receives ₹6,200 crore.
Focus on post-harvest investment, dairy farming, and disease control in agriculture.
Expansion of Nano-DAP application and the establishment of Aqua Parks.
Technologies, Healthcare, and Housing: Shaping a progressive India
Proposal of ₹1 lakh crore corpus for private investment in sunrise technologies.
Extension of Ayushman Bharat healthcare facilities to Aasha and Aanganwadi workers.
Plans to set up hospitals in all districts and expedite Saksham Anganwadi and Poshan 2.0 initiatives.
New housing plan for the middle class, targeting the construction of 2 crore houses under PM Aavas Yojana.
Renewable energy: Prioritizing sustainability
Viability gap funding for wind energy and the promotion of coal gasification and liquefaction.
Phased mandatory blending of CNG, PNG, and compressed biogas.
Financial assistance for biomass aggregation machinery.
The goal is to enable 1 crore households to receive up to 300 units of free electricity per month.
Future outlook: Unprecedented growth
The Interim Budget 2024-25 sets a strategic roadmap for a developed India, focusing on diverse sectors to ensure inclusive growth and prosperity.
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