Budget 2024 Key Highlights & Announcements for Common Man

New Delhi: Presenting the Interim Budget 2024, Union Minister of Finance and Corporate Affairs Niramala Sitharaman on Thursday outlined the government’s vision for Viksit Bharat 2047. Tabling the vote-on-account, the Finance Minister said the government targets to increase the capability of all to empower all. Sitharaman declared a hike in capital expenditure to Rs 11.11 lakh crore for Financial Year (FY) 2024-25 while trimming this year’s fiscal deficit from 5.9 per cent to 5.8 per cent budgeted GDP. The fiscal deficit target for 2024-25 FY was further lowered to 5.1 per cent. Direct & Indirect Tax: Taxpayers with income up to Rs 7 lakh will continue to have no tax liability under the new tax regime. The direct and indirect taxes including import duties remained unchanged while Corporate Taxes was kept at 22 per cent for existing domestic companies and 15 per cent for certain new manufacturing companies. The direct tax demand up to Rs 25,000 for the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15 will be withdrawn. It is expected to benefit at least one crore people, as per the government. Tax benefits provided to start-ups and investments made by sovereign wealth funds/pension funds and tax exemption of some IFSC units were extended up to March 2025. The tax benefit was expiring this fiscal end. The government declared direct tax collections more than trebled in the last ten years and the number of return filers went up by 2.4 times. Allocation To Major Schemes: The Finance Minister announced two crore more houses under the Pradhan  Mantri Awas Yojana (PMAY) Grameen in the next five years. About three crore houses have already been constructed, informed the Minister. Allocation for Mahatma Gandhi National Rural Employment Guarantee Scheme saw an increase to Rs 86,000 crore in 2024-25 from Rs 60,000 crore in 2023-24 while the allocation for Ayushman Bharat Pradhan Mantri Yojana (Ab-PMJAY) saw an increase from Rs 7,200 crore in 2023- 24 to 7,500 crore in 2024-25. All ASHA, Anganwadi workers and helpers will get the benefit of Ayushman Bharat. The allocation for developing semi-conductors and display manufacturing ecosystem increased from Rs 7,200 crore to Rs 7,500 crore for FY 2024-25. Production linked incentive scheme which was 4,645 crore in 2023- 34 FV saw a raise to Rs 6,200 crore. The government will also launch “Housing for Middle Class” scheme to encourage middle-class individuals to purchase or construct their own homes. Agriculture & Food Security: The allocation for blue revolution was increased to 2,352 from 2025 in 223-24 FY while the allocation for micro food processing enterprises was increased from Rs 639 crore to Rs 880 crore for 2024-25 FY. The government will promote private and public investment in post-harvest activities. Atmanirbhar Oilseeds Abhiyaan-Strategy will be formulated for self-reliance in oil seeds while a comprehensive programme for dairy development will also be formulated. Pradhan Mantri Matsaya Sampada Yojana will be stepped up to enhance aquaculture productivity, double exports and generate more employment opportunities The government will set up five Integrated Aquaparks. Health: Focused on improved healthcare of children and women, Sitharaman announced the promotion of Cervical Cancer Vaccination for girls in the 09-14 years age group while Saksham Anganwadi and Poshan 2.0 will be accelerated for improved nutrition, early childhood care and development. The government will roll out U-WIN platform for the immunisation programme under Mission Indradhanush.

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