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Highlights of the Interim Budget 2024-25, Schemes, Initiatives

Highlights of the Interim Budget 2024-25

Social Justice

  • Prime Minister to focus on upliftment of four major castes, that is, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’(Farmer).

‘Garib Kalyan, Desh ka Kalyan’

  • Government assisted 25 crore people out of multi-dimensional poverty in the last 10 years.
  • DBT of Rs. 34 lakh crore using PM-Jan Dhan accounts led to savings of Rs. 2.7 lakh crore for the Government.
  • PM-SVANidhi provided credit assistance to 78 lakh street vendors. 2.3 lakh have received credit for the third time.
  • PM-JANMAN Yojana to aid the development of particularly vulnerable tribal groups (PVTG).
  • PM-Vishwakarma Yojana provides end-to-end support to artisans and crafts people engaged in 18 trades.

Welfare of ‘Annadata’

  • PM-KISAN SAMMAN Yojana provided financial assistance to 11.8 crore farmers.
  • Under PM Fasal BimaYojana, crop insurance is given to 4 crore farmers
  • Electronic National Agriculture Market (e-NAM) integrated 1361 mandis, providing services to 1.8 crore farmers with trading volume of Rs. 3 lakh crore.

Momentum for Nari Shakti

  • 30 crore Mudra Yojana loans given to women entrepreneurs.
  • Female enrolment in higher education gone up by 28%.
  • In STEM courses, girls and women constitute 43% of enrolment, one of the highest in the world.
  • Over 70% houses under PM Awas Yojana given to women from rural areas.

Empowering the Youth

  • 4 crore youth trained under Skill India Mission.
  • Fostering entrepreneurial aspirations of Youth-43 crore loans sanctioned under PM Mudra Yojana.

Check here: What is Interim Budget?

Strategy for Amrit Kaal

1. Sustainable Development

Commitment to meet ‘Net Zero’ by 2070

  • Viability gap funding for wind energy
  • Setting up of coal gasification and liquefaction capacity
  • Phased mandatory blending of CNG, PNG and compressed biogas
  • Rooftop solarization and muft bijli
    • 1 crore households to obtain 300 units free electricity every month through rooftop solarization.
    • Each household is expected to save Rs.15000 to Rs.18000 annually.
  • Adoption of e-buses for public transport network
  • Strengthening e-vehicle ecosystem by supporting manufacturing and charging

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2. Infrastructure and Investment

Infrastructure

  • Capital expenditure outlay for Infrastructure development and employment generation to be increased by 11.1 per cent to Rs.11,11,111 crore, that will be 4 percent of the GDP.

Highlights of the Interim Budget 2024-25 and Schemes_4.1

Railways

  • 3 major economic railway corridor programmes identified under the PM Gati Shakti to be implemented to improve logistics efficiency and reduce cost
    • Energy, mineral and cement corridors
    • Port connectivity corridors
    • High traffic density corridors
  • Forty thousand normal rail bogies to be converted to Vande Bharat standards.

Aviation Sector

  • Number of airports in the country doubled to 149.
  • Five hundred and seventeen new routes are carrying 1.3 crore passengers.
  • Indian carriers have placed orders for over 1000 new aircrafts.

Green Energy

  • Coal gasification and liquefaction capacity of 100 MT to be set up by 2030.
  • Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes to be mandated.

Highlights of the Interim Budget 2024-25 and Schemes_5.1

Investments

  • FDI inflow during 2014-23 of USD 596 billion was twice of the inflow during 2005-14.

Highlights of the Interim Budget 2024-25 and Schemes_6.1

3. Inclusive Development

  • Aspirational District Programme to assist States in faster development, including employment generation

Health

  • Encourage Cervical Cancer Vaccination for girls (9-14 years) Saksham Anganwadi and Poshan 2.0 to be expedited for improved nutrition delivery, early childhood care and development
  • U-WIN platform for immunisation efforts of Mission Indradhanush to be rolled out
  • Health cover under Ayushman Bharat scheme to be extended to all ASHA, Angawadi workers and helpers Inclusive Development in Aspirational Districts (112)

PM Awas Yojana (Grameen)

  • Despite COVID challenges, the target of three crore houses under PM Awas Yojana (Grameen) will be achieved soon.
  • Two crore more houses to be taken up in the next five years.

Tourism sector

  • States to be encouraged to take up comprehensive development of iconic tourist centres including their branding and marketing at global scale.
  • Framework for rating of the tourist centres based on quality of facilities and services to be established.
  • Long-term interest free loans to be provided to States for financing such development on matching basis.

Reforms in the States for ‘Viksit Bharat’

  • A provision of Rs.75,000 crore rupees as a fifty-year interest free loan is proposed to support milestone-linked reforms by the State Governments.

4. Agriculture and Food Processing

  • Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment.
  • Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60000 individuals with credit linkages.

Highlights of the Interim Budget 2024-25 and Schemes_7.1

Research and Innovation for catalyzing growth, employment and development

  • A corpus of Rs.1 lakh crore to be established with fifty-year interest free loan to provide long-term financing or refinancing with long tenors and low or nil interest rates.
  • A new scheme to be launched for strengthening deep-tech technologies for defence purposes and expediting ‘atmanirbharta’.

Revised Estimates (RE) 2023-24

  • RE of the total receipts other than borrowings is27.56 lakh crore, of which the tax receipts are Rs.23.24 lakh crore.
  • RE of the total expenditure is Rs.44.90 lakh crore.
  • RE of the fiscal deficit is 5.8 per cent of GDP for 2023-24.

Budget Estimates 2024-25

  • Total receipts other than borrowings and the total expenditure are estimated at Rs.30.80 and Rs.47.66 lakh crore respectively.
  • Tax receipts are estimated at26.02 lakh crore.
  • Fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP

Highlights of the Interim Budget 2024-25 and Schemes_8.1

Highlights of the Interim Budget 2024-25 and Schemes_9.1

Highlights of the Interim Budget 2024-25 and Schemes_10.1

Highlights of the Interim Budget 2024-25 and Schemes_11.1

Achievements of Taxation Reforms

  • Direct Tax Milestones:
    • Tripled direct tax collection in the last decade.
    • Return filers increased 2.4 times.
  • Efficient Refund Process:
    • Reduced average processing time for returns from 93 days (2013-14) to 10 days (2023-24).
  • Gross GST Collections Surge:
    • Average monthly Gross GST collections doubled to ₹1.66 lakh crore in FY24.
  • State Revenue Boost:
    • Tax buoyancy of State revenue increased from 0.72 (2012-16) to 1.22 in the post-GST period (2017-23).
  • Consumer Benefits:
    • Reduced logistics costs and prices of most goods and services.
  • Positive GST Impact:
    • 94% industry leaders view the transition to GST as largely positive.
    • 80% of respondents feel GST has led to supply-chain optimization.

Tax Proposals

  • Tax Continuity for Start-ups and Investments:
  • Tax benefits for start-ups and investments by sovereign wealth funds/pension funds extended.
  • Tax exemption for certain IFSC units extended until 31.03.2025.
  • Direct Tax Demand Withdrawal:
  • Withdrawal of outstanding direct tax demand:
    • Up to ₹25,000 for FY10.
    • Up to ₹10,000 for FY11-FY15.
  • Expected to benefit approximately 1 crore taxpayers.
  • Retention of Tax Rates:
    • Continuation of same tax rates:
      • Corporate Taxes: 22% for existing domestic companies, 15% for certain new manufacturing companies.
      • No tax liability for taxpayers with income up to ₹7 lakh under the new tax regime.

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