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The nationwide anticipation has come to rest as Finance Minister Nirmala Sitharaman has delivered the interim Budget for 2024. While no significant announcements were to be accepted, the Budget brought some possible relief measures. Despite global challenges, President Droupadi Murmu highlighted India's significant achievement in 2023, maintaining its position as the world's fastest-growing major Economy. "India achieved an impressive growth rate of approximately 7.5% for two consecutive quarters," she said, showcasing the flexibility and strength of the Indian economy in adversity. In the current Fiscal Year 2023 - 24, India recorded growth rates of 7.8% and 7.6% in the April-June and July-September quarters.
The Budget addressed several sectors, including individual tax relief and support for industries and farmers. Balancing infrastructure investments with fiscal targets will be crucial. The government aims to boost infrastructure, especially in railways and highways. In this post, let's dive deeper into Interim Budget 2024 and understand what's new for Indian citizens.
Here are some key highlights of the Interim Budget:
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The Finance Minister highlights our youthful nation's aspirations, current pride, and optimistic outlook. Emphasising inclusive development and growth, the government has shifted past practices to extend development efforts beyond village boundaries. Comprehensive programs have reached every household and individual through:
Concerns over food security are being addressed through free rations for 80 crores people, while minimum support prices for farmers are periodically raised. The provision of essential amenities has boosted rural incomes substantially.
According to the FM, the government prioritised policies promoting secularism, curbing corruption, and combating nepotism. They have upheld "Sabka Sath, Sabka Vikas" through comprehensive social and geographical inclusion. Their focus on the underprivileged - whether the poor, women, youth, or farmers - has been unwavering. Over the past decade, the government has liberated 25 crore individuals from multidimensional poverty.
The government's successful implementation of Direct Benefit Transfers (DBT) worth Rs. 34 lakhs crores through PM Jan Dhan accounts has resulted in substantial savings, totalling Rs. 2.7 lakhs crores. Finance Minister Ms Sitharaman highlights that these savings are attributable to effectively reducing leakages, thereby strengthening the allocation of funds for Garib Kalyan initiatives to uplift economically disadvantaged sections of society.
Additionally, PM Jan Man Yojana remains steadfast in its commitment to extending crucial assistance to vulnerable tribal communities, highlighting the government's unwavering dedication to inclusive development and welfare programs tailored to the needs of marginalised population segments.
The FM emphasised on Farmers, our "Anna Datas"! Through PM Kisan Samman Yojana, the government provides 11.8 crore farmers, including marginal and small farmers, with direct financial aid annually. Also, PM Fasal Bima Yojana offers crop insurance to 4 crore farmers. These initiatives support farmers in contributing to both national and global food production. Regarding farmer-centric schemes, the FM highlighted that the Electronic National Agricultural Market has integrated 1,361 mandis, benefiting 1.8 crore farmers with a trading volume of 3 lakh crores, setting the stage for inclusive growth.
The vision for a Developed India entails prosperity in harmony with nature, modern infrastructure, and equal opportunities for all. The trinity of democracy, demography, and diversity, supported by inclusive efforts, holds the potential to fulfil the aspirations of every Indian.
The government will embrace economic policies fostering sustainable growth, inclusive development, enhanced productivity, and opportunities for all. These policies will empower individuals, generate resources, and facilitate investments. Next-generation reforms will be pursued, with efforts to build consensus among stakeholders for effective implementation.
The forthcoming years promise unprecedented development, propelling India towards its 2047 developmental goals. The government hopes to achieve comprehensive, inclusive, and pervasive development, encompassing all castes and communities.
In addition to achieving robust Economic Growth, the government places equal emphasis on fostering a more holistic GDP — Governance, Development, and Performance. The administration prioritises transparent, accountable, and citizen-centric governance, adopting a "citizen first" approach with minimal government intervention and maximal governance Efficiency.
The government achieved macroeconomic stability, bolstered investments, and witnessed a thriving economy, empowering individuals to pursue their aspirations. Average Real Income has surged by 50%, Inflation remains moderate, and programs and large-scale projects are effectively implemented.
Here are the changes as announced for the income tax Slab:
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