Highlights of Budget 2024: The auto, IT, real estate, and income taxpayer sectors are anticipating FM’s economic agenda.

Highlights of the 2024 Budget: A vote on account on the Interim Budget 2024–2025 would take place before the Lok Sabha Elections, according to Finance Minister Nirmala Sitharaman. All eyes are waiting for the budget announcements, which have just one day remaining.

img 20240131 2349347973463543162269898 Highlights of Budget 2024: The auto, IT, real estate, and income taxpayer sectors are anticipating FM's economic agenda.

Highlights of the Budget 2024: President Droupadi Murmu presided over a joint meeting of Parliament to open the Budget Session on January 31. During her statement, President Murmu expressed optimism that the new Parliament building will be a productive forum for discussion. She emphasized the accomplishments of the Center, pointing out that in the ten years of her administration, around 25 crore people have been lifted out of poverty. Finance Minister Nirmala Sitharaman will present the interim budget during the session, which is slated to end on February 1.

The President’s Address, the interim budget presentation, and the discussion of the Motion of Thanks on the President’s Address—which will culminate with a response from Prime Minister Narendra Modi—were all on the primary agenda for the short meeting, which was laid out by Parliamentary Affairs Minister Pralhad Joshi.”Concluding the inaugural session in this new Parliament building, the Parliament made a dignified decision – the Nari Shakti Vandan Adhiniyam,” said Prime Minister Narendra Modi one day before the budget’s presentation. After that, on January 26th, we saw the nation witness the strength, bravery, and steadfast resolve of Nari Shakti. In essence, this is a celebration of Nari Shakti, as the budget session begins today under the direction of President Droupadi Murmu and ends tomorrow with the presentation of the interim budget by Nirmala Sitharaman.

Budget 2024: Highlights

  • FM Sitharaman said that the Government pulled 25 crore people out of poverty in ten years. She noted that the government provided free food for 80 crore people through various schemes.
  • Direct Benefit Transfers of Rs. 34 lakh crore through PM Jan Dhan Yojana accounts have led to savings of ₹2.7 lakh crore.
  • The PM Vishwakarma Yojana scheme provides end-to-end support to artisans. The government provided credit assistance to 78 lakh street vendors under the PM-SVANidhi scheme, and 30 crore Mudra Yojana loans were disbursed to women entrepreneurs.
  • Upskilling and reskilling were a focus for the government, and over 1.4 crore youth were trained under the Skill India Mission. 43 crore loans sanctioned under PM Mudra Yojana. The Government will also expand the ‘Lakhpati Didi’ scheme to empower rural women and boost the rural economy.
  • The Government highlighted the role of the India-Middle East-Europe Economic Corridor can play in world trade.
  • The Government will pay more attention to developing the East to fuel India’s growth.
  • Inflation has moderated an is within the target band (2%-6%).
  • Economic growth has picked up and the average real income of people increased by 50%.
  • The Government will subsidise the construction of 30 million affordable houses in rural areas.
  • The Centre will encourage cervical cancer vaccination and combine maternal and child health care schemes into one comprehensive programme.
  • The Ayushman Bharat scheme will be expanded to all ASHA workers, Anganwadi workers and helpers.
  • Government to encourage ‘Nano DAP’ for various crops and to expand its use for all agro-climactic zones.
  • It will also formulate policies to support dairy farmers and defeat the Foot and Mouth Disease.
  • The government will formulate a strategy achieve AtmaNirbharta (self-reliance) for oilseeds. This will cover research for high-yielding varieties, procurement, value addition and crop insurance.
  • A new department — Matsya Sampada — to be set up to address the needs of fishermen.
  • 40,000 normal rail bogeys will be converted to Vande Bharat standards. Government to enhance safety, convenience and safety of passengers. Government to focus on metros in a bid to provide transit-oriented development
  • The Government has announced several schemes to turn Net Zero by 2070. This includes providing funding to harness offshore wind energy generation for an initial capacity of 1 Giga-Watt, procuring biomass aggregation machinery and expanding the e-vehicle sector by encouraging more manufacturing and charging infrastructure.
  • Spends on capital expenditure have been increased to ₹11.11 lakh crore for 2024-25. The Government will continue on the path of fiscal consolidation to reduce the fiscal deficit to 4.5% in 2025-26.
  • The Government proposed to maintain the same tax rates for direct and indirect taxes, including import duties.
  • The Government borrowings on a gross and net basis for 2024-25, at Rs. 14.13 lakh crore and Rs. 11.75 lakh crore, respectively, lower than 2023-24.
Detailed Information about the Interim Budget 2024 by our Financial Minister Nirmala Sitharaman

What is A Budget ?

A budget, in general terms, is a spending plan that outlines your expected income and expenses for a specific period of time. This can be applied to individuals, families, businesses, or even entire countries.

What is the Purpose of Budget.

Track your finances: A budget helps you understand where your money goes and how much you have available for different needs and wants.
Avoid overspending: By setting limits on your spending, you can prevent yourself from getting into debt or running out of money before the next payday.
Achieve financial goals: Whether it’s saving for a vacation, a down payment on a house, or retirement, a budget helps you allocate your resources towards specific objectives.

What are the Components of Budget.

Income: This includes all your sources of money, like salary, investments, or side hustles.
Expenses: These are all your costs, categorized into fixed expenses (rent, utilities, loan payments) and variable expenses (groceries, entertainment, dining out).
Surplus or deficit: The difference between your income and expenses. A surplus allows you to save or invest, while a deficit indicates potential overspending.

Types of Budgets:

50/30/20 rule: Allocate 50% of your income to needs, 30% to wants, and 20% to savings or debt repayment.
Zero-based budget: Every dollar of your income is assigned a specific spending category or savings goal.
Envelope system: Allocate cash to different spending categories in physical envelopes to limit spending in each area.

Who is the financial minister of India?

The current Finance Minister of India is Nirmala Sitharaman. She has held this position since May 31, 2019, making her the first full-time female finance minister of the country.
( depending on the outcome of the upcoming general elections, there could be a change in the future.)

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