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Budget Session 2024: Key highlights of interim budget

Updated on: 01 February,2024 11:01 AM IST  |  Delhi
mid-day online correspondent |

Union Finance Minister Nirmala Sitharaman presented the interim budget in today.

Budget Session 2024: Key highlights of interim budget

Finance Minister Nirmala Sitharaman. Pic/PTI

Indian economy witnessed profound positive transformation in last 10 years, said Union Finance Minister Nirmala Sitharaman as she presented her sixth straight Budget ahead of the Parliamentary elections. She said that the people of India are looking ahead to the future with hope and options. Structural reforms, pro-people programmes & employment opportunities helped the economy get new vigour, she said. 

Also read: Over Rs 2 lakh cr allocated to home ministry; priority on internal security

Sitharaman in her pre-election budget, which is an interim Budget, sought Parilament's nod for a grant in advance to meet the expenditure for the first four months of the new fiscal year ahead of the Lok Sabha polls. After the new government comes into power, they will present the full budget.

"When we assumed office in 2014, the country was facing enormous challenges. With 'Sabka Sath Sabka Vikas' as its mantra, the government overcame those challenges," she added. 

Also read: Budget 2024: Nirmala Sitharaman’s shortest budget speech, mentions PM Modi eight times, quotes from his speeches

Key Highlights:

    • 30 crore MUDRA Yojana loans have been given to women entrepreneurs.
    • Female enrollment in higher education has gone up by 28 per cent in 10 years; in STEM courses, girls and women constitute 43 per cent of enrollment.
    • A scheme to be launched to help deserving sections of the middle class living in rented houses or slums or chawls or unauthorised colonies to buy or build their own houses, says Sitharaman. 
    • Govt will be setting up more medical colleges utilising existing hospital infrastructure, said FM Sitharaman. A committee is to be set up to examine issues and make recommendations, she added. 

  • Budget Estimates for 2024-25: Total receipts other than borrowings: Rs. 30.80 lakh crores;  Total expenditure: Rs. 47.66 lakh crores; Tax receipts: Rs. 26.02 lakh crores

Also read: No tax incentives for homebuyers, real estate continues to lack industry status

  • Fiscal deficit in 2024-25 is estimated to be 5.1% of GDP, adhering to the path of fiscal consolidation. The revised estimate of the fiscal deficit for FY 2023-24 is 5.8 per cent of GDP, Sitharaman said.
  • No changes were made to Income Tax slabs. Direct and Indirect tax rates will also remain the same, Sitharaman said
  • Govt to expand EV ecosystem for supporting charging infra; e-buses for public transport network to be encouraged, said Finance Minister
  • Ayushman Bharat cover extended to all Anganwadi and Asha workers, says FM
  • The golden era for tech-savvy youth, 50-year interest-free loans to be rolled out
  • The number of airports doubled to 149 in the last 10 years
  • Crop insurance has been given to 4 crore farmers under the PM Fasal Bima Yojana, says FM Sitharaman

Also read: Interim budget dashed people's expectations, says AAP's Swati Maliwal

  • Various schemes under maternal and child health care are to be brought under one comprehensive programme for synergy in the implementation
  • Upgradation of Anganwadi centres under Saksham Anganwadi and Poshan 2.0 will be expedited for improved nutrition delivery, early childhood care and development
  • A newly designed U-Win platform for managing immunization and intensified efforts of Mission Indradhanush will be rolled out: FM Sitharaman
  • Gross and net market borrowings through dated securities during 2024-25 are estimated to be Rs. 14.13 lakh crores and Rs. 11.75 lakh crores respectively, both less than that in 2023-24, says Sitharaman
  • The government will form a high-powered committee for an extensive consideration of challenges arising from fast population growth and demographic changes; the committee will make recommendations to address these challenges comprehensively: Nirmala Sitharaman

Also read: Nirmala Sitharaman hikes capital spend, trims deficit for next fiscal

  • A comprehensive programme for supporting dairy farmers will be formulated; India is the world's largest milk producer, but with low productivity of milch animals, the programme will be built on existing schemes: Sitharaman said in her speech.
  • Sitharaman said 40,000 normal railway bogies will be converted to Vande Bharat standard.
  • To address fervour for domestic tourism, projects for port connectivity, tourism infra and amenities will be taken on our islands including Lakshadweep: FM
  • The outlay for infrastructure has been increased to Rs 11.11 lakh crores in FY25
  • Allocation for Ministries: 6.2 Lakh crores to Defence and 2.78 lakh crore to Ministry of Road Transport and Highways

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