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Budget Highlights 2024: Sitharaman gets Dahi Shakkar blessings from President Murmu
Budget Highlights 2024: The Modi government is striving for consistent economic growth despite geopolitical uncertainties, with ongoing initiatives designed to support farmers, women, and those facing economic challenges. There is a possibility that the government will steer clear of widespread privatization of state-owned enterprises and stick to moderate divestment goals. In the upcoming budget, an overall balanced fiscal strategy is anticipated, emphasizing sustainable economic growth and specific welfare measures.
Budget Highlights 2024: Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024 today against the backdrop of impending Lok Sabha elections. This is the sixth consecutive budget presentation by Nirmala Sitharaman. She will equal the record of Former Finance Minister Morarji Desai. The Budget is anticipated to emphasize a prudent fiscal approach, prioritizing infrastructure investments over populist measures. With an eye on the upcoming polls, the government's welfare initiatives may involve augmenting annual payments to female landowning farmers and extending the federal housing scheme. Furthermore, India aims to attract investments by implementing measures such as reduced taxes on hybrid cars and potential tariff cuts on gold bars.
The Modi administration is focused on sustaining growth despite geopolitical uncertainties, with ongoing initiatives benefiting farmers, women, and the economically disadvantaged. The government may opt for cautious divestment targets and avoid extensive privatization of state-owned enterprises. Overall, the forthcoming budget is expected to follow a measured fiscal strategy, concentrating on sustainable economic growth and targeted welfare measures.
Budget 2024 Highlights: What Income Tax payers can expect?
Revisions in income tax slabs, alterations in income tax rates, and an increase in standard deduction are among the key expectations of the common man and the middle class from the Narendra Modi government’s Interim Union Budget 2024.
Experts foresee potential relief on the personal income tax front, with speculation about the highest tax rate slab being raised to at least Rs 20 lakhs.
Also Read: Budget announcements in recent years: What has been Modi govt's stance on income tax?
The list of anticipated changes extends to an increase in standard deduction and an enhancement of the 80D limit for health insurance, coupled with the allowance of deductions under the new scheme.
Furthermore, there is a call for an extension of the deduction for interest on housing loans to be applicable to the new tax regime.
Budget 2024 Highlights: What Budget can give for electric car buyers
Government is currently contemplating extending the second phase of its primary incentive scheme for manufacturing EVs into the upcoming financial year.
Budget 2024 Highlights: Three primary rural schemes to watch out for:
In the last budget, there was an 8.4% reduction in the allocation for the three primary schemes focused on generating employment and creating assets: Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), Pradhan Mantri Awas Yojana (PMAY), and Pradhan Mantri Gram Sadak Yojana (PMGSY). It would be interesting to see how Sitharaman allocates fund to these rural schemes.
Budget 2024 Highlights: What to expect in the Interim Budget 2024?
* The budget may announce conservatory spending on populist schemes and focus on building infrastructure.
* Lower budget deficit and higher capital spending of 20%.
* Focus on farmers, women and poor.
* Announcement of new housing loan subsidy scheme for low-cost loans.
* Lower tax on hybrid cars.
* Lower divestment target from PSU privatisation.
The Budget session commenced yesterday with President Droupadi Murmu addressing a joint session of Lok Sabha and Rajya Sabha. Emphasizing the accomplishments of the Modi government over the last decade, Murmu noted that the Indian economy, once categorized as part of the "fragile five," is currently advancing positively and at a suitable pace, attributed to various governmental reforms enacted during this period.
In underscoring significant government achievements, the President highlighted milestones such as the construction of the New Parliament, securing 100 medals in the Asian Games, the introduction of high-speed trains, a successful landing on the South Pole of the Moon, the inauguration of the Ram Mandir, the abolition of Article 370, the launch of Bharat Nyay Sanhita, and the implementation of One Rank One Pension (OROP).
The interim budget functions as a provisional financial plan during an election year, addressing immediate financial needs until a new government is in place. The comprehensive union budget will be unveiled post-elections scheduled for April-May. Typically, the interim budget refrains from making significant and far-reaching policy declarations.
Before the start of Budget Session yesterday, Prime Minister Narendra Modi had said that the Intermit Budget will provide a Disha Nirdesh for India.
The Modi administration is focused on sustaining growth despite geopolitical uncertainties, with ongoing initiatives benefiting farmers, women, and the economically disadvantaged. The government may opt for cautious divestment targets and avoid extensive privatization of state-owned enterprises. Overall, the forthcoming budget is expected to follow a measured fiscal strategy, concentrating on sustainable economic growth and targeted welfare measures.
Budget 2024 Highlights: What Income Tax payers can expect?
Revisions in income tax slabs, alterations in income tax rates, and an increase in standard deduction are among the key expectations of the common man and the middle class from the Narendra Modi government’s Interim Union Budget 2024.
Experts foresee potential relief on the personal income tax front, with speculation about the highest tax rate slab being raised to at least Rs 20 lakhs.
Also Read: Budget announcements in recent years: What has been Modi govt's stance on income tax?
The list of anticipated changes extends to an increase in standard deduction and an enhancement of the 80D limit for health insurance, coupled with the allowance of deductions under the new scheme.
Furthermore, there is a call for an extension of the deduction for interest on housing loans to be applicable to the new tax regime.
Budget 2024 Highlights: What Budget can give for electric car buyers
Government is currently contemplating extending the second phase of its primary incentive scheme for manufacturing EVs into the upcoming financial year.
Budget 2024 Highlights: Three primary rural schemes to watch out for:
In the last budget, there was an 8.4% reduction in the allocation for the three primary schemes focused on generating employment and creating assets: Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), Pradhan Mantri Awas Yojana (PMAY), and Pradhan Mantri Gram Sadak Yojana (PMGSY). It would be interesting to see how Sitharaman allocates fund to these rural schemes.
Budget 2024 Highlights: What to expect in the Interim Budget 2024?
* The budget may announce conservatory spending on populist schemes and focus on building infrastructure.
* Lower budget deficit and higher capital spending of 20%.
* Focus on farmers, women and poor.
* Announcement of new housing loan subsidy scheme for low-cost loans.
* Lower tax on hybrid cars.
* Lower divestment target from PSU privatisation.
The Budget session commenced yesterday with President Droupadi Murmu addressing a joint session of Lok Sabha and Rajya Sabha. Emphasizing the accomplishments of the Modi government over the last decade, Murmu noted that the Indian economy, once categorized as part of the "fragile five," is currently advancing positively and at a suitable pace, attributed to various governmental reforms enacted during this period.
In underscoring significant government achievements, the President highlighted milestones such as the construction of the New Parliament, securing 100 medals in the Asian Games, the introduction of high-speed trains, a successful landing on the South Pole of the Moon, the inauguration of the Ram Mandir, the abolition of Article 370, the launch of Bharat Nyay Sanhita, and the implementation of One Rank One Pension (OROP).
The interim budget functions as a provisional financial plan during an election year, addressing immediate financial needs until a new government is in place. The comprehensive union budget will be unveiled post-elections scheduled for April-May. Typically, the interim budget refrains from making significant and far-reaching policy declarations.
Before the start of Budget Session yesterday, Prime Minister Narendra Modi had said that the Intermit Budget will provide a Disha Nirdesh for India.
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