Union Finance Minister Nirmala Sitharaman promised economic reforms to drive growth in a speech on the government's budget on Thursday, the last before a national election due by May.
The interim budget for 2024/25 is being seen as an economic manifesto for Prime Minister Narendra Modi's ruling party and will give clues to the market on its plans for fiscal consolidation, borrowings and future taxation policy.
Here are key highlights from Sitharaman's speech:
- About 2 crore more houses to be constructed under housing scheme, and govt to launch a scheme for deserving middle class living in rented houses/slums/unauthorised colonies
- 40,000 normal rail bogies to be converted to vande bharat standards to enhance safety.
- "We are working to make India a developed country by 2047".
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- Sitharaman said 11.8 crore farmers provided financial assistance under PM KISAN Yojana.
- In last 10 years, 25 crore people got freedom from multi-dimensional poverty, said FM.
- Direct benefit transfer of Rs 34 lakh cr through Jan Dhan accounts have resulted in savings of Rs 2.7 lakh cr: FM Sitharaman.
- Under PM Mudra Yojana, 43 crore loans aggregating to Rs 22.5 lakh crore were extended: Sitharaman.
- Govt is focused on more comprehensive GDP, governance, development and performance, said FM.
- Inflation has moderated: FM Sitharaman in Budget speech on price management by govt.
- The next 5 years will be years of unprecedented development and golden moments to realise the dream of developed India by 2047: FM.
- We are close to achieving target of 3 cr under rural housing scheme; 2 cr more to be constructed in next 5 years: FM.
- Rooftop solarisation to ensure 1 cr household free electricity of up to 300 units per month, household to save Rs 15,000-18,000 annually: FM.
- FM Sitharaman announces plans to increase milk and dairy production.
- Capital spending for 2024-25 raised by 11 per cent to Rs 11.11 lakh crore or 3.4 per cent of GDP: FM.
- Tripling of capex in last 4 years resulted in a multiplier effect on economic growth and employment generation: FM.
- 50-year interest-free loans of Rs 75,000 cr to be extended to states to realise dream of developed India.
- Fiscal deficit expected at 5.8% of GDP in FY24, down from 5.9% estimated earlier and 5.1% fiscal deficit expected in FY25: FM.
- Tax receipts for 2024-25 projected at Rs 26.02 lakh crore: FM
- We continue on path of fiscal consolidation to reduce fiscal deficit to 4.5 pc in 2025-26: FM.
- Processing time of tax returns reduced from 93 days in FY14 to 10 days; refunds made faster: FM.
- Sitharaman says no changes in tax rates for direct and indirect taxes, including import duties.
- Govt to raise Rs 14.13 lakh crore for market by issuing dated securities during 2024-25, said FM.
- Govt to withdraw old disputed direct tax demands of up to Rs 25,000 till FY2009 and Rs 10,000 for 2010-11 to 2014-15: Sitharaman.