Interim Union Budget 2024-25
Part A
Social Justice
·
Prime Minister to focus
on upliftment of four major castes, that is, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth)
and ‘Annadata’(Farmer).
‘Garib Kalyan, Desh ka Kalyan’
·
Government assisted 25
crore people out of multi-dimensional poverty in last 10 years.
·
DBT of Rs. 34 lakh crore
using PM-Jan Dhan accounts led to savings of Rs. 2.7 lakh crore for the
Government.
·
PM-SVANidhi provided
credit assistance to 78 lakh street vendors. 2.3 lakh have received credit for
the third time.
·
PM-JANMAN Yojana to aid
the development of particularly vulnerable tribal groups (PVTG).
·
PM-Vishwakarma Yojana
provides end-to-end support to artisans and crafts people engaged in 18 trades.
Welfare of ‘Annadata’
·
PM-KISAN SAMMAN Yojana
provided financial assistance to 11.8 crore farmers.
·
Under PM Fasal
BimaYojana, crop insurance is given to 4 crore farmers
·
Electronic National
Agriculture Market (e-NAM) integrated 1361 mandis, providing services to 1.8
crore farmers with trading volume of Rs. 3 lakh crore.
Momentum for Nari Shakti
·
30 crore Mudra Yojana
loans given to women entrepreneurs.
·
Female enrolment in
higher education gone up by 28%.
·
In STEM courses, girls
and women constitute 43% of enrolment, one of the highest in the world.
·
Over 70% houses under PM
Awas Yojana given to women from rural areas.
PM Awas Yojana (Grameen)
·
Despite COVID
challenges, the target of three crore houses under PM Awas Yojana (Grameen)
will be achieved soon.
·
Two crore more houses to
be taken up in the next five years.
Rooftop solarization and muft bijli
·
1 crore households to
obtain 300 units free electricity every month through rooftop solarization.
·
Each household is
expected to save Rs.15000 to Rs.18000 annually.
Ayushman Bharat
·
Healthcare cover under
Ayushman Bharat scheme to be extended to all ASHA workers, Anganwadi Workers
and Helpers.
Agriculture and food processing
·
Pradhan Mantri Kisan
Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment.
·
Pradhan Mantri
Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh
SHGs and 60000 individuals with credit linkages.
Research and Innovation for catalyzing growth, employment and
development
·
A corpus of Rs.1 lakh
crore to be established with fifty-year interest free loan to provide long-term
financing or refinancing with long tenors and low or nil interest rates.
·
A new scheme to be
launched for strengthening deep-tech technologies for defence purposes and
expediting ‘atmanirbharta’.
Infrastructure
·
Capital expenditure
outlay for Infrastructure development and employment generation to be increased
by 11.1 per cent to Rs.11,11,111 crore, that will be 3.4 per cent of the GDP.
Railways
·
3 major economic railway
corridor programmes identified under the PM Gati Shakti to be implemented to
improve logistics efficiency and reduce cost
o Energy, mineral and cement corridors
o Port connectivity corridors
o High traffic density corridors
·
Forty thousand normal
rail bogies to be converted to Vande Bharat standards.
Aviation Sector
·
Number of airports in
the country doubled to 149.
·
Five hundred and
seventeen new routes are carrying 1.3 crore passengers.
·
Indian carriers have
placed orders for over 1000 new aircrafts.
Green Energy
·
Coal gasification and
liquefaction capacity of 100 MT to be set up by 2030.
·
Phased mandatory
blending of compressed biogas (CBG) in compressed natural gas (CNG) for
transport and piped natural gas (PNG) for domestic purposes to be mandated.
Tourism sector
·
States to be encouraged
to take up comprehensive development of iconic tourist centres including their
branding and marketing at global scale.
·
Framework for rating of
the tourist centres based on quality of facilities and services to be
established.
·
Long-term interest free
loans to be provided to States for financing such development on matching
basis.
Investments
·
FDI inflow during
2014-23 of USD 596 billion was twice of the inflow during 2005-14.
Reforms in the States for ‘Viksit
Bharat’
·
A provision of Rs.75,000
crore rupees as fifty-year interest free loan is proposed to support
milestone-linked reforms by the State Governments.
Revised Estimates (RE) 2023-24
·
RE of the total receipts
other than borrowings is Rs.27.56 lakh crore, of which the tax receipts are
Rs.23.24 lakh crore.
·
RE of the total
expenditure is Rs.44.90 lakh crore.
·
Revenue receipts at
Rs.30.03 lakh crore are expected to be higher than the Budget Estimate,
reflecting strong growth momentum and formalization in the economy.
·
RE of the fiscal deficit
is 5.8 per cent of GDP for 2023-24.
Budget Estimates 2024-25
·
Total receipts other
than borrowings and the total expenditure are estimated at Rs.30.80 and
Rs.47.66 lakh crore respectively.
·
Tax receipts are
estimated at Rs.26.02 lakh crore.
·
Scheme of fifty-year
interest free loan for capital expenditure to states to be continued this year
with total outlay of Rs.1.3 lakh crore.
·
Fiscal deficit in
2024-25 is estimated to be 5.1 per cent of GDP
·
Gross and net market
borrowings through dated securities during 2024-25 are estimated at Rs.14.13
and Rs.11.75 lakh crore respectively.
Part B
Direct taxes
·
FM proposes to retain
same tax rates for direct taxes
·
Direct tax collection
tripled, return filers increased to 2.4 times, in the last 10 years
·
Government to improve
tax payer services
o Outstanding direct tax demands upto Rs 25000
pertaining to the period upto FY 2009-10 withdrawn
o Outstanding direct tax demands upto Rs 10000 for
financial years 2010-11 to 2014-15 withdrawn
o This will benefit one crore tax payers
·
Tax benefits to
Start-Ups, investments made by Sovereign wealth funds or pension funds extended
to 31.03.2025
·
Tax exemption on certain
income of IFSC units extended by a year to 31.03.2025 from 31.03.2024
Indirect taxes
·
FM proposes to retain
same tax rates for indirect
taxes and import duties
·
GST unified the highly
fragmented indirect tax regime in India
o Average monthly gross GST collection doubled to
Rs 1.66 lakh crore this year
o GST tax base has doubled
o State SGST revenue buoyancy (including
compensation released to states) increased to 1.22 in post-GST
period(2017-18 to 2022-23) from 0.72 in the pre-GST period (2012-13 to 2015-16)
o 94% of industry leaders view transition to GST
as largely positive
o GST led to supply chain optimization
o GST reduced the compliance burden on trade and
industry
o Lower logistics cost and taxes helped
reduce prices of goods and services, benefiting the consumers
Tax rationalization efforts over the years
·
No tax liability for
income upto Rs 7 lakh, up from Rs 2.2 lakh in FY 2013-14
·
Presumptive taxation
threshold for retail businesses increased to Rs 3 crore from Rs 2 crore
·
Presumptive taxation
threshold for professionals increased to Rs 75 lakh from Rs 50 lakh
·
Corporate income tax
decreased to 22% from 30% for existing domestic companies
·
Corporate income tax
rate at 15% for new manufacturing companies
Achievements in tax-payer services
·
Average processing time
of tax returns has reduced to 10 days from 93 days in 2013-14
·
Faceless Assessment and
Appeal introduced for greater efficiency
·
Updated income tax
returns, new form 26AS and prefilled tax returns for simplified return filing
·
Reforms in customs
leading to reduced Import release time
o Reduction by 47% to 71 hours at Inland Container
Depots
o Reduction by 28% to 44 hours at Air Cargo
complexes
o Reduction by 27% to 85 hours at Sea Ports
Economy-then and now
·
In 2014 there was a
responsibility to mend the economy and put governance systems in order. The
need of the hour was to:
o Attract investments
o Build support to the much-needed reforms
o Give hope to the people
·
The government succeeded with a strong belief of
‘nation-first’
·
“It is now appropriate
to look at where we were till 2014 and where we are now”: FM
o The Government will lay a White Paper on the
table of the house.
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