In a significant move outstanding direct tax demands up to Rs.25,000 and Rs. 10,000 for specific periods were withdrawn, fostering taxpayers' relief and compliance.
Digital Desk: Union Finance Minister on Thursday presented the interim budget for the financial year 2024-25, outlining a roadmap for India’s economic trajectory amidst the impending Lok Sabha elections. With a focus on fiscal prudence and inclusive development, the Union Minister for Finance, Nirmala Sitharaman highlights encompass a spectrum of initiatives poised to shape India’s future.
Fiscal stability and tax reforms: Nirmala Sitharaman maintained tax slabs while setting a fiscal deficit target of 5.1%of GDP for FY25. Notably, the government aims to curtail the deficit to below 4.5% by FY26. In a significant move outstanding direct tax demands up to Rs.25,000 and Rs. 10,000 for specific periods were withdrawn, fostering taxpayers' relief and compliance.
Infrastructure and innovative boost: The budget heralds transformative measures in infrastructure development, particularly in the railway sector with the announcement of economic corridor programs. Moreover, a corpus of Rs 1 lakh crore was allocated to propel research and innovation, fostering a conducive environment for tech-driven advertisements
Empowering women and enhancing dignity: Finance Minister underscored the government’s commitment to gender empowerment, highlighting the reservation of 1/3rd seats for the women in legislative bodies and prioritizing women beneficiaries under PMAY-G. The Budget incorporates announcement of 2 crore more houses under the Pradhan Mantri Awas Yojana (PMAY-G). Additionally, the declaration of triple talaq as illegal further bolsters women’s rights and dignity.
Sustainable energy and tourism promotion: The budget prioritizes sustainable energy initiatives with the aim of enabling 1 crore households to access free electricity through rooftop solarization. concurrently, long term interest free loans to states aims to bolster tourism infrastructure, accentuating India’s position as a global destination.
Inclusive development and social Justice: Nirmala Sitharaman reiterated the govt’s pledge to holistic development, emphasizing inclusivity and social justice. The budgetary provisions underscored a comprehensive approach towards uplifting marginalized sections, farmers, youth and women.
Vision for Viksit Bharat and economic projections: with a vision for Viksit Bharat by 2047, Finance Minister Nirmala Sitharaman delineated the govt’s commitment to governance, development and performance. The Ministry for Finance’s projections signals a robust growth trajectory, anticipation India to emerge as the world’s third largest economy with a GDP of $5 trillion in the coming year.
The interim union budget articulates a resolute stance towards economic resilience, equitable progress, and sustainable development, heralding a promising trajectory for India’s future.
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