Major Highlights of the Interim Budget 2024

1. For 2023–2024 (FY24), the government’s shortfall between its receipts and outlays is projected to be 5.8% of GDP, or the revised fiscal deficit. A 5.1% GDP fiscal deficit is anticipated for FY25. In 2025–2026 (FY26), the goal is to bring the fiscal deficit down to less than 4.5% of GDP.

2. Income tax slabs remain unchanged.

3. The government has made a significant announcement by agreeing to waive unpaid direct tax claims up to Rs 25,000 for the years 2009–10 and up to Rs 10,000 for the years 2010–11 through 2014–15.

4. According to Sitharaman, the number of tax filers increased by 2.4 times. Since 2014, the amount collected in direct taxes has tripled. The estimated tax revenue for 2024–2025 is Rs 26.02 lakh crore.

5. Two crore new homes would be included in the Pradhan Mantri Awas Yojana – Gramin (PMAY-G) according to the Finance Minister.

6. This will be a great age for our tech-savvy children. With the provision of a 50-year interest-free loan, a corpus of Rs. 1 lakh crore will be established. Long-term financing and re-financing with extended terms and low or no interest rates will be made available by the corpus. This will incentivize the private sector to considerably increase research and innovation in early-stage industries.

7. “Create programs that harness the power of technology and our young people.” In order to accelerate Atma Nirbharta and improve deep tech technology for defense, a new plan will be introduced.

8. Sitharaman also declared his intention to use the “existing hospital infrastructure under various departments” to establish other medical institutions.To look into the problems and provide recommendations that are pertinent, a committee will be formed for this purpose.