- Focuses on inclusive growth, targeting welfare of poor, women, youth, farmers
- Maintains tax rates, aims for fiscal prudence, efficient tax administration
- GST collections surge, indicating robust economic activity
- Emphasizes infrastructure, digital initiatives, financial inclusion
- Supports sustainable development, green energy, aiming for 'Net Zero' by 2070
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TranscriptIn an era where the dynamics of global economics and national policy interlace intricately, the unveiling of India's Interim Budget for the fiscal year 2024 stands as a testament to strategic foresight and socio-economic consideration. Presented on the first of February, 2024, by the Honourable Finance Minister, Smt. Nirmala Sitharaman, the budget, tagged as the "Viksit Bharat Budget 2024," delineates a comprehensive roadmap aimed at propelling India towards becoming a developed nation by the year 2047. This vision encapsulates a broad spectrum of societal pillars, namely the welfare and upliftment of the poor, women, youth, and farmers, reflecting a targeted approach towards inclusive growth and development.
The Interim Budget 2024, while serving as a precursor to the impending elections, artfully balances national interests with the pressing demands of business and international relations. Amidst the anticipation of both the corporate sector and the general populace, the Finance Minister reasserted the nation's commitment towards Atmanirbhar Bharat (Self-reliant India), a clarion call for self-sufficiency and resilience.
Direct Tax Proposals within the budget retain the existing tax rates for the fiscal year 2024-2025, providing significant relief to individual taxpayers with an annual income of up to seven lakh rupees under the new tax regime. Corporate taxes too maintain their status quo, with a twenty-two percent tax rate for existing domestic companies and a concessional fifteen percent for certain new manufacturing entities. Highlighting a tripling in direct tax collections over the past decade and a substantial decrease in tax return processing time from ninety-three days in the fiscal year 2013-2014 to a mere ten days in 2023-2024, the budget underscores efficient tax administration and fiscal prudence.
The Goods and Services Tax (GST) collections have witnessed a remarkable surge, averaging one point sixty-six lakh crore rupees monthly in fiscal year 2024, indicating robust economic activity and compliance. Additionally, the sustained customs rates, including import duties for the fiscal year 2024-2025, echo the government's strategy of fostering a stable and predictable tax environment conducive to business and foreign investment.
The Viksit Bharat vision is further substantiated through a focus on infrastructure development spanning physical, digital, and social spheres. Digital Public Infrastructure initiatives aim at promoting formalization and financial inclusion, while the GIFT IFSC is poised to become a global gateway for capital and financial services, bolstering India's position in the international financial landscape.
In line with the theme of inclusive development, the budget unveils a plethora of initiatives aimed at empowering various segments of the population. From the Skill India Mission training one point four crore youth, the disbursement of thirty crore Mudra Yojana loans predominantly to women entrepreneurs, to the direct financial assistance provided to eleven point eight crore farmers under the PM-KISAN scheme, the budget envisions a holistic upliftment of the citizenry.
The strategic shift towards sustainable development and green energy is evident in the commitment to achieving 'Net Zero' by 2070 under the Amrit Kaal vision. Initiatives such as viability gap funding for offshore wind energy, the promotion of coal gasification, and the adoption of e-buses for public transport, underscore the budget's emphasis on environmental sustainability and energy efficiency.
The Interim Budget 2024, therefore, not only navigates the delicate balance between national and business interests but also aligns India's economic trajectory with its foreign policy objectives. The comprehensive allocation for various ministries and the focused approach towards empowering the youth, farmers, and women entrepreneurs, coupled with sustainable development initiatives, delineate a strategic blueprint for India's march towards becoming a developed nation by 2047. As the nation stands on the precipice of elections, the Interim Budget 2024 serves as a beacon of fiscal prudence, inclusive growth, and sustainable development, echoing the aspirations of a billion dreams.
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