Fiscal deficit lowered to 4.9% of GDP, market borrowing unchanged at Rs 14.13 lakh crore
While on the macro front FM Sitharaman reduced FY25 fiscal deficit target to 4.5%, she also announced a revised income tax structure in the new regime while hiking the long-term capital gains tax.
"A comprehensive review of the customs duty structure over the next 6 months. TDS rate on e-commerce to be reduced to 0.1%. I propose that two tax exemption regimes for charities merge into one. I propose to decriminalize TDS delay up to the filing of tax date..."
FM Sitharaman says, "Significant investments have been made to build robust infrastructure. Over 11 lakh crore rupees for capital expenditure have been allocated for infrastructure development.
This would be 3.4% Vof our GDP...Private investment in infrastructure by private sector will be promoted through viability gap funding and enabling policies...".
Finance Minister Nirmala Sitharaman says "Three cancer treatment medicines to be exempt from basic customs duty...".
"I propose to reduce customs duties on gold and silver to 6% and 6.5% on platinum."
"Global economy is still is the grip of uncertainties"- FM @nsitharaman #Budget2024 speech
"PM Gram Sadak Yojana Phase 4 will be launched to provide all-weather roads to 25,000 rural habitats...Bihar has frequently suffered from floods.
Plans to build flood control structures in Nepal are yet to progress. Our government will provide financial support with an estimated cost of Rs 11,500 crore...Assam, which grapples with floods every year, will receive assistance for flood management and related projects.
Himachal Pradesh, having suffered extensive losses due to floods, will also receive support for reconstruction through multilateral assistance. Additionally, Uttarakhand, which faced significant damage from landslides and cloudbursts, will be provided with necessary assistance...".
India's inflation continues to be stable and moving towards 4 percent target; core inflation stands at 3.1 percent says finance minister
banking services to be expanded, new branches to be set up in #NorthEastIndia : FM #BudgetSession2024
Budget 2024: Rs 2 lakh crore allocated to employ 4.1 crore youth over next 5 years
Govt to promote investment-ready industrial parks in 100 cities
Rs 20,000 crore to be allocated for highways in Bihar
"As mentioned in the interim Budget, we need to focus on 4 different castes, the poor, women, youth and the farmer/ For farmers, we announced higher Minimum Support Prices for all major crops delivering on the promise for at least a 50% margin over cost. PM Garib Kalyan Anna Yojana was extended for 5 years benefitting more than 80 crore people."
Sitharaman says, "A joint venture between NTPC and BHEL will set up 100 MW commercial thermal plant using AUSC (advanced ultra supercritical) technology."
Nirmala Sitharaman says, "I am happy to announce the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crores. This year we have made a provision of Rs 1.48 lakh crores for education, employment and skilling...".
"New 109 high-yielding and climate resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers. In the next 2 years, 1 crore farmers will be initiated into natural farming supported by certification and branding...".
"Our govt will implement three schemes for employment-linked incentives as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of the first time employees and support to employees and employers. " - FM
"Integrated technology platform will be set up for improving the outcomes under Insolvency & Bankruptcy Code. Debt recovery tribunals will be strengthened & additional tribunals will be established to speed up recovery."
"Tourism has always been a part of our civilisation. Our efforts to position India as a global destination will also create jobs and unlock opportunities in other sectors.
I propose Vishnupath temple at Gaya, and Mahabodhi temple in Bodhgaya are of immense spiritual importance. We will develop corridors there on the model of the successful Kashi Vishwanath corridor to make them a world-class tourist destination.
A comprehensive development initiative for Rajgir and Nalanda, in Bihar will be pursued. We will support tourism in Odisha that has scenic beauty, temples, craftsmanship, natural landscapes, wildlife sanctuaries and pristine beaches."
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