In a noteworthy development, Finance Minister Nirmala Sitharaman unveiled the Interim Budget for the fiscal year 2024. This move underscores the government’s dedication to maintaining tax stability and fostering strategic economic growth. The budget signals a proactive stance towards financial resilience and overall economic development. It sets the tone for a period of fiscal certainty and calculated progress.
Taxation In Budget 2024
Maintaining the status quo, Sitharaman’s budget brought no changes to the taxation structure, providing a welcomed relief to taxpayers. This stability ensures a predictable financial environment, fostering economic confidence.
PM Modi lauded the interim budget’s inclusivity and innovation, emphasizing its role in empowering the four pillars of Viksit Bharat: youth, poor, women, and farmers. The budget becomes a cornerstone for building a bright future and strengthening the foundations of a Developed India by 2047.
Viksit Bharat’s Four Pillars: Youth, Poor, Women, And Farmers
PM Modi highlighted the budget’s role in empowering Viksit Bharat’s four crucial pillars – youth, poor, women, and farmers. This inclusive approach is aimed at fostering holistic development and ensuring the well-being of every segment of society.
Post-budget reactions from industry leaders reflect positivity. Sneha P Pai, Senior Director at Nexdigm, praised the rooftop solar electricity program for its positive impact on green energy, reducing burdens on distribution companies and making electricity accessible to individuals.
Pradhan Mantri Awaas Yojana – Gramin
The Finance Minister’s announcement of an additional two crore houses under the Pradhan Mantri Awaas Yojana – Gramin garnered appreciation. This move addresses the crucial need for affordable rural housing, reflecting the government’s commitment to socio-economic empowerment.
Rishabh Siroya, Founder of Siroya Corp and President of NAREDCO, NEXTGEN Maharashtra, commended the increased outlay for infrastructure, anticipating its positive contribution to the overall growth of the real estate sector.
Key Highlights Of Budget 2024
Sitharaman’s commitment to retaining tax rates for direct and indirect taxes, including import duties, provides stability. The extension of tax benefits for startups and investments by sovereign wealth or pension funds until March 2025 aims to ensure continuity and support economic growth.
Looking ahead, the Finance Minister hinted at a detailed roadmap for ‘Viksit Bharat’ in the full Budget scheduled for July 2024. The focus on infrastructure spending, GDP growth, and fiscal management remains central.
Health Cover Extension And Economic Corridors
The health cover extension under the Ayushman Bharat scheme to ASHA and Anganwadi workers showcases a commitment to the well-being of healthcare workers. Additionally, the announcement of three major Railway economic corridors programs emphasizes multi-modal connectivity, improving logistics efficiency and reducing costs.
In summary, the Interim Budget 2024 stands as a testament to the government’s dedication to Viksit Bharat’s progress. With stability in taxation, a focus on inclusive development, and strategic allocations for key sectors, the budget sets the stage for a brighter and more empowered India. As the nation anticipates the full Budget in July, the trajectory towards a Developed India by 2047 seems firmly charted.
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