Budget 2024 Highlights and Key Summary: Check Interim Budget Important Points Here

Budget 2024 Latest Updates: The Indian government will be presenting its interim budget for the financial year 2024-25 on February 1, 2024.. As an interim budget, it mainly focuses on government spending for the remaining months of the financial year before the general elections scheduled for later in 2024. However, it also provides some insights into the government's priorities for the upcoming full budget, which will be presented after the elections.

 Finance Minister Nirmala Sitharaman will unveil the interim budget for 2024-25. This temporary financial roadmap will tide us over until the elections and subsequent formation of a new government. Interestingly, this will be the sixth budget presentation by the minister, marking a record streak of five annual budgets and one interim.

What to expect in Budget 2024?

• Limited Scope: As an interim budget, it won't be a full-fledged financial plan. Instead, expect allocations to cover essential government expenses for the first four months of the next fiscal year (April-July).
• Election Buzz: With the general elections looming, the budget might offer some populist measures and schemes to woo voters. Think tax breaks, welfare programme boosts, and infrastructure spending announcements.
• Clues for the Future: While not exhaustive, the budget could offer hints about the new government's potential priorities. Look for allocations towards key sectors like agriculture, education, and healthcare.

Today's budget won't be a year-long plan. It's an interim budget, also known as a vote on account, valid only for the initial four months of the new fiscal year (April-July).

Think of it as a temporary bridge, allowing the government to cover essential expenses until a new government takes over after the elections. While not as comprehensive as a regular budget, it still offers valuable insights

READ| Explainer: Why won't there be any Economic Survey in 2024 before the Interim Budget?

Get the Latest Updates on Budget 2024 in Summary With Key Highlights

Here are the key highlights of Budget 2024: 

Fiscal Deficit:

• Revised deficit for FY24: 5.8% of GDP
• Expected deficit for FY25: 5.1% of GDP
• Target: Reduce deficit to below 4.5% by FY26

Taxation:

• The number of tax filers increased 2.4 times since 2014
• Direct tax collection tripled since 2014
• Projected tax receipts for FY25: Rs 26.02 lakh crore

Housing:

• 2 crore more houses under Pradhan Mantri Awas Yojana – Gramin (PMAY-G)

Technology & Innovation:

• Rs 1 lakh crore corpus established for long-term financing and refinancing of research and innovation in sunrise domains
• New scheme for strengthening deep tech technology for defence purposes

Healthcare:

• Plans to set up more medical colleges by utilizing existing hospital infrastructure

Women Empowerment:

• Making triple talaq illegal, reserving 1/3rd seats for women in Lok Sabha and state assemblies, and granting over 70% of PM Awas Yojana houses in rural areas to women

Renewable Energy:

• 1 crore households to get up to 300 units of free electricity per month through rooftop solarization
• Aim to achieve net zero by 2070

Tourism:

• Long-term interest-free loans to States for tourism development

Overall Focus:

• Meeting the needs and aspirations of the poor, women, youth, and farmers
• Making India a "Viksit Bharat" (Developed India) by 2047
• Focusing on "sabka sath, sabka vikas" (inclusive development)
• Prioritising "GDP" - Governance, Development, and Performance
• All-round, all-pervasive, and all-inclusive approach to development

India's Finance Minister Nirmala Sitharaman presented the much-anticipated Interim Budget, outlining the government's spending plans . While it serves as a temporary bridge until the formation of a new government after the elections, the budget unveiled several noteworthy initiatives aimed at boosting economic growth and promoting social welfare. Here is the complete speech of the Finance Minister. 

How to Catch Finance Minister Nirmala Sitharaman's Budget Speech LIVE!

Nirmala Sitharaman's speech will be broadcast live on several channels, giving you multiple ways to witness this crucial financial event. Here's your guide to catching it live:

Sansad TV: The official channel of the Parliament of India, this is the primary source for viewing the budget speech directly from the Parliament House.

Doordarshan: India's national public broadcaster will also be telecasting the speech live across its various channels. Check your local listings for specific channel numbers.