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No Changes: Taxes Stay the Same in Interim Union Budget 2024

New Delhi, Feb 1: Finance Minister Nirmala Sitharaman presented the Interim Union Budget 2024 in the Lok Sabha, just ahead of the Lok Sabha Elections. Highlighting a decade of transformative changes in the Indian economy, she emphasized structural reforms and pro-people programs by the Modi government. The Budget speech outlined the commitment to fiscal consolidation, aiming to reduce the fiscal deficit to 4.5% in 2025-26.

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No alterations were introduced to tax slabs in both old and new regimes. The comprehensive budget is scheduled for July after the formation of the new government post-Lok Sabha Elections. Sitharaman clarified the absence of major announcements due to impending polls in April-May.

In the previous Budget of 2023, the Modi Government introduced various regulations for income tax, notably making the new income tax regime the default option, with citizens retaining the choice to opt for the benefits of the old tax regime.

Budget Highlights: Emphasis on Social Justice, ‘Garib Kalyan’, ‘Desh ka Kalyan’, ‘Annadata’ Welfare, and ‘Nari Shakti’ Empowerment.

Infrastructure Boost: A rise of 11.1% in capital expenditure for infrastructure and job creation, reaching Rs 11,11,111 crore, accounting for 3.4% of GDP.

State Reforms Support: A proposed Rs 75,000 crore as a fifty-year interest-free loan to aid state governments in milestone-linked reforms under ‘Viksit Bharat’.

PM Gati Shakti: Implementation of three major economic railway corridor programs to enhance logistics efficiency in energy, mineral, cement, port connectivity, and high traffic density corridors.

Railway Modernization: Conversion of 40,000 normal rail bogies to meet Vande Bharat standards.

Aviation Milestones: Airport count doubles to 149; 517 new routes carrying 1.3 crore passengers; orders placed for over 1000 new aircraft.

‘Garib Kalyan, Desh ka Kalyan’: Assistance to 25 crore people; Rs 34 lakh crore through DBT in PM-Jan Dhan accounts; PM-SVANidhi aids 78 lakh street vendors.

‘Annadata’ Welfare: PM-Kisan Samman Yojana benefits 11.8 crore farmers; PM Fasal Bima Yojana provides crop insurance to 4 crore farmers.

Digital Agriculture Market: e-NAM integrates 1361 mandis, serving 1.8 crore farmers with a trading volume of Rs 3 lakh crore.

Empowering ‘Nari Shakti’: 30 crore Mudra Yojana loans for women entrepreneurs; 28% rise in female enrolment in higher education; 43% enrolment in STEM courses.

PM Awas Yojana: Over 70% houses allotted to women in rural areas; target of three crore houses under PM Awas Yojana (Grameen) to be achieved soon.

Rooftop Solarisation: 1 crore households to receive 300 units of free electricity monthly, leading to annual savings of Rs 15,000 to Rs 18,000.

Ayushman Bharat: Healthcare cover under Ayushman Bharat extended to ASHA workers, Anganwadi workers, and helpers.

Agriculture and Food Processing: Pradhan Mantri Kisan Sampada Yojana benefits 38 lakh farmers, generating 10 lakh employment; Rs 1 lakh crore corpus established for research and innovation.budget

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