Applauding the interim budget, PM Modi said investment for capital expenditure was taken to a historic high of ₹11,11,111 crore. Calling India's capex and infra spending situation to be on a ‘sweet spot’, PM Modi underlined the creation of enumerable job opportunities for youngsters in the coming years.
"This budget has a reflection of the young aspirations of a young India. Two important decisions were made within the Budget. For research and innovation, a fund of ₹1 Lakh Crore has been announced," said PM Modi.
Key Budget 2024-25 major announcements:
-FY25 gross borrowing is estimated at ₹14.13 trillion, achieving a reduction from that of FY24
- Research led the growth and development of indigenous oilseeds like mustard, groundnut and sesame to make India self-sufficient. Currently, India imports about 60% of its cooking oil spending over ₹1.5 trillion in a year.
-FM Nirmala Sitharaman has raised outlay for infrastructure by 11% for FY 25 to ₹11,11,111 crore from ₹10,00,000 crore.
-FM has adopted an aggressive fiscal consolidation target. She has announced an FY25 fiscal deficit target of 5.1% as against the expectation of 5.3% levels. In FY24 the fiscal deficit target of 5.8% has been achieved thanks to better revenue mobilization as against the target of 5.9%.
-FM announces a scheme for housing for the middle class to those living in rented houses, slums, and unauthorised colonies to buy or build their own house.
-More medical colleges to be set up using existing infrastructure. Healthcare cover under Ayushman Bharat scheme to be extended to all Anganwadi workers, helpers
-Efforts to boost farmers' income will be stepped up. To reduce fertiliser imports and subsidies, the government will encourage faster adoption of nano DAP. Government to promote private investment in post-harvest activities
- The Finance Minister Sitharaman announced the withdrawal of outstanding disputed tax demands. The move is set to benefit 1 crore taxpayers.
- In a disappointment for the taxpayers, the FM chose to keep the tax rates unchanged in the interim Budget 2024, including import duty. However, certain benefits to start-ups and tax exemptions to certain IFSC units expiring in March will be extended to March 2025.
