Budget 2024: Updates

Finance Minister Nirmala Sitharaman presented the Interim Union Budget for the fiscal year 2024-25 to Parliament today. This was the sixth budget given by the current FM, and the final budget of Prime Minister Narendra Modi’s second term. The complete budget will be delivered in July of this year, once the new government has been constituted following the Lok Sabha elections. The budget prioritized fiscal consolidation, infrastructure, agriculture, green growth, and trains. However, no modifications were made to tax rates, which disappointed salaried persons.

Entrepreneurship potential for vendors, as well as job chances for young people competent in the manufacture, installation, and maintenance of electric cars. Rooftop solarisation will assist 1 crore homes by giving up to 300 units of free power per month. Savings of up to Rs. 15,000 – Rs. 18,000 are expected, as well as the opportunity to sell extra power to discom. The government plans to encourage corporate and governmental investment in post-harvest operations such as aggregation, modern storage, supply networks, processing, marketing, and branding.

The Finance Minister stated that the average monthly total GST collection has increased to Rs.1.66 lakh crore in Financial Year 24. The tax buoyancy of state revenue has increased from 0.72 in 2012-16 to 1.22 in 2017-23, after the GST implementation. The Finance Minister stated that the same customs rates, including import tariffs, will be maintained in the Financial Year 2024-25.