Interim Budget: No Changes in Tax Slabs

Union Interim Budget: No Changes in Tax Slabs

Feb 1, 2024 - 13:10
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Interim Budget: No Changes in Tax Slabs

Finance Minister Nirmala Sitharaman today presented Union Budget 2024 in Parliament. This was an interim budget as it came just ahead of the Lok Sabha Elections. No changes were announced in tax slabs in both old and new regime. 

Missing populist measures

Sitharaman, while announcing the Interim Budget 2024-25, highlighted the government’s economic achievements during the past 10 years and how the nation has transformed into one of the fastest-growing economies in the world. While populist measures were missing from Sitharaman's budget speech, she maintained the government's focus on creating jobs through a sustained infrastructure push, in addition to prioritising groups such as farmers, youth, women, and the poorest households.

No changes in IT

Finance Minister Nirmala Sitharaman announced that there will be no changes in income tax for FY25. This was in line with what economists had expected ahead of the interim budget.

Infrastructure has been a key area of focus for the government and Nirmala Sitharaman has maintained the momentum."Building on the massive tripling of the capital expenditure outlay in the past 4 years resulting in huge multiplier impact on economic growth and employment creation, the outlay for the next year is being increased by 11.1 per cent to over Rs 11 lakh crore. This would be 3.4 per cent of the GDP," Sitharaman said.

Viksit Bharat

Finance Minister also spoke about the government's vision for a 'Viksit Bharat'. "Our vision for ‘Viksit Bharat’ is that of “Prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential," she said.

Farmers, youth, women, poor

Nirmala Sitharaman said the government is focused on prioritising these sections. "Their needs, their aspirations, and their welfare are our highest priority. The country progresses when they progress. All four require and receive government support in their quest to better their lives. Their empowerment and well-being will drive the country forward," she said.

House for middle class

The government is set to introduce a scheme aimed at assisting eligible segments of the middle class who currently reside in rented houses, slums, chawls, or unauthorised colonies in realizing their dream of purchasing or constructing their own homes.

Ayushman Bharat expansion

Finance Minister Nirmala Sitharaman said healthcare cover under the 'Ayushman Bharat' scheme will be extended to all ASHA workers, Anganwadi workers and helpers.

This is Nirmala Sitharaman's sixth Union Budget. The full-fledged budget will be presented by the new government that comes to power after the elections. 

 

 

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