Unlocking Success: Exploring India's Budget 2024 Key Highlights for a Brighter Future

On February 1, Union Finance Minister Nirmala Sitharaman presented her sixth Budget, an interim one ahead of the upcoming general elections. The focus of Interim Budget 2024 was on youth and women empowerment, while maintaining fiscal consolidation and continuing capital expenditure. Sitharaman reduced the fiscal deficit target for FY25 to 5.1% of the GDP, and there were no changes to direct or indirect tax rates.

Here are 10 key highlights from FM Sitharaman's post-budget press conference:

1. Sitharaman emphasized 5 'Disha Nirdashak' principles: Social justice as an effective governance model; Focus on the poor, youth, women, and farmers; Infrastructure development; Use of technology to improve productivity; and the creation of a high-power committee for challenges arising from demographic shifts.

2. India has experienced three consecutive years of 7% GDP growth, making it the fastest-growing economy in the G20.

3. GDP is seen as Government, Development, and Performance. The government has delivered on development and effectively managed the economy, bringing down the fiscal deficit despite challenging times.

4. The government will continue with capital expenditure, considering it essential for development.

5. Despite disturbances in the Red Sea, the India, Middle East, European Corridor (IMEC) project will move forward.

6. The withdrawal of 1.1 crore outstanding small direct tax demands for certain years will cost less than ₹3,500 crore to the exchequer.

7. Lower tax rates will not be extended to new manufacturing units established after March 2024.

8. There is no fixed disinvestment target for FY25, according to DIPAM Secretary Tuhin Kanta Pandey.

9. The government is not only aligning with the earlier fiscal consolidation path but also improving upon it, as mentioned by Finance Minister Sitharaman to credit rating agencies.

10. The relevance of the target to reduce the Centre’s debt-to-GDP ratio to 40% set before the COVID-19 period needs reexamination, stated Finance Secretary TV Somanathan.

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