Interim Budget 2024: How is it different from Union Budget 2023? Here are five key points
Interim Budget 2024
Indian Finance Minister Nirmala Sitharaman introduced the interim Budget 2024 in the Parliament on Thursday (February 1). On the same date in 2023, she presented her fifth Union Budget for 2023-24.
Here's a list of the key differences between the interim Budget presented this year and the Union Budget presented last year.
Tax Regime
In 2023Union Budget, FM Sitharaman introduced revised tax slabs. As per the announcement, an individual need not pay anytax for income up to ₹7 lakh (around $8,000) per annum in the new tax regime. However, during her presentation this year, the finance minister said, "I do not propose any changes in tax rates in direct and indirect taxes including import duties."
Sitharaman also announced that tax collections have more than doubled over the last ten years and the average processing of tax returns was less than ten days in 2024.
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Infrastructure
The government allocated ₹1.10 lakh crore (over $1 trillion) for infrastructure development. This year, the government has dispensed 11.11 per cent more than in 2023 for infrastructural development.
Agriculture & Rural Economy
In 2023, the government proposed to set up a new agency to provide credit and other support services to farmers, including a new insurance scheme, to improve the livelihood of farmers. This year, FM Sitharaman mentioned that the government will promote private and public investment in post-harvest activities, including aggregation, modern storage, efficient supply chains, primary and secondary processing, marketing and branding to ensure growth.
Women Empowerment
In the Union Budget 2023-24, Finance Minister Nirmala Sitharaman highlighted the Pradhan Mantri Mahila Shakti Kendra and the Beti Bachao Beti Padhao initiatives. This year, in the interim Budget she mentioned that 83 lakh self-help groups (SHGs) with over nine crore women have been positively changing the rural socio-economic landscape by empowering and making them self-reliant.
These SHGs have already helped nearly one crore women to become 'Lakhpati Didi' (women with a net worth of more than one lakh). As a result of this success, the government has decided to raise the target for 'Lakhpati Didi' from 2 crore to 3 crore.
Green Growth
Green growth was among the top seven priorities or 'Saptarishis' during the Amrit Kaal. The Union Budget 2023-24 focused on adopting green fuel, energy, and building practices to reduce carbon intensity and create new green job opportunities. In the interim Budget 2024, FM Sitharaman announced several measures to meet the 'net zero' target by 2070.
(With inputs from agencies)