Budget 2024: Top 6 Highlights of Finance Minister's Speech

Feb 1, 2024, 01:34 PM IST

Budget 2024: Top 6 Highlights of Finance Minister's Speech

Riya Teotia

No Change in Taxation Scheme

Sitharaman said there will be no change in the taxation scheme, both in direct and indirect brackets. Notably, there is no tax liability for individuals with income up to Rs 7 lakh under the new regime.

Islands Tourism

To increase global and regional tourism, the government will focus on port connectivity and tourism infrastructure and projects will be taken upon the islands, including Lakshadweep to generate employment.

Golden Era for Tech-Savvy Youth

The Finance Minister said this will be a golden era for tech-savvy youth, as the government will launch a corpus of Rs 1 lakh crore (1 trillion) with a 50-year interest-free loan provided. It will be for long-term financing or re-financing with low or nil interest rates.

Housing for Middle Class

A scheme to be launched to help deserving sections of the middle class living in rented houses or slums or chawls or unauthorised colonies to buy or build their own houses. PM Awas Yojana aims to build 3 crore houses.

Revised Estimate for Fiscal Deficit

The revised estimate for the fiscal deficit is 5.8 per cent of GDP. FY25 fiscal deficit budgeted at 5.1 per cent of GDP. The finance minister said the borrowing by the central government will facilitate credit to the private sector.

Rooftop Solarisation

Through rooftop solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month. This scheme follows the resolve of the Prime Minister, on the historic day of the consecration of Ram Mandir in Ayodhya, said Sitharaman.