In this article, I have shared the information you need to know in detail about the India Union budget 2024.
According to Article 266 of the Indian Constitution, Parliamentary approval is required to draw money from the Consolidated Fund of India.
The term ‘Budget’ is not mentioned in the constitution.
The constitution refers to it as the ‘Annual Financial Statement’.
India Union Budget 2024 is the Interim Budget because of the April & May 2024-25 Election Preparation.
What is the difference between an Interim Budget and a Full Budget?
| Interim Budget | Full Budget |
| The Interim Budget will outline the government’s anticipated receipts and expenditures until the new government is formed. | A full Budget encompasses all government finances, including earnings, spending, allocations, and policy declarations. |
| The interim Budget provides financial details for the transitional period. | A full-year budget is a strategic guide charting the nation’s economic trajectory for an entire fiscal year. |
| The incumbent government will present an interim budget for 2024-25 in Parliament, effective from 1st April 2024. | The new government will present a complete Budget in July 2024. |
Who is responsible for preparing the Budget?
The Budget division of the Department of Economic Affairs in the Finance Ministry is the Nodal body responsible for preparing the Budget.
Historic Budgets of India till date:
- During his stint as Finance Minister, former Prime Minister Manmohan Singh delivered the longest budget speech in terms of word count (18,650 words) in 1991.
- Finance Minister Nirmala Sitharaman delivered the longest budget speech. She spoke for 2.42 hours while presenting the Union Budget 2020.
Key Points of India Union Budget 2024
- According to this India Union Budget 2024, the government will focus on four major castes: Poor, women, youth, and Annadatas. Their needs, aspirations and welfare are higher priorities of the Government.
- Health Care coverage under Ayushman Bharat will be extended to all ASHA and Anganwadi Workers.
- New Housing Scheme for the Middle Class: The Government will launch a scheme to help deserving sections of the Middle Class buy and build their own houses as per India Union Budget 2024.
- Lakhpati Didi: 83 Lakh SHGs with 9 Crore Women transform the rural socioeconomic landscape with empowerment and self-reliance. Their success has assisted nearly 1 Crore Women in becoming Lakhpati Didi already. They inspire others, and their achievement will be recognized by honouring them. According to India Union Budget 2024, the government’s target is to create Lakhpati Didis raised from 2 Crore to 3 Crore.
- Tech-Savvy Youth: This will be a Golden Era for tech-savvy youth. A corpus of 1 Lakh Crore Rupees to be established with 50 years Interest Free Loan. It will encourage the private sector to scale up research and innovations in sunrise domains.
- Railway: 40,000 Normal Rail Bogies will be converted to Vande Bharat Bogies standard to enhance passengers’ safety, convenience and comfort.
- Solar Rooftops Solarization and Muft Bijli: Through rooftop solarization, one crore Indian households can obtain up to 300 units of free electricity monthly. It will help save up to 15 to 18000 rupees annually from free solar electricity.
- No Changes in the Current Tax Structure as per India Union Budget 2024. There will be the same tax rates for direct and indirect taxes, including import duties. New forms have been made to make filing of Income Tax Returns Simpler and more effortless. The average processing of returns reduced from 93 days in the 2013-14 financial year to 10 days in the 2023-24 financial year.
- The Government proposes withdrawing outstanding direct tax demands up to Rs. 25,000 till Financial Year 2009-10 and up to Rs. 10,000 from Financial Year 2011 to Financial Year 2015.
- According to a Survey, 94% of Industry Leaders view the Transition to GST as largely positive. Import release time declined by 47% to 71 Hours at inland container depots—44 Hours at Air Cargo Complexes and 85 Hours at Sea Ports.
The government aims to reduce Fiscal Deficit below 4.5% by 2025-26. The Fiscal Deficit in 2024-25 is estimated to be 5.1% of GDP.
Thanks for Reading.
