Union Budget 2024 Updates 2024: It is also called as Annual Financial Report under article 112, discusses and makes effective changes on the fiscal year in the House of Parliament. Finance Ministers strategies the budget interim on several factors of our country, and elevating the significance for better India.
The live updates and the announcements have come and take a look at the effective modifications made:
Union Budget Updates 2024-25: What Nirmala Sitharaman has to say?
Major Key Points on Union Budget 2024-25
- Research has encouraged the growth and development of indigenous oilseeds such as mustard, groundnut, and sesame to make India self-sufficient. Currently, India imports about 60% of its edible oil, spending over Rs 1.5 trillion in annual terms.
- FM Nirmala Sitharaman increased his infrastructure spending by 11% in Fiscal year 2011 from Rs 10,000 crore to Rs 11,111,111,000 crore.
- FM has set aggressive fiscal consolidation goals. The fiscal deficit target for fiscal 2025 was announced at 5.1%, compared to the expected level of 5.3%. In FY24, the fiscal deficit target of 5.8% was achieved due to improved revenue mobilization compared to the target of 5.9%.
- FM announces a middle-class housing program that will enable people living in rented houses, slums, and unauthorized colonies to buy or build their own homes.
- More medical colleges will be established using the existing infrastructure. Health insurance coverage under the Ayushman Bharat scheme will be extended to all Anganwadi workers and helpers.
- Efforts to increase farmers’ incomes are being stepped up. To reduce fertilizer imports and subsidies, the government plans to facilitate faster deployment of Nano-DAP. The government encourages private investment in post-harvest activities
- Finance Minister Sitharaman announces withdrawal of controversial unpaid tax bill. The move is expected to yield a benefit of Rs 1 billion to taxpayers.
- To the dismay of taxpayers, the FM has decided to keep tax rates, including import duties, unchanged in the 2024 Interim Budget. However, certain benefits for start-ups and tax exemptions for certain IFSC entities that expire in March will be extended until March 2025.
Announcement in Railway sector – Union Budget Updates 2024-25
In the interim budget, FM Sitharaman announced three major economic rail corridor programs, which will help us avoid instances that took place in Orissa this year with a tragic end says the Finance Minister, including Prime Minister Ghatti Shakti. Also Port access corridor and high-traffic corridor. Railway requirement needs to be made effective
Union Budget Updates 2024-25: Interim Budget Focuses On Women, Youth and Poor
The budget presentation also highlights in number of women appearing for master’s and higher education, in the last ten years it has increased by 28 percent in numbers numerous surveys. In STEM courses and engineering, girls, and women account for 43% of enrollment, which is considered the highest in the world. We are happy with this development and would like to contribute to this growth in our way in our efforts will change the fate of India.
At Avance Financial Services, we have always focused on building a robust platform to motivate female aspirants to achieve their higher education dreams. In the first half of 2024, more than a third of all students supported by Avanse will be women. We strongly believe that educating women leads to stronger families and stronger societies.
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