What are the Top Ten Highlights of India's Interim Budget 2024? | Vantage with Palki Sharma
Summary
TLDRIndia's interim budget for 2024 outlines policy priorities and sets the stage for the upcoming government's full budget. Key highlights include no tax changes, a vision for a developed India by 2047, targeted policies for the poor, women, youth, and farmers, direct benefit transfers, multi-dimensional poverty alleviation, interest-free loans for youth, affordable housing schemes, solar energy promotion, fiscal prudence with a focus on disinvestment, and special initiatives for women's health and financial empowerment.
Takeaways
- 📊 No Change in Taxation: The interim budget maintains the current income tax slabs, meaning no change in tax rates for individuals.
- 🌟 Vision for 2047: The government aims to make India a developed economy by 2047, termed as 'Amrit Kaal', focusing on policy priorities for the next 23 years.
- 👉 Focus on Four Groups: The government's policies are centered around the upliftment of the poor, women, youth, and farmers, as emphasized by the Prime Minister.
- 💰 Direct Benefit Transfers: Over $110 million has been transferred to farmers, and loans have been provided to 430 million people under the MUDRA scheme, highlighting the government's focus on direct transfers.
- 🔄 Multi-Dimensional Poverty Alleviation: The government is addressing poverty beyond income measures, focusing on empowerment to improve living standards.
- 🏦 Interest-Free Loans for Youth: A corpus of 1 lakh crore rupees will provide long-term, low or nil interest rate financing for youth.
- 🏠 Housing for All: A new scheme aims to make home buying more affordable for the middle class, with plans to build 20 million houses over five years.
- ⚡️ Solar Energy Promotion: The government plans to promote solar energy through rooftop solarization, aiming to identify 1 crore houses for solar panel installation.
- 💼 Fiscal Prudence: With a fiscal deficit target of 5.1%, the government plans to borrow less and focus on disinvestment to balance the budget.
- 👩⚕️ Special Focus on Women: The budget includes multiple announcements targeting women's health, financial well-being, and empowerment, such as expanding healthcare schemes and supporting self-help groups.
Q & A
What is the purpose of an interim budget in India?
-An interim budget in India is presented in an election year and serves as a short-term financial plan for the next 2 to 3 months. It sets the tone for policy priorities and outlines areas where money will be allocated, as a full budget is not presented because a new government will be formed in a few months that will bring a new budget.
Did the interim budget of 2024 propose any changes in tax slabs?
-No, the interim budget of 2024 did not propose any changes in tax slabs. The present income tax slabs remain intact, meaning individuals will continue to pay the same amount of tax if their income has not changed.
What is the significance of the term 'Kavya Kal' mentioned in the budget?
-The term 'Kavya Kal' translates to 'the time to fulfill your duty' and represents the government's ambition to make India a developed economy by 2047 within the next 23 years.
Which four groups does the government focus on for policy upliftment?
-The government focuses on the poor, women, youth, and farmers, crafting policies around these four groups to bring about their upliftment.
What has been the government's approach to transferring benefits directly to people?
-The government has focused on direct transfers by eliminating middlemen, depositing more than $400 billion directly into the bank accounts of beneficiaries, which has minimized leakages and led to savings.
How does the government define and address multi-dimensional poverty?
-The government addresses multi-dimensional poverty by focusing on empowerment rather than just entitlements. It aims to uplift people who may not be traditionally defined as poor but experience poverty due to lack of access to basic necessities, education, healthcare, etc.
What initiatives are being taken for the youth in terms of loans and housing?
-A corpus of 1 lakh CR rupees will be established to provide long-term financing or refinancing with low or nil interest rates for the youth. Additionally, the government plans to build 20 million houses under a central government scheme within the next 5 years.
What is the government's plan regarding solar energy and how will it benefit the public?
-The government plans to promote solar energy through rooftop solarization, identifying 1 CR houses to install solar panels and provide 300 units of free power every month. This will reduce the load on power grids, transition to green energy, and lower electricity bills.
What is the government's stance on fiscal prudence as outlined in the budget?
-The government aims to borrow less and spend more, setting a fiscal deficit target at 5.1%. It plans to balance the books through disinvestment, setting a target of around $6 billion.
What special focus does the budget have for women?
-The budget has a special focus on women's health and financial well-being. It includes expanding the Universal Healthcare scheme to include grassroots healthcare workers, reducing costs for cervical cancer vaccines, and empowering local self-help women groups to earn a minimum of 100,000 rupees every month.
How did Prime Minister Modi describe the budget after the budget speech?
-Prime Minister Modi described the budget as incisive and innovative, indicating his approval and support for the measures outlined in the budget.
Outlines
🇮🇳 Interim Budget 2024: Setting the Stage for India's Growth
The Indian government presented an interim budget, serving as a financial plan for the next 2-3 months ahead of the general elections. This budget is significant as it hints at policy priorities and outlines areas of financial allocation for India's development. Key highlights include no changes in tax slabs, appreciation for taxpayers, and a vision for India to become a developed economy by 2047. The government also emphasized focusing on four key groups: the poor, women, youth, and farmers, with policies aimed at their upliftment. Direct benefit transfers have been highlighted as a major achievement, with over $400 billion deposited directly into beneficiaries' accounts, minimizing leakages and saving government funds.
🌟 Empowerment and Development: India's Vision for 2047
The Indian government's interim budget for 2024 outlines a comprehensive approach to multi-dimensional poverty, aiming to empower the poor rather than just providing entitlements. The government's efforts have reportedly uplifted 250 million people over the last decade. Initiatives for the youth include interest-free loans and affordable housing schemes, with a goal to build 20 million houses in five years. Additionally, there is a significant push for solar energy through rooftop solarization, targeting 1 crore houses with free power units to promote green energy and reduce electricity bills. The budget also emphasizes fiscal prudence, aiming to reduce borrowing and increase spending through disinvestment strategies. Special attention is given to women's health and financial empowerment, with expanded healthcare schemes and support for self-help groups.
Mindmap
Keywords
💡Interim Budget
💡Taxation
💡Direct Tax Collections
💡Indirect Taxes
💡Policy Priorities
💡Mudra Scheme
💡Multi-Dimensional Poverty
💡Interest-Free Loans
💡Housing for All
💡Solar Energy
💡Fiscal Prudence
💡Disinvestment
💡Women Empowerment
Highlights
Interim budget passed in India, setting the tone for the upcoming general election and the new government's full budget.
No change in tax slabs; current income tax slabs remain intact, reflecting a stable tax policy for the short term.
Direct tax collections have more than trebled over the last 10 years, with a significant increase in return filers.
Government withdraws old income tax demands, providing relief to 10 million taxpayers.
India aims to become a developed economy by 2047, with a focus on the 'Kavya Kal' period for nation-building.
Government specifies focus areas including the poor, women, youth, and farmers for policy upliftment.
Achievements in transferring benefits directly to people, minimizing distribution loss.
Empowerment of the poor as partners in the development process, with results showing upliftment of 250 million people.
Interest-free loans for the youth and a new scheme for affordable housing.
Government's initiative to build 20 million houses under a central scheme over the next 5 years.
Promotion of solar energy through rooftop solarization, aiming to identify 1 CR houses for solar panels.
Fiscal prudence with a target to reduce borrowing and increase spending, setting a fiscal deficit target of 5.1%.
Disinvestment as a strategy to balance the books, with a target of around $6 billion.
Special focus on women with announcements targeting healthcare, vaccination, and financial well-being.
Expansion of the Universal Healthcare scheme to include grassroots healthcare workers.
Empowerment of local self-help women groups, aiming for a minimum monthly income of 100,000 rupees.
Prime Minister Modi's endorsement of the budget as incisive and innovative.
Transcripts
[Music]
it was budget Day in India today an
interim budget was passed the last
budget before the upcoming general
election which is why it's an interim
budget in an election year the full
budget is not presented because a new
government will be formed in a few
months and they will bring a new budget
so for now what we have is a plan for
the next 2 to 3 months it basically
means that the central government is
placing a request to withdraw money to
meet expenses for the short term and yet
it is significant because this budget
also sets the tone for what lies ahead
it outlines policy priorities areas
where money will be allocated and
schemes that will shape India's growth
story so what does today's budget tell
us what are the focus areas in key
takeaways we've put together 10
highlights for you number one is
taxation it's the big talking point in
every budget everyone wants to know this
how are tax Labs changing well this time
they're not no change in taxes your
present income tax Labs remain intact so
if your earning has not changed you'll
continue paying the same amount of tax
over the last 10 years the direct tax
collections have more than trebled and
the return filers swelled 2.4 times I
would like to assure the taxpayers that
their contributions have been used
wisely for the development of the
country and Welfare of its
people I appreciate the taxpayers for
their continued support in other words
thank you for paying your tax keep
paying it same with indirect taxes and
import duties no change in slabs what
about savings we have something to
report on this front the government will
withdraw old income tax demands these
are small and Petty notices they will be
taken back and with this move 10 million
taxpayers will get some relief highlight
Number Two the government wants India to
become a developed economy by 2047
they're calling this period the cavya
Cal meaning the time to fulfill your
duty or cavia and make India a developed
economy in the next 23 years it's an
ambitious Target to have considering the
many challenges along the way Listen to
This
geopolitically Global Affairs are
becoming more complex and challenging
with Wars and conflicts
globalization is being redefined with
reshoring and fren Shoring disruption
and fragmentation of Supply chains and
competition for critical minerals and
Technologies a new world order is
emerging after the covid
pandemic highlight number three the
government has specified its focus areas
it is paying attention to four groups
the poor the women the youth and the
farmers policies are being crafted
around these four groups to bring about
their
upliftment as our prime minister firmly
believes we need to focus on four major
casts they are garib mahil yua and
anad their needs their aspiration
patients and their welfare are our
highest
priority and this was a recurring theme
throughout the speech highlight number
four the big achievements transferring
benefits directly to people the focus is
on cutting distribution loss and here is
what the government says it has
delivered more than $110 million to
Farmers over $260 billion in loans and
these have been given to 430 million
people under the mudra scheme now these
are special loans designed to serve
small Enterprises companies that work at
the Grassroots
levels and like I said the focus is on
Direct transfers by the government
eliminating middlemen this has been
mainstreamed according to the budget
more than $400 billion doar have been
deposited directly into the bank
accounts of
beneficiaries this has put an end or
minimized leakages and led to savings
for the government 7.8 million vendors
have been given credit assistance women
have been allocated houses under a
central government scheme 70% of all
rural houses went to women so those were
the major achievements that the budget
talked about highlight number five
tackling multi-dimensional
poverty now usually we Define poverty on
the basis of money we measured it on the
basis of purchasing power like how much
money you earn or spend in a day but
that is just one dimension of poverty it
doesn't capture the full picture people
may feel poor due to a variety of
reasons like when they cannot afford
basic necessities like electricity food
or water when they are forced to pick an
inferior school for their child when
they cannot afford proper treatment
because of
costs there are many cases where one
medical emergency can financially ruin a
whole family these are all different
versions of poverty these people may not
be poor by the traditional
definition but they all experience
poverty so what the government is trying
to do is this trying to T tack Le
multi-dimensional poverty through
empowerment we believe in empowering the
poor the earlier approach of tackling
poverty through entitlements had
resulted in very modest outcomes when
the poor became empowered Partners in
the development process government's
power to assist them also increases
manifold not just handouts but
empowerment and the government says it
is showing result results in the last 10
years it is set to have uplifted 250
million people the idea is to reduce
poverty in every shape and form number
six interest free loans for the Youth
and housing for all listen to this for
our tech savvy youth this will be a
golden era a corpus of 1 lakh CR rupees
will be
established with 50e interest free
loan provided the Corpus will provide
long-term financing or refinancing with
long teners and low and or
nil I repeat that sentence the Corpus
will provide long-term financing or
refinancing with long teners and low or
nil interest
trates highlight number seven the
government wants to make make home
buying more affordable a new scheme is
being launched soon it will focus on the
middle class in addition to this the
government says it will build 20 million
houses under a central government scheme
and their construction will take 5 years
at least that is the plan highlight
number eight a big push is being made to
promote solar energy through rooftop
solarization meaning installing solar
panels on
rooftops the plan is to identify 1 CR
houses for this they will be given solar
panels and 300 units of free Power every
month how does it help in three ways it
will reduce the load on power grids it
will enable transition to Green energy
and reduce your electricity bill at the
same time if implemented well these
ideas can be game changers highlight
number nine fiscal Prudence the
government wants to borrow less and
spend
more the fiscal deficit target has been
set at 5
.1% how will the government balance the
books how will it get the money that it
needs to spend on
welfare they're placing a big bet on
disinvestment and they've set a steep
Target of around $6 billion for this
this is how they'll make
money highlight number 10 the special
focus on women the Finance Minister made
multiple announcements targeted at women
like on the health care front the
government is expanding its Universal
Health healthare scheme now women
healthcare workers at the Grassroots
will get health
insurance they want to encourage
vaccination Reports say the government
is in talks to reduce cost for cervical
cancer vaccines they're also focusing on
the financial well-being of women there
was an announcement to empower local
self-help women groups their members are
known as lakpa Dees or prosperous
sisters they're encouraged to pull their
resources and harness their skills to
earn earn a minimum of 100,000 rupees
every month that's 1 lakh rupees hence
the term lakpa
dii the government will allocate more
money to such groups from
$240,000 to
$360,000 Prime Minister Modi spoke after
the budget speech today and he called
the budget incisive and
Innovative is
[Music]
budget
confidence
bu M
or
EMP so those were the key highlights of
the interim budget
2024
that
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