Interim Budget 2024 Highlights: Union Finance Minister Nirmala Sitharaman presented her sixth consecutive Budget on Thursday. While there were many who thought that Modi government may opt for some major populist announcements ahead of the Lok Sabha Elections, the Finance Minister steered clear of any such declarations. There were no SOPs, no handouts for poor in the pre-election Vote of Account.

  1. Experts say that no mention or intent of any populist announcement regarding the social spending largesse shows Modi government’s immense confidence in returning to the office after the crucial Lok Sabha Elections 2024.
  2. There were no changes in the tax slabs in the Interim Budget 2024.
  3. Meanwhile, an allocation for a rural employment scheme was held steady by Modi govt, major subsidies on 3Fs – fuel, food and fertiliser were 8 per cent lower.
  4. Sitharaman announced that India aims to significantly decrease its budget deficit to 5.1% of GDP in the fiscal year 2024-25. Additionally, she revised the current fiscal year’s deficit downward by 10 basis points to 5.8%.
  5. The Interim Budget anticipates a further 11% rise in capital expenditure for long-term projects in comparison with the previous year, despite a more modest 6% increase in the government’s overall spending.
  6. What’s the ministry-wise allocation – Ministry of Defence has been allocated Rs 6.1 lakh crore; Ministry fof Road Transport and Highways has been allocated Rs 2.78 lakh crore; Ministry of Railways – Rs 2.55 lakh crore; Ministry of Consumer Affairs, Food and Public Distribution – Rs 2.13 lakh crore; Ministry of Home Affairs – Rs 2.03 lakh crore; Ministry of Chemicals and Fertilisers – Rs 1.68 lakh crore; Ministry of Rural Development – Rs 1.77 lakh crore; Ministry of Agriculture and Farmers’ welfare – Rs 1.27 lakh crore; Ministry of Communications – Rs 1.37 lakh crore.