Interim Budget 2024 PDF

Interim Budget 2024 Current Affairs Copyright © 2014-2023 TestBook Edu Solutions Pvt. Ltd.: All rights reserved  Download Testbook App Union Finance Minister Nirmala Sitharaman presented her 6th Budget on Fe...

Interim Budget 2024 Current Affairs Copyright © 2014-2023 TestBook Edu Solutions Pvt. Ltd.: All rights reserved  Download Testbook App Union Finance Minister Nirmala Sitharaman presented her 6th Budget on February 1, 2024, which was an interim budget before the general elections later this year. The Interim Budget 2024 focused on youth and women empowerment while maintaining fiscal consolidation and continuing capital expenditure (CAPEX).FM Sitharaman lowered the FY25 fiscal deficit target to 5.1% of the GDP. There were no changes made to the direct tax and indirect tax rates in the Interim Budget 2024. History of the Union Budget The Union Budget is a financial statement of the Indian government's estimated revenue and expenditure for a particular year, classified into revenue and capital budgets. India's first budget was presented on April 7, 1860, by James Wilson, the then Finance Minister of India, during British rule. The first Union Budget of Independent India was presented by Sir R.K. Shanmugham Chetty on November 26, 1947, for seven and a half months. The Union Budget documents are treated with utmost secrecy to prevent any data leaks. The printing of budget papers is done in a secure basement in the North Block, where the Finance Ministry is located. The Halwa Ceremony marks the start of the printing of the budget documents, and officials involved are locked down in the Finance Ministry basement, with no mobile phones allowed. The Railway Budget was a separate budget for 92 years until its merger with the Union Budget in 2017. The current government moved the budget announcement from the last working day of February to the first working day of February. Indira Gandhi was the only woman to present the Union Budget as both Prime Minister and Finance Minister. The Union Budget of 1997-98, presented by Finance Minister P. Chidambaram, was termed as the "Dream Budget" by the Indian media. It was seen as a roadmap for SUBJECT | Current affairs 1 of 13  Download Testbook App economic reforms in India, as it included several measures to reduce taxes and boost investment. Highlights of the Interim Budget 2024 The budget focuses on building a "Viksit Bharat" (Developed India) by 2047. The mantra is "Sabka Saath, Sabka Vikas, Sabka Vishwas. 25 crore people have moved out of multidimensional poverty due to schemes like PM- KISAN and PM Fasal Bima Yojana. India and World Dollar GDP growth SUBJECT | Current affairs 2 of 13  Download Testbook App The Finance Minister highlighted that robust economic growth has led to increased revenue collections, citing December 2023's GST collection of ₹1.65 lakh crore as an example. This marks the 7th instance of gross GST revenues surpassing the ₹1.6 lakh crore milestone. She mentioned that for the fiscal year 2024-25, total receipts excluding borrowings are projected to be Rs 30.80 lakh crore, while total expenditure is estimated at Rs 47.66 lakh crore. Tax receipts are expected to amount to Rs 26.02 lakh crore. Focus Areas Garib Kalyan, Desh ka Kalyan Recent achievements include moving out of multi-dimensional poverty, emphasizing the welfare of the impoverished with initiatives like "Garib Kalyan, Desh ka Kalyan. "The implementation of Direct Benefit Transfer (DBT) has notably yielded savings amounting to ₹2.7 lakh crore. Additionally, significant support has been extended to the economy, particularly to 78 lakh street vendors, through credit assistance under the PM-SVANidhi scheme. These strides underscore a concerted effort towards inclusive growth and financial empowerment at the grassroots level. SUBJECT | Current affairs 3 of 13  Download Testbook App Empowering the youth: 1.4 crore youth have been trained under Skill India Mission. 43 crore loans have been sanctioned under PM Mudra Yojana. IITs have increased from 16 (in 2014) to 23 (in 2023). AIIMS have increased from 7 (in 2014) to 24 (in 2022). Universities have increased from 723 (in 2014) to 1113 (in 2023). Welfare of Farmers: Direct financial assistance provided to 11.8 crore farmers under PM-KISAN. Crop Insurance extended to 4 crore farmers through PM Fasal Bima Yojana. Integration of 1,361 mandis under eNAM, facilitating trading volume of ₹3 lakh crore. SUBJECT | Current affairs 4 of 13  Download Testbook App Women Empowerment: Disbursement of 30 crore Mudra Yojana loans to women entrepreneurs. 28% rise in female enrolment in higher education over the past decade. 43% of females were enrolled in STEM courses. Assistance was provided to 1 crore women by 83 lakh SHGs to become Lakhpati Didis. SUBJECT | Current affairs 5 of 13  Download Testbook App Strategy for Amrit Kaal: Sustainable Development: Commitment to meet ‘Net Zero’ by 2070 - Viability gap funding for wind energy. Setting up of coal gasification and liquefaction capacity. Phased mandatory blending of CNG, PNG, and compressed biogas. Financial assistance for procurement of biomass aggregation machinery. Adoption of e-buses for public transport network. Strengthening e-vehicle ecosystem by supporting manufacturing and charging. SUBJECT | Current affairs 6 of 13  Download Testbook App Launch of a new scheme of biomanufacturing and bio-foundry for environmentally friendly alternatives. Rooftop solarization: 1 crore households to obtain up to 300 units of free electricity per month. Release of 10 crore LPG connections under PMUY. Distribution of 36.9 crore LED bulbs, 72.2 lakh LED tube lights, and 23.6 lakh energy- efficient fans under UJALA. Installation of 1.3 crore LED street lights under SNLP. Infrastructure and Investment: Implementation of 3 major railway corridor programs under PM Gati Shakti to improve logistics efficiency and reduce costs. Promotion of urban transformation via Metro Rail and NaMo Bharat. Promotion of foreign investment via bilateral investment treaties to be negotiated. SUBJECT | Current affairs 7 of 13  Download Testbook App Expansion of existing airports and comprehensive development of new airports under the UDAN scheme. Health: Cervical cancer vaccination for girls aged 9-14 years has been encouraged. Saksham Anganwadi and Poshan 2.0 have been expedited for improved nutrition delivery, early childhood care, and development. The U-WIN platform for immunization efforts of Mission Indradhanush has been rolled out. Health cover under the Ayushman Bharat scheme has been extended to all ASHA, Anganwadi workers, and helpers. Housing: The Pradhan Mantri Awas Yojana (Grameen) is close to achieving its target of 3 crore houses, with an additional 2 crore houses targeted for the next 5 years. A Housing for Middle-Class scheme will be launched to encourage middle-class individuals to buy or build their own houses. Tourism: States will be encouraged to undertake the development of iconic tourist centers to attract business and promote opportunities for local entrepreneurship. SUBJECT | Current affairs 8 of 13  Download Testbook App Long-term interest-free loans will be provided to states to encourage development. G20 meetings in 60 places presented the diversity of India to a global audience. Projects for port connectivity, tourism infrastructure, and amenities will be taken up in islands, including Lakshadweep. Agriculture and Food Processing: Government will promote private and public investment in post-harvest activities. Application of Nano-DAP will be expanded in all agro-climatic zones. Atmanirbhar Oilseeds Abhiyaan strategy will be formulated to achieve self-reliance for oilseeds. A comprehensive program for dairy development will be formulated. Implementation of Pradhan Mantri Matsya Sampada Yojana will be stepped up to enhance aquaculture productivity, double exports, and generate more employment opportunities. Five integrated aquaparks will be set up. Performance of the Indian Economy - SUBJECT | Current affairs 9 of 13  Download Testbook App * CAD refers to Current Account Deficit. * NPA refers to Non Performing Asset Achievements of Taxation Reforms: Direct Tax collections have more than tripled in last 10 years The number of return filers swelled to 2.4 times. Average monthly gross GST collections have doubled to ₹1.66 lakh crore in FY24. There has been an increase in tax buoyancy of state revenue from 0.72 (2012-16) to 1.22 in the post-GST period (2017-23). SUBJECT | Current affairs 10 of 13  Download Testbook App Retention of same tax rates for direct and indirect taxes, including import duties. Corporate Taxes to remain at 22% for existing domestic companies and 15% for certain new manufacturing companies. Taxpayers with income up to ₹7 lakh have no tax liability under the new tax regime. SUBJECT | Current affairs 11 of 13  Download Testbook App SUBJECT | Current affairs 12 of 13  Download Testbook App SUBJECT | Current affairs 13 of 13