New Delhi: There will be no change to income tax slabs, which have been reduced and rationalised, in the 2024 interim Budget, Union Finance Minister Nirmala Sitharaman said Thursday morning, as she read out a statement of the country’s finances in a special session of Parliament.
“I propose to retain the same tax rates for direct and indirect taxes, including import duties,” Nirmala Sitharaman said.
She did, though, propose to withdraw outstanding direct tax demands of up to ā¹ 25,000 till FY09/10 and up to ā¹ 10,000 for FY10/11 to 14/15, and said it would benefit around one crore taxpayers.
Nirmala Sitharaman said the economy was going through a profound transformation, as she rose to present the governmentās last budget to parliament before a national election due by May.
The government is focused on improving conditions for the poor, women, youth and farmers, Sitharaman said, setting the tone for welfare schemes to be announced in these areas.
She highlighted the government’s commitment to inclusive development under the vision of “Sabka Saath, Sabka Vikas, and Sabka Vishwas.” “In the second term, our government strengthened its vision of Sabka Saath, Sabka Vikas, and Sabka Vishwas,” stated Sitharaman, emphasizing the continuity of the government’s commitment to the welfare of all citizens.
She acknowledged the challenges posed by the once-in-a-century pandemic but noted that the country successfully overcame them, continuing its stride towards building an Atmanirbhar Bharat (self-reliant India) committed to Panch Pran and laying solid foundations for the Amrit Kaal.
Nirmala Sitharaman said, “The country overcame the challenges of once in a century pandemic to clang stride towards Atmanirbhar Bharat committed to Panch Pran and laid solid foundations for the Amrit Kaal”.
Addressing concerns about food security, Sitharaman announced the elimination of worries through the provision of free ration for 80 crore people. “The worries about food has been eliminated through free ration for 80 crore people”, said Finance Minister.
The Finance Minister also highlighted the impact of Direct Benefit Transfer (DBT), emphasizing that savings through DBT channels have enabled more funds for the PM Garib Kalyan Yojana, a welfare program for the economically disadvantaged. “With the pursuit of Sabka Saath, the govt has assisted 25 crore people to get freedom from multidimensional poverty in last 10 years”, Sitharaman stated during her Budget speech.
The Finance Minister underscored the need to focus on four major pillars: the poor, women, youth, and annadatas (farmers). “We need to focus on four major pillars — poor, women, youth and annadatas”, said Sitharaman Highlighting achievements in skill development, Sitharaman noted that the Skill India Mission has successfully trained 1.4 crore youth, contributing to their empowerment and employability.
The government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged, said the Finance Minister.
Biomanufacturing and bio foundry scheme will be launched to provide environment-friendly alternatives for bio-degradable production, she added.
She said tourism has tremendous opportunities and promised that the government will take up the development of iconic tourist centres to attract foreign tourists.
announced plans to increase milk and dairy production in the country.
India is the largest milk producer in the world but there is low productivity, the finance minister said.
India’s milk production rose 4 per cent to 230.58 million tonnes in 2022-23.
She also said a strategy will be developed for Atma Nirbharta for oilseeds production.
Efforts of the value addition in agriculture sector and increasing farmers’ income will be stepped up, the minister said.