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Budget 2024: Developed India’s Dream, No Change in the Taxation Rates

New Delhi: In the general budget presented for 2024-25, Union Finance Minister Nirmala Sitharaman has shown the dream of a developed India by 2047. She claimed that the welfare of youth, women and farmers has been given importance in the budget. She announced that arrangements will be made for construction of houses for middle-class families living in rented houses. But did not make any changes in the direct or indirect tax system. As this is a working budget, nothing special has been announced. It is clear from the fact that the Finance Minister’s budget speech ended in 58 minutes that there was no opportunity for more announcements. As this is the last budget of the Modi government before the next general budget, people from different walks of life had high expectations. Because in the working budget presented in 2019, the finance minister announced many schemes and tax deductions. But they are disappointed. Presenting her sixth consecutive budget in the Lok Sabha today, Nirmala said there will be no change in the tax system. There is also no change in import duty. Two types of schemes (old and new) continue for income tax. Taxpayers can avail benefits from any of these two schemes. A number of concessions are given in the case of outstanding tax returns. She said that the Modi government is continuing its efforts to make India a developed nation by 2047. In the next 5 years, there will be extraordinary development in the country. It will be a golden moment for the countrymen. Praising the government, the Finance Minister said that 2014 to 2023 was a golden age in terms of foreign direct investment. At this time, capital of 596 billion dollars has arrived. The Government of India has held talks with various countries and organizations to continue this trend.

The government has welcomed this budget and said that since it is a working or mid-term budget before the upcoming elections, the tradition of not announcing the welfare plan has been maintained. The new government will present the full budget next July. However, today’s working budget will guide the full budget to be presented in July. On the other hand, the opposition has criticized it. They complained that the size of fiscal deficit has increased and it is alarming. Similarly, the claims made by the government regarding foreign direct investment (FDI) are far from the truth. In fact, FDI is currently declining. The government has disappointed the common citizens by not announcing anything for their welfare. Economists and political experts say that the government has strong confidence that the Modi-led party will win the upcoming elections. That is why the government has not announced any welfare schemes.

Budget 2024-25 highlights women empowerment

  • 3 crore target for ‘Lakshapati Didi’, an income generation scheme for self-help group women.
  • The Ayushman Bharat scheme includes Asha workers, Anganwadi workers, and assistants
  • Housing scheme for the middle class living in tenements and slums
  • Prime Minister is forthcoming in accommodation scheme
  • Housing will be provided to more than 2 crore people in 5 years
  • Increase in expenditure on infrastructure to Rs.11 lakh crore
  • Exemption of tax deduction for startups and pension fund investments extended by one year
  • 6.2 lakh crore outlay for the defense budget. This will be the 8th part of the total budget expenditure

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