Budget 2024: As anticipated, the Interim Budget 2024 made no big-bang announcements, but it continued its focus on infrastructure upgrades and building connectivity across the country. Finance Minister Nirmala Sitharaman on Thursday presented her sixth consecutive budget with a speech lasting 56 minutes, her shortest ever.
Presenting a vote on account of an interim Budget for 2024-25, Finance Minister Nirmala Sitharaman proposed no changes in income tax rates for individuals and corporates, as well as customs duty.
In less than an hour-long budget speech, she presented the Modi government’s achievements in the last 10 years that transformed India from being a ‘fragile’ economy to the world’s fastest-growing major economy.
2) Housing for the middle class
Wooing the middle class ahead of the general elections, Finance Minister Nirmala Sitharaman on Thursday announced a scheme to help those living in rented accommodations or slums to acquire a house.
“Our government will launch a scheme to help deserving sections of the middle class ‘living in rented houses, or slums, or chawls and unauthorized colonies’ to buy or build their own houses,” she said.
“This is likely to free encroachment areas like slums for easier redevelopment,” said Anuj Puri, Chairman – ANAROCK Group.
3) PM Awas Yojana (Gramin)
Parallely, she also announced building 2 crore more houses for the rural poor in the next five years under the continuing PM Awas Yojana (Grameen).
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Despite all the challenges, the implementation of this scheme continued, achieving the target of close to 3 crore houses and now aims for 2 crore more houses to be taken up in the next five years.
4) Extending tax benefits to startups for another year
The government on Thursday proposed to extend the tax incentive for startups and investments made by sovereign wealth or pension funds for one more year till March 2025.
Finance Minister Nirmala Sitharaman said that certain tax benefits to startups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC (International Financial Services Centre) units are expiring on March 31, 2024.
“To provide continuity in taxation, I propose to extend the date to March 31, 2025,” she said while presenting the interim Budget 2024-25.
According to Anuj Puri, the Modi Government’s proposal to extend the tax incentive for startups may help office real estate to rejuvenate.
5)Rooftop solarisation and free electricity
One crore households will benefit from rooftop solarisation, providing up to 300 units of free electricity monthly. Expected benefits include savings of up to Rs. 15,000 – Rs. 18,000 and opportunities to sell surplus electricity to discoms.
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Published: 01 Feb 2024, 04:04 PM IST