Interim Budget 2024: FM Nirmala Sitharaman's 6 key announcements

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1. Fiscal prudence prevails:

FM Sitharaman adheres to fiscal prudence, revealing a lower-than-expected fiscal deficit of 5.8% of GDP in FY24 and estimating a further reduction to 5.1% in the next fiscal year. Image credits: X

2. Rural development focus:

While avoiding major rural transfers, Sitharaman commits to constructing an additional 2 crore houses for the rural poor over the next five years under the PM Awas Yojana (Grameen) Image credits: X

3. Substantial increase in capital spending:

The country's capital spending for 2024-25 witnesses an 11% surge, reaching Rs 11.11 lakh crore, equivalent to 3.4% of the GDP. Image credits: X

4. Tax regime unchanged:

Sitharaman announces no alterations to direct or indirect tax rates, maintaining the existing tax structure without imposing new taxes or levies. Image credits: X

5. Innovation and research boost:

A Rs 1 lakh crore corpus is set up, featuring a 50-year interest-free loan, aimed at providing long-term financing or refinance with extended tenors and low or nil interest rates. Image credits: X

6. Rapid income growth:

Sitharaman highlights a commendable achievement with a 50% increase in the average real income of the people, reflecting positive economic growth and improved living standards. Image credits: X Find Next One