India's Interim Budget 2024 targets a 5.1% fiscal deficit cut, self-reliance in oilseeds,new housing schemes, medical education growth, extended healthcare, and stable tax rates.
India's government maintains current direct and indirect tax structures, ensuring stability and predictability for taxpayers and businesses.
India's Budget forecasts a 10.5% nominal GDP growth for FY25, signaling confidence in the nation's economic resilience and expansion potential.
Economic Growth Forecast
FY25 divestment target set at ₹50,000 crore, reduced to ₹30,000 crore for FY24, highlighting commitment to optimize public assets and boost private-sector involvement.
FY25 fiscal deficit is projected at 5.1%, 5.8% for FY24, with a goal to reduce it below 4.5% by FY26, showing a strong commitment to fiscal consolidation and sustainability.
FY25 Capex set at 3.4% of GDP, underscoring a focus on boosting infrastructure to stimulate economic growth and enhance public services.
Capital Expenditure Increase
FY24's gross market borrowing is set at ₹14.1 lakh crore, aligning with government funding needs and effective debt management.
The budget withdraws pre-FY10 disputed tax demands up to ₹25,000, simplifying tax administration and reducing litigations, offering relief to taxpayers.
Tax Demand Withdrawals
Stay Informed: to Dive into the Key Highlights of India's 2024 Budget – Your Guide to Understanding the Nation's Economic Future!