1. Finance Minister presents interim budget for 2024/25

Finance Minister presents interim budget for 2024/25

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1 min read • Updated: February 1, 2024, 11:44 AM

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Summary

The interim budget for 2024/25 is being seen as an economic manifesto for Prime Minister Narendra Modi's ruling Bharatiya Janata Party (BJP) and will give cues to the market on its plans for fiscal consolidation, borrowings and future taxation policy.

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FM Sitharaman presented the last budget of the government to parliament before general elections due by May.

New Delhi, Feb 1 (Reuters): Finance Minister Nirmala Sitharaman said on Thursday that India's economy was going through a transformation as she presented the government's last budget to parliament before general elections due by May.

The interim budget for 2024/25 is being seen as an economic manifesto for Prime Minister Narendra Modi's ruling Bharatiya Janata Party (BJP) and will give cues to the market on its plans for fiscal consolidation, borrowings and future taxation policy. Here are the highlights of her budget speech:

-Govt brought 250 million people out of poverty in 10 years -Crop insurance scheme benefits reach 40 million farmers -India skill mission trained 14 million workers -Govt provided small loans to 225 million households -Govt provided small loans to 300 million women enterprises in 10 years -Inflation has moderated and economic growth has picked up -Tax reforms have widened the tax base and increased tax collections -Pro-active inflation management has helped contain inflation within the target band (2%-6%) -Average real income of people increased by 50% -The next five years will see unprecedented economic growth -Next-generation reforms to be undertaken in consultation with states -Govt to subsidise construction of 30 million affordable houses in rural areas