Introduction
Today on February 1st 2024, Finance Minister Nirmala Sitaraman is presenting the last budget of Modi Government ahead of the 2024 Loksabha Elections. This is the 6th Budget Presentation by FM Nirmala Sitaraman. President Draupadi Murmu offered curd to the Finance Minister Nirmala Sitharaman ahead of Budget presentation.
Modi Government has focus on elevating the status of Women, Youth, Farmers and Financially deprived section of society. Priority on aspirations & needs of Garib, Mahilayen, Yuva and Annadata: FM Nirmala Sitaraman. Government is focusing on sustaining India’s Growth Rate alongside of reducing the Fiscal Deficit as per the targets. PM Narendra Modi believes in India’s fastest economical growth to become 3rd largest economy with $5 Trillion GDP.
Key Highlights of FM’s Speech
• We need to focus on – Garib, Mahilayen, Yuva and Annadata.
• ‘Garib Kalyan is Desh ka Kalyan’ – FM.
• Average real income of people increased by 50%.
• The economy is doing well. Inflation is moderate.
• Plan to Setup more Medical Colleges by utilising the existing infrastructure.
• India Middle East Europe Economic Corridor will be game changer for India.
• Jai Jawan, Jai kisaan, Jai Vigyaan, Jai Anusandhaan: PM Modi
• Focus on increasing Tourism to boost Economy.
• Empowerment of Women through entrepreneurship.
• 28% Increase in Female Enrolment in Higher Education in 10 Years.
• 30 Cr Mudra Yojana Loans given to women entrepreneurs.
• FM appreciated the continued support of Taxpayers.
• FM says ‘our government‘ to present Full Budget in July 2024.
Key Highlights of Budget 2024
• No changes in Direct & Indirect Taxes including Import Duties.
• Revised estimate of fiscal deficit is 5.8% of GDP.
• 5.1% Fiscal Deficit for FY2025.
• Aim to reduce Fiscal Deficit by 4.5% by 2026.
• Capital Expenditure raised by 11.1% to 11.11 Lakh Crores (3.4% of GDP).
• 1L Cr Corpus for 50 Year Interest Free Loan; Long Term Financing or re-financing with low or Nil interest rates.
• 40,000 Rail Bogeys will be converted into Vande Bharat Level.
• Infra Outlay increased to Rs.11.11 Lakh Crores.
Flat Sensex-Nifty: No major changes after Budget 2024 (12:10 PM)
Post-Budget Ananlysis
• Finance Minister presented the budget for around a few minutes less than an hour.
• Some Financial Experts are not satisfied with the CapEx number.
• Experts believe that the Govt. may propose lucrative schemes during the campaigning wave of the Loksabha election.
• Stock Markets have behaved in a flat way with decline in PSU’s stocks.
