Sitharaman proposes Rs 1.18 lakh cr interim Budget for J&K for 2024-25

India's interim Budget disappoints taxpayers with no changes to tax structure. However, the government focuses on fiscal consolidation, capital expenditure, and social welfare services. Finance Minister Sitharaman aims to reduce fiscal deficit to 4.5% of GDP by FY26. Revised fiscal deficit target is 5.8% of GDP for FY25. Here are the other top takeaways from the Interim budget

Sitharaman's interim budget takes a conservative approach, focusing on fiscal prudence rather than pre-election giveaways. With a slower pace of capital expenditure and reduced welfare spending, Sitharaman aims to improve India's fiscal deficit. The budget also prioritizes private sector investment and assumes higher GDP growth. While Indians may not see immediate direct benefits, the long-term benefits for India are significant.

New schemes worth Rs 24,863.57 crore included, emphasis on women, youth, farmers and employment generation.

The total amount of additional spending for which the approval sought is ₹2 trillion, but the net cash outgo is limited to ₹78,672 crore, showed the supplementary demands for grants document tabled in the Lok Sabha.

Although the government is expected to meet the revised tax revenue estimates, meeting the Rs 50,000 crore target from disinvestment receipts could be a challenge. According to officials, the daily monitoring of tax and non-tax revenue collections will help the government in taking timely corrective actions, wherever needed.

Policy continuity is crucial for sustainable economic growth. The interim budget reflects the Modi government's commitment to this principle, focusing on empowerment over entitlement, sustainable development, and fiscal management. The government has redefined inclusion as empowerment since 2014, and the budget continues this approach by prioritizing the needs of the poor, women, youth, and farmers.

Government remains confident about reaching its budgetary targets for the fiscal year 2023-24 and achieving the 5.9% fiscal deficit goal

Budget News: Finance minister Nirmala Sitharaman presented the Modi government's last budget to parliament before the upcoming Lok Sabha elections, emphasizing the

Union Budget 2024: Union Finance Minister Nirmala Sitharaman presented the 'Vote on Account' budget for FY25, focusing on women, youth, farmers, and the poor. The budget aims to address financial needs until a new government is formed after elections. The government has raised the capital expenditure target by 11.1% to Rs. 11.11 lakh crore, representing 3.4% of the GDP.

The 2024 Lok Sabha election results' impact is evident in the differences between Nirmala Sitharaman's interim and Union budgets, but nothing that disrupts the govt's business-as-usual approach.