Key Takeaways from Finance Minister’s Budget Speech

New Delhi- Finance Minister Nirmala Sitharaman on Thursday presented her sixth Budget in a row, equalling the record of former Prime Minister Morarji Desai.

Following are the highlights of Interim Budget 2024-25.

*No change in direct, indirect tax rates

*Withdraws income tax demands up to Rs 25,000 till 2009-10; Demands up to Rs 10,000 from 2010-11 to 2014-15 also withdrawn

*Move to benefit about a crore taxpayers

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*A scheme to help middle class living in rented houses to buy or build their own houses

*Tax benefits to startups and investments made by sovereign wealth or pension funds extended by 1 year till March 31, 2025

*Capital expenditure hiked 11 pc to Rs 11.11 lakh cr

*Fiscal deficit for 2024-25 projected at 5.1 pc, lower than 5.8 pc this fiscal

*Govt to borrow Rs 14.13 lakh crore in next fiscal, lower than Rs 15.43 lakh crore in 2023-24

*Nominal GDP for next fiscal (2024-25) projected at 10.5 pc

*Mop-up from Central Public Sector Enterprises (CPSEs) disinvestment pegged at Rs 50,000 crore for next fiscal, up from Rs 30,000 crore in 2023-24

*Gross tax revenue target for 2024-25 hiked 11.46 pc to Rs 38.31 lakh crore, from Rs 34.37 lakh crore this fiscal

*Direct tax collection target set at Rs 21.99 lakh crore; indirect tax at Rs 16.22 lakh crore

*Next five years of unprecedented development to help realise goal of developed India by 2047

*Govt to come out with a white paper on mismanagement of economy prior to 2014

*Govt to take up next generation reforms in consultation with states, stakeholders

*Govt to form high-powered panel to address population growth challenges and demographic changes

*A Rs 1 lakh crore corpus to be established with 50-year interest free loan for youth

*Scheme of 50-year interest-free loan to states for capital expenditure to be continued next year with an outlay of Rs 1.3 lakh crore.

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