The Union Finance Minister, Smt. Nirmala Sitharaman, presented the Interim Budget 2024-25 today. As the Lok Sabha elections are scheduled to be held later this year, the full-fledged budget will be announced, presumably in July, after the new government is formed. Though the Minister maintained that there would be no major policy changes in the Interim Budget, stakeholders had kept at the edge of their seats and there were a few notable developments.
In her speech, the hon’ble Finance Minister highlighted the increase in FDI inflow, and referred to bilateral investment treaties currently in the works to showcase the Government’s commitment to ‘First Develop India’. Notably, the fiscal deficit is sought to be reduced to below 4.5% by 2025- 26. To alleviate the grievances of honest taxpayers, it is suggested to withdraw outstanding direct tax demands up to Rs. 25,000 for the period up to FY 2009-10 and up to Rs. 10,000 for FY 2010-11 to FY 2014-15. Further, measures have been proposed to meet the country’s net zero emission goals.
Our experts decode the Interim Budget proposals in this insightful guide, explaining what they mean for the common man and shedding light on the proposals’ impact across sectors.