The Hon’ble Finance Minister of India presented the interim budget for 2024-25 today ahead of the general election later this year. With focus on needs, aspirations and welfare of the four key segments viz. poor, women, youth and farmer and with the vision of Viksit Bharat, the budget comes up with various socio-economic proposals like rooftop solarization, dairy development, extension of Ayushman Bharat healthcare cover, Atmanirbhar Oil Seeds Abhiyaan, etc. The Budget also focuses on innovation, infrastructure development, green energy, electrical vehicle ecosystem, development of tourist centres, promoting foreign investment in India, etc.

With continued focus on macro- economic and fiscal stability, the Budget estimates a fiscal deficit of 5.8% of GDP for FY 2023-24, 5.1% of GDP for FY 2024-25 and aim of reducing it further below 4.5% of GDP by FY 2025-26.

Further, the Hon’ble FM has walked the talk by not bringing in any major tax proposals in the areas of direct and indirect taxes, keeping the tax rates unchanged including the import duties.

The Budget conveys the message of Continuity, Consolidation and Confidence for sustained growth of India.

We have attached our publication summarising the highlights of the policy announcements and a few tax proposals.