Key Highlights & Takeaways of Union Budget

byDilip PrasadLast Updated: February 16, 2024
Highlights of the Union Budget

Recent in News: Interim Budget 2024

The 2024 Interim Budget focuses on reducing the fiscal deficit, aiming for 5.8% of GDP in FY24 and targeting 5.1% for FY25, with a further goal of bringing it below 4.5% by FY26. No changes were made to income tax slabs, but outstanding direct tax demands up to Rs 25,000 for up to FY 2009-10 and up to Rs 10,000 for FY 2010-11 to 2014-15 will be waived.


Highlights of the Union Budget for FY 2023-2024

  • The Indian economy is projected to grow at 7% despite the current economic climate.
  • The budget is aimed at creating a tech-driven, knowledge-based economy with strong public finances and a robust financial sector. The goals are to offer opportunities for citizens, drive growth and jobs, and maintain macroeconomic stability.
  • The government is focused on advancing women’s economic empowerment, promoting green growth, honoring traditional artisans and craftspeople, and tapping into the potential of the tourism industry.
  • Seven core priorities have been identified as the guiding stars: Inclusive Development, Green Growth, Empowering Youth, Strengthening the Financial Sector, Last Mile Connectivity, Unleashing Potential, and Investment & Infrastructure.
  • The focus of inclusive development is on farmers, women, youth, OBCs, Scheduled Castes, Scheduled Tribes, people with disabilities, and the economically weaker sections. The budget builds upon these efforts with programs such as the Agriculture Accelerator Fund, the Atmanirbhar Clean Plant Programme, and a global hub for millets.
  • Connecting to the final destination involves programs such as the Programme for Aspirational Districts and Blocks, water for drought-prone regions, the Pradhan Mantri PVTG Development Mission, and the PM Awas Yojana.
  • Investment and Infrastructure received a 33% increase in capital investment outlay to Rs 10 lakh crore for growth and employment. The budget also emphasized the development of physical and social infrastructure.
  • Other initiatives include the creation of a National Recruitment Agency, the establishment of a National Technical Textiles Mission, and the launch of a National Health Stack.

Read More: Detailed Union Budget For Financial Year 2023-2024

Highlights of the Union Budget 2022-2023

The Union Budget 2022-2023 has a strong focus on boosting healthcare and infrastructure development. Additionally, it includes provisions to aid small businesses and farmers. The budget also proposes tax benefits for individuals and ways to attract foreign investments.

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