- There are no changes in the income tax slabs.
- “The revised fiscal deficit, which represents the difference between the government’s revenue and expenses, is reported to be 5.8% of the GDP for the fiscal year 2023-24 (FY24). It is anticipated that the fiscal deficit for FY25 will be 5.1% of the GDP. The goal is to further reduce the fiscal deficit to below 4.5% of the GDP in the fiscal year 2025-26 (FY26).
- Finance Minister Sitharaman mentioned that the number of tax filers has increased by 2.4 times. The direct tax collection has tripled since 2014. For the year 2024-25, the projected tax receipts amount to Rs 26.02 lakh crore.”
- “The Finance Minister has declared an additional 2 crore houses under the Pradhan Mantri Awas Yojana – Gramin (PMAY-G).
- “For our tech-savvy youth, this will mark a golden era. A fund of Rs 1 lakh crore will be set up, offering a 50-year interest-free loan. The fund aims to provide long-term financing and re-financing with extended tenures at low or zero interest rates. This initiative is intended to stimulate the private sector to substantially enhance research and innovation in emerging sectors.”
- We must implement programs that harness the capabilities of our youth and technology. A new initiative will be introduced to enhance deep tech technology for defense purposes and accelerate self-reliance.
- Sitharaman also outlined plans to establish more medical colleges by leveraging the “existing hospital infrastructure under various departments.” She mentioned, “A committee for this purpose will be established to examine the issues and provide relevant recommendations.”
- “Criminalizing triple talaq, reserving 1/3rd of seats for women in Lok Sabha and state assemblies, and allocating over 70 percent of houses under the PM Awas Yoajana in rural areas to women have contributed to enhancing their dignity,” stated Sitharaman.”
- “Through rooftop solarisation, 1 crore households will have the opportunity to receive up to 300 units of free electricity every month. This initiative aligns with the Prime Minister’s commitment on the historic day of the consecration of Shri Ram Mandir in Ayodhya. The government’s target is to achieve ‘net zero’ by 2070.
- To boost tourism, “long-term interest-free loans will be provided to states to encourage development.”
- Beginning her speech, Sitharaman highlighted the positive transformation in the Indian economy over the last 10 years.
- “The needs and aspirations of the poor, women, youth, and farmers will guide the country’s growth.”
- “The government is striving to make India ‘Viksit Bharat’ by 2047… Our focus is on inclusive development, with everyone’s participation and progress,” stated Sitharaman.”
- “The government equally emphasizes on GDP – Governance, Development, and Performance.
- Regarding social justice, the Finance Minister stated, “Our government is pursuing a development approach that is comprehensive, widespread, and inclusive.”
- In a preliminary budget review, the Ministry of Finance projected that the Indian economy is anticipated to grow at over 7 percent in the upcoming years and is expected to become the third-largest economy globally in the next three years, with a GDP of $5 trillion.”