Interim Budget Brief 2024-25: White Paper on Economic Performance to Be Released by Government

Budget Highlights 2024: Today, the Finance Minister, Nirmala Sitharaman, talked about the Interim Budget before the Lok Sabha elections in 2024. It’s the last budget before Prime Minister Narendra Modi’s second term ends. This budget is temporary, and the full budget for 2024-25 will come after the new government forms after the elections.

The Interim Budget talks about money the government will spend and the money it will get until the new government is formed.

Here are the main points of the Interim Budget 2024-25:

No changes in how much tax you pay directly or indirectly.
The government won’t ask for income tax money from the past for amounts up to ₹25,000 (before 2009-10) and ₹10,000 from 2010-11 to 2014-15. This helps about one crore taxpayers.
There will be a plan to help middle-class people who rent homes to buy or build their own houses.
Tax benefits for startups and money put into the country by big funds will continue for one more year until March 31, 2025.
The government will spend 11% more money on things like roads, buildings, and other important projects, reaching ₹11.11-lakh crore.
The government expects to spend less money than it gets in the next year, with the difference at 5.1% of the total money it gets.
The government plans to borrow ₹14.13-lakh crore next year, which is less than what it borrowed this year.
The country’s economy is expected to grow by 10.5% next year.
The government hopes to make ₹50,000 crore by selling some of the things it owns next year, which is more than what it made this year.
The government hopes to get ₹38.31-lakh crore from taxes next year, which is more than what it got this year.
It aims to collect ₹21.99-lakh crore from direct taxes and ₹16.22-lakh crore from indirect taxes next year.
The government will share a report about how the economy was managed before 2014.
New changes to how things work will be discussed with different states and people who are affected.