Budget 2024 highlights: What Nirmala Sitharaman did in her past Budget for today's cues

Budget 2024 highlights: With today's Interim Budget, Finance Minister Nirmala Sitharaman surpasses the record of her predecessors such as Arun Jaitley, P Chidambaram, Yashwant Sinha and Manmohan Singh, who had presented five budgets in a row. In her Budget last year, Sitharaman had underlined two main goals: Incentivising the private sector to create fresh jobs and push growth. Second, increasing capital expenditure as well as disinvesting the government’s stake in the PSUs.
 

-- Sitharaman announced ‘Saptarishi’ or top seven priorities of the Narendra Modi government during the Amrit Kaal. The list included inclusive development of all sections of the society, making government’s policies reach the last mile, infrastructure and investment, unleashing the potential of the economy by eradicating hurdles, green growth, harnessing the potential of youth and fortifying India’s financial sector to aid growth.

-- Described as a “middle-class bonanza” by some analysts’, the last budget witnessed India’s finance minister announcing an income tax rebate limit increase to Rs 7 lakh from existing Rs 5 lakh. Sitharaman further increased the tax exemption limit to Rs 3 lakh and cut the number of slabs from six to five. A snapshot

Total Income (Rs)    Rate (percent)
Up to 3,00,000    Nil
From 3,00,001 to 6,00,000    5
From 6,00,001 to 9,00,000    10
From 9,00,001 to 12,00,000    15
From 12,00,001 to 15,00,000    20
Above 15,00,000    30

Changes in Indirect Taxes
-- Reduction in number of basic customs duty rates from 21 to 13 for goods, other than textiles and agriculture.
 -- Increase in basic customs duty on articles made from gold and platinum.
 -- Import duty on silver dore and bars to align with gold and platinum
-- Reduction in basic customs duty on crude and glycerine to 2.5 percent.
 -- Increase in National Calamity Contingent Duty on specified cigarettes by about 16 percent.
-- Nil customs duty on specified capital goods and machinery for the manufacture of lithium-ion cells extended to March 31, 2024.
-- Reduction in basic customs duty on parts of open cells of TV panels to 2.5 percent and increase on electric kitchen chimneys to 15 percent.

Farm push
-- Agriculture Accelerator Fund set-up to fund rural agri-startups. 
-- Rs 20 lakh crore agricultural credit targeted at animal husbandry, dairy and fisheries industry.-- 
-- Rs 6,000 crore sub-scheme of PM Matsya Sampada Yojana to further enable activities of fishermen and fish vendors.
-- Computerisation of 63,000 Primary Agricultural Credit Societies (PACS) with an investment of Rs 2,516 crore.
-- Establishment of 500 new plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme for promoting circular economy.
-- Launching PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth” (PM-PRANAM) to promote alternative fertilizers.
-- Launching Mangrove Initiative for Shoreline Habitats & Tangible Incomes (MISHTI) for mangrove plantation along the coastline and on salt pan lands.

PM's flagship schemes
-- 47.8 crore accounts opened under the Jan Dhan bank scheme.
-- 11.7 crore toilets constructed under the Swachh Bharat Mission scheme.
-- 9.6 crore LPG connections provided under PM Ujjwala scheme.
-- Insurance cover for 44.6 crore persons under PM Suraksha Bima and PM Jeevan Jyoti Yojana schemes.
--  Rs 2.2 lakh crore cash transfer to over 11.4 crore farmers under PM Kisan Samman Nidhi.