Indian Interim Budget 2024-25: Highlights and Key Announcements

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An interim budget refers to a temporary budget put in place when there is some political shuffling in the economy. Interim budget is produced by the government to cater the needs of the organizations operating within the economy. It is for the time being budget or allocation of economic resources to the various sectors of the economy made known to the big capitalists of the country. Interim budgets usually cover essential expenses and are often based on the previous year's budget, adjusted for any known changes or urgent needs. They serve as a stopgap measure until a comprehensive budget comes into place.

Key Highlights of Indian Interim Budget 2024-25

Direct and Indirect Taxation rates remains unchanged.
A Housing scheme to help middle class family to buy /build a new house.
Tax benefits for new start-ups and investments made by supreme wealth or pensioners funds extended by 1 year till March 31, 2025
Percentage hike in Capital expenditure from 11% to ₹11.11-lakh crore
Real GDP Growth will be at 7.3per cent in the FY 2023-2024
Fiscal Deficit at 5.1% for the FY 2024-2025
Special schemes for women, Youth Farmer and poor or economically weaker section of the society.
Interest free loans for 50 years for the Youth
Government working towards all round development ,all pervasive and all-inclusive Government also aims to implement strategies for making India Viksit Bharat by 2047
Major plans to check on population Growth and Demographic Changes.
Schemes to develop the Eastern and North Eastern region and it's people as they are a powerful driver of Economic growth.

Lowering of Fiscal Deficit indicates moving away from agriculture and more emphasis in manufacturing sector which will help India to be self reliant. Encouraging foreign investment would create job opportunities not only in urban regions but also in the rural regions of the country.

More opportunities for women and Youth to be created to bridge the gap between the education and employability. Moreover, laying stress on the job creating opportunities to enable a shift of work force from the primary sector/agricultural sector to secondary or manufacturing. Education is given importance for driving economic growth and development. A well-educated workforce enhances productivity and innovation, which are vital for economic growth.

Educated individuals are more likely to engage in research and development activities, leading to the creation of new products, processes, and industries. Education influences the supply and demand dynamics of the labor market. Industries and sectors that require specialized skills or knowledge tend to attract educated workers, leading to higher wages and increased productivity in those sectors. Countries with well-educated populations are better positioned to compete in the global marketplace by attracting investment, fostering innovation, and adapting to technological changes.

It refers to an investment made by a company or individual in one country in business interests in another country, in the form of either establishing business operations or acquiring business assets in the other country, such as ownership or controlling interest in a foreign company. FDI is a critical driver of globalization and economic development, as it can bring in capital, technology, management expertise, and access to new markets. In this Interim budget Governments has encourage FDI through various incentives and policies to stimulate economic growth and development.

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There are many initiatives taken by the Government of India that are highlighted in Interim Budget with a view to make India more economically stable and self driven nation. Global jurix is a top law firm that provides a detailed highlight of the Interim Budget. For any kind of legal advice please visit our website www.globaljurix.com

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