The recently presented Interim Union Budget for the fiscal year 2024-25 has caught many off guard. It seems the Government has carefully outlined sectors requiring urgent focus. 

Now, let's delve into the key aspects of the Interim Union Budget for 2024.

No tax liability for individuals with income up to Rs. 7 lakhs under the new tax regime, which is now the default taxing system.

The average monthly gross Goods & Tax (GST) collection doubled to Rs. 1.66 lakh crore in FY24, indicating a resilient domestic economy.

In line with the Housing theme, the new housing scheme will be made available for middle-class and 2 core more houses under PMAY-Gramin.

The scheme on Direct Benefit Transfers has led to savings of Rs 2.7 lakh crore for the government, and crop insurance was given to 4 crore farmers under PM Fasal Bima Yojana.

The government integrated 1,361 mandis with Rs. 3 lakh crores in trading volume with a vision for inclusion of farmers in the growth story of India.

The increase in FY25 Capex allocation by 11.1% to Rs. 11.11 lakh crore is expected to boost the infra-based allied sectors including the housing, road, cement etc. The capital outlay accounts for 3.4% of the GDP.

The UDAN scheme will oversee the expansion of current airports and the comprehensive development of new airports.

The number of airports is set to double, reaching a total of 149. Indian carriers have initiated orders for 1,000 new aircraft, providing a significant boost to the public transportation sector.

The Pradhan Mantri Awas Yojana (Grameen) is nearing the goal of providing 3 crore houses, and an additional target of 2 crore houses is set for the next 5 years.

A scheme will be introduced to facilitate home ownership for the middle class, encouraging them to either purchase or construct their own houses.

The government aims to encourage both private and public investment in post-harvest activities.

A strategy for the Atma Nirbhar Oilseeds Abhiyaan will be devised to achieve self-sufficiency in oilseeds.

The implementation of aqua schemes to get intensified, to boost aquaculture productivity, double exports, and create additional employment opportunities.

Additionally, there are plans to establish 5 integrated aqua parks.

The Government aims to fortify the Electric Vehicle (EV) ecosystem by backing manufacturing and charging infrastructure.

In a bid to encourage environmentally sustainable development, a novel bio-manufacturing scheme is set to be introduced.

The Rooftop solar scheme to help one crore people get free electricity.

The Government aims to increase the target budget for Lakhpati Didi Yojana from 2 crore to 3 crore. 

Ayushman Bharat will cover ASHA, Anganwadi workers. Maternal, Child-care schemes under one plan.

The Government will build 2 crore houses in the next five years and extend it to the middle class population.

The Govt. offers Rs. 1 lakh crore corpus with a 50-year interest free loan to boost tech-savvy growth. 

There are no changes in Direct and Indirect Taxation.

The Interim Budget 2024 emphasizes the Government's commitment to transforming India into a sustainably developed country. Finance Minister Nirmala Sitharaman accurately noted that India has successfully navigated numerous challenges, significantly transforming its economy over the past 10 years. The strategy of fiscal consolidation indicates that Indian bond yields are expected to stay within a specific range until the next election cycle. 

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