Union Budget 2024: Key Highlights and Explanations

Union Budget 2024: Budget Control and Stability: Targeting a 5.1% budgetary deficit for 2024-2025 underlines the significance of exercising fiscal restraint during an interim budget period and illustrates government commitment to fiscal restraint even as large-scale initiatives emerge.

Key Highlights and Explanations 1

Union Budget 2024: Key Highlights

New Home Development Program: “Pradhan Mantri Awas Yojana- Middle Income Housing Scheme” seeks to give middle-class households access to more affordable homes while stimulating the construction industry and leading to job creation. Although funding details and eligibility requirements remain

Unrestricted Electricity: The Pradhanmantri Suryodaya Yojana offers one crore impoverished households free access to power. While it has been applauded as helping low-income households, concerns have been expressed over its financial viability and implementation challenges in terms of providing uninterrupted supply.

An increase of 11.1% for infrastructure funding and 6.8% for military funding indicates a commitment to these important areas that could enhance employment, national security and connectivity; it will be key that money be utilized appropriately so projects finish on schedule and without major tax changes.

Unless noted below: Stability for individuals and companies alike may be preserved through no significant income tax changes though some might expect certain brackets or deductions to change significantly.

Budget allocations were mostly focused on social welfare programs, agriculture and rural development initiatives, with evaluation being done over time to assess their effects in terms of alleviating poverty and increasing rural livelihoods. Significant capital spending could increase economic growth.

To do so efficiently and without delay is of vital importance. As an overall goal: This temporary budget sought to strike a balance between continuity and emphasizing critical areas such as affordable housing and infrastructure.

Though some programs show promise, their successful execution and long-term financial feasibility will determine their true benefits.

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