Interim Budget 2024 Highlights

Interim Budget 2024 Highlights

Updates pertaining to Startups, Investors & GIFT IFSC

Interim Budget announced on February 01, 2024 is a stop-gap arrangement until Full Budget is announced after the general elections.
In order to drive the country forward, the focus areas will be to empower:

'गरीब' | 'Poor'

Garib Kalyan, Desh ka Kalyan

'महिलाएं' | 'Women'

Nari Shakti

'युवा' | 'Youth'

Empowering the Youth

'अन्नदाता' | 'Farmer'

Welfare of Farmers - Annadata

Viksit Bharat @ 2047

Sabka Saath, Sabka Vikas

Sabka Saath, Sabka Vikas, Sabka Vishwas

Developed India @ 2047

Policy Updates

  • New scheme for strengthening defence deep-tech technologies
  • Nano DAP application to be expanded in all agro-climatic zones
  • INR 1 lakh crore corpus for 50-year interest-free loans for private sectors in research and innovation to provide long-term loans with low or nil interest rates
  • 1% increase in infrastructure outlay to INR 11,11,111 crore
  • INR 75,000 crore interest-free loan for state government reforms
  • New bio-manufacturing and bio-foundry scheme for green growth
  • For meeting ‘net-zero’ by 2070:
  • Viability gap funding for offshore wind energy (initial capacity of 1 GW)
  • 100 MT coal gasification and liquefaction capacity by 2030
  • Mandatory phased blending of CBG in CNG and PNG
  • Financial assistance for biomass aggregation machiner

Resilient Performance of the Indian Economy

Unemployment Rate reduced from 6.1% (in FY18) to 3.2% (in FY23)

6x increase in volume of digital transactions to over INR 12,000 crore in FY23

Fall in headline inflation from 9.4% (in FY14) to 5.5% (in FY24)

Rise in average monthly gross GST collections to INR 1.7 Iakh crore in FY24

Reduction in average processing time of tax returns from 93 days (in FY14) to 10 days (in FY24)

Did you know?

Interim Budget 2024 Highlights

The traditional ‘Halwa Ceremony’ hosted by the Hon’ Finance Minister marks the beginning of Budget document printing and the staff is confined in the Finance Ministry (North Block) to prevent leaks.

Tax Updates

Sunset clauses for tax exemptions extended by 1 year to March 31, 2025 for continuity:

Section Description
80-IAC Eligible startups
10(4D) in IFSC;

Investment division of IBUs

10(4F) & 80LA Setting up Aircraft

Ship leasing companies in IFSC

10(23FE) Investment by SWF & PFs
  • Withdrawal of outstanding direct tax demand:
  • Up to INR 25,000 pertaining up to FY 2009-10
  • Up to INR 10,000 for FY 2010-11 to FY 2014-15
  • TCS on LRS codified in line with
    circular issued in June 2023
  • Tax rates remain unchanged

Last Updated on: 6th February 2024, 06:06 pm


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