{"id":233771,"date":"2024-02-02T00:35:55","date_gmt":"2024-02-01T19:05:55","guid":{"rendered":"https:\/\/arunachaltimes.in\/?p=233771"},"modified":"2024-02-02T00:35:55","modified_gmt":"2024-02-01T19:05:55","slug":"budget-fm-hikes-capital-spend-trims-deficit-for-next-fiscal-tax-rates-unchanged","status":"publish","type":"post","link":"https:\/\/arunachaltimes.in\/index.php\/2024\/02\/02\/budget-fm-hikes-capital-spend-trims-deficit-for-next-fiscal-tax-rates-unchanged\/","title":{"rendered":"Budget: FM hikes capital spend, trims deficit for next fiscal; tax rates unchanged"},"content":{"rendered":"

NEW DELHI, 1 Feb: <\/strong>Finance Minister Nirmala Sitharaman on Thursday hiked capital expenditure by 11 percent for the next fiscal to sustain world-beating economic growth rate while trimming the deficit in a reform-oriented interim budget that also gave relief to common man from disputed small tax demands of up to Rs 25,000.<\/p>\n

Presenting a vote on account or an interim budget for 2024-’25, Sitharaman proposed no changes in income tax rates for individuals and corporates, as well as customs duty.<\/p>\n

In less than an hour-long budget speech, she presented the Modi government’s achievements in the last 10 years that transformed India from being a “fragile” economy to the world’s fastest-growing major economy.<\/p>\n

She hiked capital expenditure to Rs 11.11 lakh crore for 2024-’25 while trimming the fiscal deficit for this financial year to 5.8 percent, from the budgeted 5.9 percent of GDP, and further lowering to 5.1 percent in the next fiscal.<\/p>\n

Stating that every challenge of the pre-2014 era was overcome through economic management and governance, she said that the government in its July budget will present a detailed roadmap to make India a developed country.<\/p>\n

“Guided by the principle ‘reform, perform, and transform’, the government will take up next-generation reforms, and build consensus with the states and stakeholders for effective implementation,” Sitharaman said in her speech.<\/p>\n

The revenue receipts for the current fiscal at Rs 30.03 lakh crore are expected to be higher than the budget estimate, reflecting strong growth momentum and formalisation in the economy.<\/p>\n

“We continue on the path of fiscal consolidation, as announced in my budget speech for 2021-’22, to reduce fiscal deficit below 4.5 percent by 2025-’26,” Sitharaman said.<\/p>\n

\n

Budget highlights <\/strong><\/p>\n

* No change in direct, indirect tax rates.<\/p>\n

* Move to benefit about a crore taxpayers.<\/p>\n

* Capital expenditure hiked 11 pc to Rs 11.11 lakh cr.<\/p>\n

* Fiscal deficit for 2024-25 projected at 5.1 pc.<\/p>\n

* Govt to borrow Rs 14.13 lakh crore in next fiscal.<\/p>\n

* Nominal GDP for next fiscal (2024-25) projected at 10.5 pc.<\/p>\n

* Direct tax collection target set at Rs 21.99 lakh crore; indirect tax at Rs 16.22 lakh crore.<\/p>\n

* Rs 1 lakh crore corpus to be established with 50 years interest free loan for youths.<\/p>\n

* Scheme of 50 years interest free loan to states for capital expenditure to be continued next year with an outlay of Rs 1.3 lakh crore. (PTI)<\/p>\n

\n

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NEW DELHI, 1 Feb: Finance Minister Nirmala Sitharaman on Thursday hiked capital expenditure by 11 percent for the next fiscal to sustain world-beating economic growth rate while trimming the deficit in a reform-oriented interim budget that also gave relief to common man from disputed small tax demands of up to Rs 25,000. Presenting a vote […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-233771","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-national"},"_links":{"self":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/233771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/comments?post=233771"}],"version-history":[{"count":0,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/233771\/revisions"}],"wp:attachment":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/media?parent=233771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/categories?post=233771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/tags?post=233771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}