Budget 2024: Plain, No Hits, No Misses

With India heading for Lok Sabha elections this year, the central government has presented the temporary budget. Union Finance Minister Nirmala Sitharaman announced the interim budget in the parliament today and kept it rather plain and simple with no hits or misses.

The 2024 budget presentation brings no change in tax rates for direct and indirect taxes. Instead, the finance minister took the occasion to praise the economic and fiscal reforms brought by the Modi government including the deduction in time frame of tax returns from 93 days to 10 days.

The only notable point in the budget that actually influences the common public is the minimum taxation slab has been moved from 5 lakh rupees to 7 lakh rupees. Those earning below 7 lakh rupees are not required to pay income tax. Corporate company tax for domestic companies is pulled down to 22% from 30%.

There aren’t any unexpected shock to the public and at the same time, there are no big promises ahead of the polls. It is a plain and formulaic budget.

PM Modi spoke about the budget and said “It is announced that 2 crore more houses will be built for the poor by the government.” This is in relation to the housing plan announced by the finance minister.

Nirmala Sitharaman confidently said she will be presenting the full budget again in July this year by implying that BJP will win the election again this term.