Budget 2024 Analysis: India's Interim Budget and the Road Ahead


 

However, India did present an Interim Union Budget on February 1, 2024, which serves as a placeholder until the full budget is presented in July 2024. This interim budget outlines the government's fiscal roadmap for the first half of the next fiscal year.


Here's an overview of the key points and some analyses of the 2024 Interim Budget:


Focus on infrastructure development, research & development, skill development, and sustainable initiatives.

Lower fiscal deficit of 5.1% of GDP compared to 5.9% in the revised estimates for 2023-24.

Revenue deficit targeted at 2% of GDP.

11.8% growth in tax receipts projected.

Reduction in old disputed direct tax demands.

Increased allocation for agriculture and allied sectors.

No major changes in personal income tax.

Analyses and Perspectives:


PRSindia: This analysis highlights the lower deficit targets, higher revenue growth, and increased allocation for key sectors. It also points out areas like healthcare and education that haven't received significant boosts.

KPMG: They view the budget as positive, setting the tone for the full budget in July. They emphasize infrastructure development, R&D, and skill development as key drivers of growth.

Kotak Securities: Their analysis provides a 5-minute summary of the key points, including tax breaks and projected tax receipts.

Business and Economy News | Al Jazeera: This article explores the broader implications of the budget, suggesting a shift in the Indian economy away from agriculture and towards manufacturing.

It's important to remember that the interim budget is not a complete picture of the government's financial plans. The full budget in July will provide more details and direction for the rest of the fiscal year.


Additionally, as you're located in West Bengal, India, you might be interested in analyses specifically focusing on the impact of the budget on your state. Local news outlets and research institutions often provide state-specific analysis that delves deeper into regional implications.

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