Budget recap: Tax tweaks and other key policy changes FM Nirmala Sitharaman made last year
Budget 2024: The coming Budget, despite being an interim budget owing to the upcoming national elections, has generated significant interest among economy watchers in view of the government's new stated ambition of making India the third largest economy by 2030.
Another reason this budget will be keenly watched is the sudden uncertainty in global trade because of the unfolding Red Sea crisis. While the short- to medium-term prospects for the Indian economy continue to be relatively bright as the inflation outlook remains benign and major potential headwinds appear far-off, some impact of the Red Sea crisis on India's foreign trade is already evident. That brings the coming interim budget into a bit of a sharper focus.
As regards economic policy, Modi govt's recent path appears to have been quite consistent so far, at least in the past few budgets. Despite the abovementioned unanticipated speed bump, this consistent policy path is likely to be adhered to this time as well, economists say. So, for those who are keen to find out what this budget might bring, it might be instructive to take a relook at what FM Nirmala Sitharaman had announced in the last budget.
Here follows a detailed sector-wise look at last year's budget announcements:
A pressing issue that may not wait till full budget
Modi govt plans budget incentives for low-cost housing ahead of elections: sources
India may allot Rs 4 lakh crore for food and fertiliser subsidies
Hospitality, travel sector players want infrastructure status for hotel industry
Income Tax
- No changes in the old regime
- New tax regime to become the default tax regime. However, citizens can opt for the old tax regime.
- No tax on income up to Rs 7.5 lakh a year in
