Budget 2024: Union Finance Minister Nirmala Sitharaman on Thursday made a slew of announcements, targeting primarily women, youth, farmers, and impoverished people, in her Interim Budget speech ahead of the Lok Sabha election.
The finance minister said that the need for ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth), and ‘Annadata’ (Farmer), and their welfare was the “highest priority” of PM Modi government.
“All four require and receive government support in their quest to better their lives. Their empowerment and well-being will drive the country forward,” FM Sitharaman said.
Budget 2024: FM Nirmala Sitharaman’s announcement for startups
- The Union Finance Minister announced a corpus of ₹1 lakh crore for India’s “tech-savvy youth” in her sixth Budget speech on Thursday.
Budget 2024 full speech of Nirmala Sitharaman
- Sitharaman envisaged the coming years as a ‘golden era’ for the tech-savvy youth and added, “We need to have programmes that combine the powers of our youth and technology,” FM Sitharaman said. She said that the ₹1 lakh corpus will “provide long-term financing or refinancing with long tenors and low or nil interest rates”.
- According to the FM, the move will encourage the private sector to scale up research and innovation significantly in sunrise domains.
Budget 2024: FM announces ₹1 trillion easy funding for sunrise sectors
“Budget 2024 is all about supporting our young innovators. Setting up a Rs. 1 lakh crore fund with a 50-year interest-free loan is a positive step. It means long-term support for tech-savvy ideas. With this help for startups, our future looks brighter than ever,” Sudeep Kulkarni, Founder, Game Theory said.
- Further, FM Sitharaman acknowledged certain impending changes in tax benefits and exemptions. She addressed the expiration of tax benefits for startups and investments made by sovereign wealth or pension funds, along with the tax exemption on specific income of some International Financial Services Centre (IFSC) units.
Budget 2024: FM coins new ‘GDP’ — Governance, Development, Performance
- To ensure continuity and provide a seamless transition, the Finance Minister proposed an extension of the expiration date to March 31, 2025.
The decision to extend these tax benefits reflects the government’s dedication to fostering an environment conducive to entrepreneurship, investments, and the growth of IFSC units, the finance minister said.
Budget 2024: No change in income tax slab announced
“Certain tax benefits to startups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on 31.3.2024; to provide continuity, I propose to extend the date to 31.3.2025,” FM Nirmala Sitharaman said at Lok Sabha during Interim Budget 2024 speech.
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