Interim Budget 2024: Key points and what to expect next

Key points:

• Interim Budget: Since this is an election year, today's budget was an interim budget, covering government expenses for the first four months of the next financial year (April-July 2024).
• Key announcements:
  • Fiscal deficit: Revised deficit for FY23 pegged at 5.8% and target for FY24 set at 5.1%.
  • Market borrowings: ₹14.13 lakh crore to be raised through dated securities in FY24-25.
  • PM Mudra Yojana: ₹43 crore loans sanctioned under the scheme, aggregating to ₹22.5 lakh crore.
• Expectations: The full budget, usually presented in February, will be held after the elections. People are awaiting announcements on income tax, healthcare, infrastructure, agriculture, and other sectors.

Additional points:

• Focus on social welfare: Senior citizens, farmers, and other vulnerable groups are expecting relief measures.
• Boost for specific sectors: Experts anticipate announcements related to electric vehicles, renewable energy, and real estate.
• Reactions: Mixed reactions from various sections; some appreciate focus on fiscal prudence, while others urge for more measures to boost growth.

As this is an interim budget, major policy changes are not expected until the full budget is presented after the elections.