Budget 2024: Uttar Pradesh CM Yogi Adityanath on Tuesday praised the budget presented by Finance Minister Nirmala Sitharaman, stating that it is inclusive, development-oriented, and aimed at fulfilling the aspirations of 140 crore people in the country.
He said that in this budget, 1,52,000 has been given for the prosperity of the farmers and also more than 3 lakh crore for women's empowerment. "Under the guidance of PM Modi, in the new parliament of the country, the Finance Minister has laid down the general budget of the country which is -inclusive, development-oriented and one which will fulfil the aspirations of 140 crore people. In this general budget, there is unlimited potential for development. In this budget, 1,52,000 has been given for the prosperity of the farmers and also more than 3 lakh crore for women's empowerment. These are definitely going to help Uttar Pradesh," said Yogi.
He further said that the new tax slabs announced in the budget are welcoming.
Step towards India becoming a USD 5 trillion economy
Uttar Pradesh CM said, "For youths, lakhs of job opportunities will be created, and for the middle class the new tax slabs for income tax announced in the budget are welcoming.
The Chief Minister said that this budget is a financial document that is a step towards India becoming a USD 5 trillion economy and it to be a growth engine for the world. "This budget is dedicated to 140 cr people in the country. I would like to express my gratitude towards PM Modi and also to Finance Minister Nirmala Sitharaman and her entire team," he added.
Budget 2024 announcements on new tax regime
Finance Minister Nirmala Sitharaman on Tuesday presented her seventh straight Budget for the fiscal 2024-25. Informing that the fiscal deficit is estimated at 4.9% of GDP, Sitharaman said that the people have reposed their faith in the government led by PM Modi and re-elected it for the historic third term.
Talking about India's economic growth, Sitharaman said that it continues to shine. "Significant investments have been made to build robust infrastructure. Over 11 lakh crore rupees for capital expenditure have been allocated for infrastructure development. This would be 3.4 per cent of our GDP. Private investment in infrastructure by private sector will be promoted through viability gap funding and enabling policies."
Sitharaman said, "I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months." and added, "A comprehensive review of the customs duty structure over the next 6 months. TDS rate on e-commerce to be reduced to 0.1 per cent. I propose that two tax exemption regimes for charities merge into one. I propose to decriminalize TDS delay up to the filing of tax date..."
