Opposition parties have criticised the 2024 budget for not encompassing the middle and lower-class people and further declared that the finance minister’s speech seemed more like an election pitch.
Meanwhile, taking a jibe at the budget, BSP chief Mayawati jotted down that if there was ground reality in the government’s claims and promises related to the country’s economy and development, then more than 80 crore people would not have been compelled to live a life in need of free ration.
Further, criticizing the finance minister, PCC chief Ajay Rai said that there was no truth in sending the Kisan Samman Nidhi to 11 crore farmers in the country. He specifically said that the truth remains that the names of 2.29 crore farmers have been struck off. The income of the farmers has decreased at the rate of Rs 27 per day.
In the meantime, the HT editorial put in that the interim budget speaks of a government convinced that its economic stance has delivered, and confident of the outcome of this year’s elections. How does this budget impact elections? Short answer: it doesn’t; the outcome seems to be a given. How does this budget boost growth? Short answer: by putting the onus on the private sector (it is time). What does this budget say about reforms? Short answer: it relates to big-bang reforms that could follow the elections. Fourth, how well does this budget manage the fiscal? Short answer: very well.
On the whole, the interim budget brings up no marked modifications in the existing income tax regime for the salaried middle class in both direct and indirect taxes. The Taxpayers will not obtain any consolation as income tax rates and slabs stay quietly unchanged.
Reducing the fiscal deficit will be a good comfort to foreign investors and rating agencies, that have articulated worries about the expertness to accomplish its target of reducing the deficit to below 4.5 per cent of GDP within the successive two years.
In quest of accomplishing ‘net zero’ by the year 2070, the government said it will raise funding to tap into the offshore wind energy potential, beginning with an initial capacity of one Gigawatt. By 2030, the government plans include affirming a coal gasification and liquefaction capacity of 100 million tonnes, which will enable curtailing imports of natural gas, methanol, and ammonia.
The inclusion of green growth as a budget priority in the form of allocations for energy transition, focus on battery storage, and green credit notification bids incentives for the environmental sector.