Finance Minister Nirmala Sitharaman on Thursday announced that the Pradhan Mantri Awas Yojana (Gramin) aims to construct an additional two crore houses over the next five years. While presenting the interim budget for 2024-25, she highlighted that despite the challenges posed by the COVID-19 pandemic, the implementation of the PMAY (Pradhan Mantri Awas Yojana) has persisted, and the original target of constructing three crore rural houses is expected to be achieved soon.
In outlining the government’s vision for a developed India by 2047, Sitharaman emphasized the goal of creating a prosperous country with modern infrastructure, providing opportunities for all citizens, and enabling all regions to realize their potential.
The upcoming five years are anticipated to witness unparalleled progress and the constructive efforts towards shaping a developed India by the year 2047, Sitharaman said.
As the Lok Sabha elections approach, Finance Minister Nirmala Sitharaman’s budget seems to be more about addressing post-Covid challenges than scoring electoral points. The government is using this moment to focus on recovery.
The budget stands out for reducing spending on big projects and welfare programs, showing a clear aim to boost overall economic growth and improve fiscal stability. Instead of short-term populist moves, the government is prioritizing long-term economic development.
While the budget looks ahead to future projects and development, it may not offer much relief to the average person struggling with high inflation. Notably, there’s a commitment to building two crore houses in rural areas in the next five years, indicating a focus on addressing housing needs and promoting rural development.
Finance Minister Nirmala Sitharaman declared that there won’t be any changes in the current tax rules—both for direct and indirect taxes. This means no relief for taxpayers, as the income tax rates and brackets will stay unchanged in the interim budget presented before the 2024 Lok Sabha elections. In simple terms, people will continue to pay taxes at the same rates as before, and there are no alterations in import duties either.
To boost tourism, Finance Minister Sitharaman shared two important announcements. First, the government plans to offer interest-free loans to states to encourage tourism. Second, despite diplomatic tensions with the Maldives, the government will focus on Lakshadweep, providing special attention to boost tourism in that Union Territory. The government is taking steps to support tourism by offering financial assistance to states and emphasizing development in Lakshadweep, even amid international challenges.
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