The 2024-25 Budget has received plaudits from all comers despite it only being a Vote-on-account and devoid of any major policy changes. Attracting the most praise has been the government’s decision to target a fiscal deficit of 5.1 percent of GDP next year, well below expectations of 5.3 percent.
While announcing the Interim Budget 2024, Finance Minister Nirmala Sitharaman announced that there have been no changes in the income tax rates and citizens can enjoy tax-free income up to Rs 7 lakh.