1. Vision for 'Viksit Bharat' by 2047:
The government outlines a strategic plan to transform India into a developed nation by 2047, emphasizing a detailed roadmap for achieving this ambitious goal. The targeted unprecedented growth in the next five years is expected to lay the foundation for sustained development, with a strong focus on inclusivity and sustainability.
2. Social Justice and Inclusive Development:
The budget underscores the commitment to social justice by implementing secular policies to counter nepotism and corruption. It aims to address systemic inequalities through comprehensive development strategies, with special attention given to supporting and empowering marginalized groups such as the poor, women, farmers, and youth.
3. Comprehensive Development Approach - 'GDP' Focus:
Shifting the focus from traditional GDP metrics, the government emphasizes 'Governance Development Performance.' This indicates a holistic approach to development that goes beyond economic indicators, acknowledging the importance of effective governance and overall performance.
The budget highlights the economic achievements, including the deepening of the tax base through the implementation of the Goods and Services Tax (GST). The Global Infra Hub for Financial Services and Technology (GIFT IFSC) is recognized for creating a robust gateway for global capital, contributing to real income growth and maintaining moderate inflation.
5. Housing and Regional Development:
Progress in the Prime Minister Aawas Yojana, aiming to provide affordable housing, is highlighted. The government expresses a commitment to developing the Eastern region as a key growth driver, promoting balanced regional development across the country.
6. Health and Social Welfare Initiatives:
The budget outlines health and social welfare initiatives, including cervical cancer vaccination for girls aged 9 to 14, Mission Indradhanush for comprehensive immunization, and the Aayushman Bharat program, which extends healthcare coverage to a larger section of the population.
7. Environment and Energy Initiatives:
Environment-friendly measures such as rooftop solarization are introduced to save households' annual income. The government shows a commitment to green growth by promoting e-vehicle ecosystems and converting a substantial number of rail bogies to Vande Bharat standards, contributing to sustainable development.
8. Infrastructure Development:
The budget emphasizes infrastructure development through initiatives like PM Gatishakti, aiming to improve multimodal connectivity and corridor programs. The expansion of airports, development of metros, and strengthening the e-vehicle ecosystem are highlighted as key components of the infrastructure agenda.
9. Technology and Innovation Support:
The budget recognizes the importance of supporting the tech-savvy youth by offering long-term financing and refinancing options with low or nil interest rates. Private sector research and development (R&D) are encouraged to foster innovation and technological advancements.
10. Tax Reforms - Direct and Indirect:
The budget outlines significant tax reforms, including a 2.4 times increase in direct tax return filers. Tax rates are reduced and rationalized, providing relief for taxpayers with no liability up to INR 7 lakhs. The introduction of faceless assessments is highlighted for improved efficiency and transparency in tax-related processes.
11. Indirect Tax Achievements:
The budget showcases achievements in indirect taxes, such as a reduced compliance burden, elimination of tax arbitrage, and positive industry leader perceptions regarding the transition to GST. Enhanced state revenue and streamlined clearances at Inland Container Depots (ICD) and ports are highlighted.
12. Continuation of Tax Benefits:
The budget proposes to retain the same tax rates in direct and indirect taxes, ensuring continuity. Tax exemptions and benefits will also continue, providing stability and predictability in the tax regime. This aims to support businesses and individuals in their financial planning and decision-making.
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