India's Interim Budget 2024-2025: People-Centric Inclusive Development, Infrastructure and Investment, and Reduction of Fiscal Deficits

India's Finance Minister Nirmala Sitharaman presented an interim budget speech lasting just 58 minutes, ahead of upcoming elections. The full budget will be presented by the new government in July, with a focus on economic growth and modernisation by 2047. Key features of the budget include people-centric development, policies for the poor, youth and farmers, sustainable development, infrastructure and investment, and reducing fiscal deficits. The budget retains direct and indirect tax rates, with no changes to corporate tax, but offers tax benefits to startups and extends tax exemptions for some IFSC units. There is no relief for the crypto industry, with a flat 30% tax on virtual assets remaining in place. Infrastructure spending will increase by 11%, with major schemes receiving a boost, and the government aims to reduce its fiscal deficit to 5.1% of GDP in 2024-25.