Budget 2024: Lakshadweep Gets Special Budget To Be Developed As A Prime Tourist Spot
Budget 2024: On Thursday, Finance Minister Nirmala Sitharaman unveiled an interim budget for the fiscal year 2024-25, elevating capital expenditure by 11 per cent to sustain the world-beating economic growth rate.
The reform-oriented budget also addressed small tax demands, providing relief of up to Rs 25,000 to the common man. In her concise budget speech, Sitharaman highlighted the Modi government's achievements over the past decade, transforming India from a 'fragile' economy to the world's fastest-growing major economy.
During her interim Budget 2024 speech, Finance Minister Nirmala Sitharaman announced significant investments in the country's tourism sector. She specifically highlighted the island Union Territory of Lakshadweep, stating that it will receive special attention from the government to enhance its tourist infrastructure.
This focus on development is aimed at catering to the growing interest of many Indians who have been exploring Lakshadweep as an alternative destination, particularly in the aftermath of a diplomatic dispute with the Maldives, a nation that was previously a popular destination for Indian tourists.
Key points from the budget 2024 include:
- Capital expenditure increased to ?11.11 lakh crore for 2024-25.
- The fiscal deficit for the current financial year was reduced to 5.8% from the budgeted 5.9% of GDP, further lowering to 5.1% in the next fiscal.
- No changes were proposed in income tax rates for individuals and corporates, as well as customs duty.
- Revenue receipts for the current fiscal are expected to exceed the Budget Estimate, reflecting strong growth momentum and formalization in the economy.
- The government aims to achieve fiscal consolidation, reducing the fiscal deficit below 4.5% by 2025-26.
- Sitharaman emphasized the government's commitment to next-generation reforms, guided by the principles of 'reform, perform, and transform,' and will present a detailed roadmap in the July budget to make India a developed country.
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