Budget 2024 Is 'Futuristic', Focuses On Economic Recovery: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman stated that taxes have not been increased in the Union Budget 2024 as part of a broader strategy rather than a direct effort to raise more revenue.

She explained, "Taxes have not been increased because I want more money... The decision is based on the idea that every asset class has to be treated similarly."

Talking to CNBC-TV18, Sitharaman described the Budget as 'futuristic,' emphasising the government's ongoing focus on capital expenditure to support sustained economic recovery.

She praised NDA 3.0 as historic and highlighted that the Budget includes various allocations aimed at skilling the country's youth.

Sitharaman also mentioned that the government is open to feedback on the proposed tax changes but noted that, as the Finance Bill is now with Parliament, she cannot comment further on it outside of the legislative process.

Among the major announcements in the Budget was a proposed change in capital gains tax.

The Budget suggests a 12.5% tax rate on long-term capital gains (LTCG) for all asset types, regardless of whether the transferor is a resident or non-resident.