The eagerly anticipated Budget 2024 was unveiled by Union Finance Minister Nirmala Sitharaman on Thursday during a joint assembly of Parliament. Among other things, it included assurances on solar rooftops atop dwellings, middle-class home ownership, no changes to tax rates, and a specific mention for Lakshadweep. She commended India’s track record of economic expansion. She concluded her 57-minute address with the “Jai Hind” symbol.
Viksit Bharat by 2047
The 2024 Interim Budget aligns with the aim of ‘Viksit Bharat by 2047’ by taking a bold move towards India’s economic sustainability. It is admirable that the 5.8% GDP fiscal deficit demonstrates budgetary restraint. The ‘First Develop India’ emphasis encourages FDI, which is consistent with the government’s objectives for international cooperation.
Key Highlights of Indian Budget 2024:-
Welfare:-
- In the past ten years, the government has helped 25 crore people break free from multifaceted poverty through the implementation of “Sabka Saath.”
- The government has saved 2.7 lakh crores thanks to the “Direct Benefit Transfer” of 34 lakhs crores from PM-Jan Dhan accounts.
- 78 lakh street vendors have received credit help from PM-SVANidhi. For the third time, 2.3 Lakh of that total have been given credit.
- The PM-JANMAN Yojana targets the tribal communities that are especially at risk and have not yet benefited from development.
- The PM-Vishwakarma Yojana offers complete assistance to craftsmen and artisans working in eighteen different trades.
Youth Empowerment:-
- Revolutionary changes are being ushered in by the National Education Policy 2020. Quality education is provided by PM Schools for Rising India (PM SHRI), which also develops whole-person, well-rounded persons.
- In addition to training 1.4 Cr youth, the Skill India Mission has established 3000 new ITIs and trained and reskilled 54 million young minds.
- There have been established a great deal of new higher education institutions, including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities.
- The PM Mudra Yojana has approved 43 Cr in loans amounting 22.5 Lakh Cr to support our young people’s dreams of becoming entrepreneurs.
Schemes of Amrit Kaal:-
The government is committed to adopting economic policies that promote sustained growth, inclusive and sustainable development, increased productivity, and opportunities for all. The overarching principle of ‘Reform, Perform, and Transform’ will guide the implementation of next-generation reforms, emphasizing collaboration with states and stakeholders.
Special attention will be given to supporting MSMEs by providing timely finances, relevant technologies, and necessary training, with a focus on enhancing their global competitiveness.
The regulatory environment will be fine-tuned to facilitate MSME growth. Additionally, the government aims to sustain high and resource-efficient economic growth, emphasizing energy security.
Healthcare:-
One of the government’s healthcare ambitions is to use the infrastructure of current hospitals to construct more medical colleges. In order to avoid cervical cancer, females between the ages of 9 and 14 are encouraged to get vaccinated.
By remodelling Anganwadi facilities, the “Saksham Anganwadi and Poshan 2.0” project seeks to enhance the provision of early children care and nutrition. Nationwide deployment of the U-WIN platform for immunization administration and Mission Indradhanush is scheduled to occur shortly.
In addition, ASHA employees, Anganwadi workers, and Helpers will now be covered by the Ayushman Bharat initiative, guaranteeing a wider range of health benefits for these vital public health contributors.
Agriculture:-
The implementation of Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be accelerated to enhance aquaculture productivity, double exports to INR 1 Lakh Cr, and generate 55 lakh employment opportunities in the near future. The establishment of five integrated aquaparks is part of this ambitious initiative.
Efforts to enhance value addition in the agricultural sector and boost farmers’ income will be intensified. Notably, the Pradhan Mantri Kisan Sampada Yojana has already benefited 38 lakh farmers and created 10 lakh employment opportunities. The Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60,000 individuals through credit linkages.
Tourism:-
States will be incentivized to undertake holistic development of iconic tourist destinations, promoting global branding and marketing. A rating framework, evaluating the quality of facilities and services, will be implemented. Long-term interest-free loans, matched by states, will aid in financing these developments.
Recognizing the rising interest in domestic tourism, projects focusing on port connectivity, tourism infrastructure, and amenities will be initiated on islands, including Lakshadweep, fostering employment opportunities.
Railways:-
Under PM Gati Shakti, three important economic railway corridor projects will be carried out to improve multi-modal connectivity. These programs will concentrate on energy, minerals, cement, port connectivity, and high traffic density and are meant to increase GDP growth and lower logistics expenses.
Additionally, for improved security, usability, and comfort of passengers, 40,000 standard rail bogies would be modified to Vande Bharat standards.
The extension of Metro Rail and NaMo Bharat in metropolitan areas would be encouraged, promoting transit-oriented development as a crucial component of urban transformation.
