Finance Minister Nirmala Sitharaman has introduced the Interim Budget 2024, emphasizing a focus on Social Inclusivity and Geographical Inclusivity to extend the humane and inclusive approach of the Government.
The financial motto remains “Reform, perform, and transform” as the last budget of the Second Narendra Modi government aims to prioritize the needs and aspirations of “Garib, Mahilayen, Yuva, and Annadata.”
Key Highlights from FM Nirmala Sitharaman’s Union Budget 2024-25
During the Interim Budget 2024 announcement, Finance Minister Nirmala Sitharaman revealed several transformative initiatives to enhance India’s growth, development, and global standing. Let’s take a comprehensive look at the key highlights.
1. GDP
The updated fiscal deficit for 2023-24 (FY24) stands at 5.8% of the GDP, with an anticipated fiscal deficit of 5.1% of GDP in FY25. The goal is to bring the fiscal deficit below 4.5% of the GDP in 2025-26 (FY26).
2. Income tax
Income tax slabs remain unchanged.
3. Aqua Parks and Economic Corridor for Progress
Five integrated Aqua Parks are set to provide recreational spaces for communities. The India Middle East Europe Economic Corridor, recently announced, is anticipated to be a transformative force in India’s economic landscape
4. Empowering Communities through Credit-Linkage
A praiseworthy initiative aims to empower 240,000 Self-Help Groups (SHGs) and 60,000 individuals through credit-linkage, fostering financial independence and entrepreneurship
5. Sabka Saath, Sabka Vikas: A Decade of Poverty Alleviation
In the last decade, the government’s commitment to “Sabka Saath” has led to 250 million people breaking free from multidimensional poverty, symbolizing inclusive development.
6. PM KISAN Yojana Success: Aid for 118 Million Farmers
The Finance Minister proudly declared that 118 million farmers have been supported through financial assistance under the PM KISAN Yojana, a significant stride towards rural prosperity.
7. Strengthening Deep Tech in Defence: A Strategic Move
The government is gearing up to introduce a comprehensive plan to enhance deep tech capabilities in the Defence sector, securing India’s safety and technological advancement.
8. Expanding Vande Bharat and Tech Investment for Youth
The number of Vande Bharat-like bogies is set to increase significantly to 40,000, and airports will be doubled to 149. Additionally, a Rs 1 lakh crore corpus with a 50-year interest-free loan is established to support tech-savvy youth for long-term financing or refinancing with low or nil interest rates.
9. Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anusandhaan: Modi Govt’s Motto
The government’s unwavering commitment to the nation’s welfare is encapsulated in the motto “Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anusandhaan,” highlighting the significance of soldiers, farmers, scientists, and researchers.
10. Defence Outlay Boost: 11.1% Increase to Rs 11,11,111 Crore
A significant 11.1% boost in the Defence outlay, totalling Rs 11,11,111 crore, underscores the government’s commitment to national security.
11. Amrit Kaal Economic Strategies: Next-Gen Reforms for Growth
The government is gearing up to implement economic strategies that foster growth, inclusive development, improved productivity, and opportunities for all. Next-gen reforms will be executed collaboratively with stakeholders for effective implementation.
12. Healthcare Expansion: More Medical Colleges on the Horizon
Plans are in motion to establish additional medical colleges by leveraging existing infrastructure across various departments, strengthening India’s healthcare system.
13. India’s G20 Presidency Success: Building Global Consensus
India’s successful G20 presidency demonstrated a forward-looking approach, building consensus on global solutions to challenges faced by the world.
14. Housing for All: Additional Targets and Empowered Women
Despite Covid challenges, the PM Awas Yojana Rural persists, with plans to achieve the target of 3 crore houses. The government aims to add 2 crore more houses in the next 5 years, with 70% allocated to women in rural areas.
15. . Positive Economic Transformation: GST Success and Skill India Mission
Over the past decade, the Indian economy has witnessed positive transformation, with moderate inflation and the successful implementation of GST. The Skill India Mission has trained and upskilled millions, establishing numerous educational institutions.
16. Green Energy Initiative: Rooftop Solarisation for One Crore Households
A green initiative promises up to 300 units of electricity every month for one crore households through rooftop solarisation.
17. . Empowering Women: Triple Talaq Ban and Legislative Representation
The government’s commitment to women’s empowerment is highlighted by making Triple Talaq illegal and reserving one-third of legislative seats for women.
18. . Geopolitical Navigation: India’s Success in a Complex World
India successfully navigated complex global affairs post-Covid, assuming the G20 summit leadership and being the “Vishwaguru” during challenging times.
19. Entrepreneurial Boost: PM Mudra Yojana and Startup Initiatives
PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore, fostering entrepreneurial aspirations. Additionally, Startup India and Startup Credit Guarantee Schemes are assisting the youth.
20. Direct Transfer Impact: Savings and Credit Assistance
Direct transfers of ₹34 lakh crore through PM Jan-Dhan have led to significant government savings. PM SANNIDHI has provided credit assistance to 78 lakh street vendors.
21. Vision for Viksit Bharat by 2047: A Collective Aspiration
The Finance Minister expressed the government’s commitment to making India Viksit Bharat by 2047, outlining a path towards comprehensive development.
22. Fiscal Responsibility: Revised Estimate of Fiscal Deficit and Tax Reforms
The revised estimate of fiscal deficit stands at 5.8% of GDP, showcasing fiscal responsibility. The Finance Minister applauded taxpayers for their continued support and hinted at upcoming tax reforms.
23. FDI Focus: ‘First Develop India’ for Global Collaboration
The government aims to foster global collaboration through the ‘First Develop India’ approach, emphasizing bilateral treaties with foreign partners to promote foreign direct investment.
24. Capital Expenditure Surge: FY25 Capex Target at Rs 11.1 Trillion
A substantial 11.1% increase in the FY25 capex target, totaling Rs 11.1 trillion, reflects the government’s dedication to infrastructure development.
25. Housing for the Middle Class: A Scheme for Aspiring Homeowners
In a move to assist the middle class residing in rented houses, slums, or unauthorized colonies, the government will introduce a scheme enabling them to purchase or construct their own houses.
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