Indian Budget 2024 Highlights
Union Finance Minister Nirmala Sitharaman presented her sixth Budget on February 1. This was an interim budget ahead of the general elections later this year. The Interim Budget 2024 was focused on youth and women’s empowerment, while maintaining fiscal consolidation and continuing capex. FM Sitharaman lowered down FY25 fiscal deficit target to 5.1% of the GDP. There were no changes made to the direct tax and indirect tax rates.
The highlights are:
– According to FM Sitharaman, in ten years, the government elevated 25 crore people out of poverty. She mentioned that 80 crore people received free meals from the government through several programs.
– Savings of ₹2.7 lakh crore have resulted from Direct Benefit Transfers of Rs. 34 lakh crore made through PM Jan Dhan Yojana accounts.
– The PM Vishwakarma Yojana program offers artists complete assistance. Under the PM-SVANidhi programme, the government gave financial support to 78 lakh street sellers. Thirty crore Mudra Yojana loans were given to female business owners.
– The government prioritized upskilling and reskilling and with the help of Skill India Mission, nearly 1.4 crore young people received training. PM Mudra Yojana approved loans worth 43 crore. To lift rural women and strengthen the economy of rural areas, the government would also extend the “Lakhpati Didi” program.
– The government emphasized the potential contribution of the India-Middle East-Europe Economic Corridor to global trade.
– To support India’s progress, the government would give the East’s development more priority.
– The inflation rate has decreased and is now between 2 percent and 6% of the target.
– The economy is expanding faster now, and the average person’s real income has risen by 50%.
– In rural areas, the government would provide construction subsidies for 30 million affordable homes.
– The Center will integrate maternity and child health care programs into a single, all-inclusive program and promote the vaccine against cervical cancer.
– All ASHA employees as well as Anganwadi workers and assistants will be included in the Ayushman Bharat programme.
– The government should promote “Nano DAP” for a range of crops and increase its application across all aggro-climatic zones.
– In addition, strategies to combat foot and mouth disease and assist dairy farmers will be formulated.
– To attain AtmaNirbharta (self-reliance) for oil seeds, the government will devise a plan. This will include crop insurance, added value, procurement, and research on high-yielding cultivars.
– To meet the demands of fisherman, a new department called Matsya Sampada would be established.
– A total of 40,000 regular rail bogeys will be upgraded to Vande Bharat specifications. The government will improve passenger safety, comfort, and reliability. To promote transit-oriented development, the government will concentrate on metro areas.
– Multiple programs have been announced by the government to achieve Net Zero by 2070. This includes financing the initial 1 Giga Watt of offshore wind energy generation, buying equipment for biomass aggregation, and growing the e-vehicle industry by promoting more infrastructure for the production and charging.
– For 2024–2025, capital expenditure budgets have been raised to ₹11.11 lakh crore. The government intends to stick with its fiscal consolidation plan in order to bring the deficit down to 4.5% by 2025–2026.
– The government suggested keeping import duties and other indirect taxes at the existing rates.
– The gross and net government borrowings for 2024–25 are smaller than those for 2023–24, coming in at Rs. 14.13 lakh crore and Rs. 11.75 lakh crore, respectively.