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India’s Interim Budget 2024 Unveiled: Transformative Reforms and Development Initiatives

  • Posted Date: February 1, 2024
India’s Interim Budget 2024

Introduction:

In a momentous stride towards achieving the vision of a developed nation by 2047, the Indian government has laid out the highlights of the Interim Budget 2024. Under the guiding principle of ‘Reform, perform, transform,’ the budget underscores the commitment to inclusive growth and comprehensive development. Let’s delve into the key highlights that promise to shape the trajectory of India’s progress over the next five years.

Empowering the Marginalized:

The budget places a high focus on the welfare of the Garib (poor), Mahila (women), Yuva (youth), and Annadata (farmers). With 11.8 crore farmers benefiting from the Beema Yojna and 1.4 crore youth gaining from Skill India initiatives, the government aims to uplift the vulnerable sections of society. More than 54 lakh individuals have been reskilled, aligning with the vision of creating a skilled and competitive workforce.

Women Empowerment:

In a significant move towards gender equality, 70% of houses under the PM Awaas Yojna have been allocated to women. The government has also announced plans to launch a housing scheme specifically targeting the middle class, addressing the housing needs of a diverse spectrum of the population.

Economic Stability and Growth:

The Budget Highlights a decline in inflation and an overall improvement in the economy, setting the stage for sustained development. The ambitious India-Europe corridor is anticipated to be a game-changer, fostering Economic ties and opening up new avenues for trade and collaboration.

Infrastructure and Housing:

The Interim Budget envisages the construction of 20 million houses under an affordable housing scheme in the next five years. Additionally, a housing scheme for the middle class is in the pipeline. The government also plans to set up more medical colleges and implement cervical cancer prevention vaccinations for girls.

Agriculture and Fisheries:

The budget introduces several schemes for agricultural development, including the expansion of NANO DAP use on crops, a focus on high-yielding seed varieties, and the creation of 1361 mandis in the eNAM network. The ambitious goal to double seafood exports and promote the ‘Atmanirbhar oil seeds abhiyaan’ reflects the commitment to boosting the Agricultural Sector.

Renewable Energy and Environment:

To address energy needs sustainably, the government aims to provide electricity to 1 crore houses through rooftop solar installations. The commitment to the EV ecosystem’s expansion, supporting manufacturing and charging infrastructures, aligns with the global shift towards sustainable practices.

Infrastructure and Defense:

The budget allocates resources for the development of three new railway corridors, the conversion of 40,000 rail coaches into #VandeBharat standards, and the addition of airport capacity over the next decade. A deep-tech defense scheme is also in the works, signaling a comprehensive approach to national security.

Fiscal Prudence:

India’s fiscal outlook remains robust, with a revised fiscal deficit of 5.8% of GDP for FY24 and a projected deficit of 5.1% for FY25. The government aims to stimulate economic growth by making more credit available for the private sector and doubling the GST tax base.

Tax Reforms and Incentives:

The Interim Budget introduces tax incentives, including an extension of tax-free status for investments by sovereign wealth funds and pension funds for an additional year. The withdrawal of some outstanding direct tax demands further simplifies the tax structure.

Conclusion:

India’s Interim Budget 2024 reflects a comprehensive and forward-looking vision for the nation’s development. With a focus on inclusivity, economic stability, and sustainable growth, the budget sets the stage for India’s transformation into a developed nation by 2047. The proposed initiatives across various sectors underscore the government’s commitment to fostering a prosperous and equitable future for its citizens.

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