Budget Highlights 2024: A Snapshot of India's Development Agenda
Every year, people look forward to the budget release since it contains the government’s objectives and priorities for the next fiscal year.
The newly released Budget 2024, which is full of initiatives and pledges to propel India’s growth and development, is no exception. Here’s a brief summary of the main points to remember:
1) Housing for All:
A major step toward realizing every Indian’s ambition of owning a home is the budget’s allocation of funds for the construction of 2 crore new homes.
2) Healthcare Expansion:
In order to improve the healthcare system and meet the long-standing need for high-quality medical education and services, new medical colleges are planned to be founded.
3) Affordable Housing Scheme:
A new housing program designed with the requirements of the Indian public in mind is in the works, with the goal of offering inexpensive housing options to the people.
4) Boosting Food Processing:
A concentrated effort will be made to micro food processing, which will promote entrepreneurship and improve value addition in the farm industry.
5) Upgrading Anganwadi Centers:
Anganwadi centers are designated for modernization and upkeep since they are essential to the care and development of young children.
6) Access to Electricity:
In an admirable move, one crore homes will receive 300 units of free energy with the goal of raising living conditions and expanding access to essential services.
7) Dairy Industry Support:
A new program will be launched to assist the dairy industry, giving this important economic sector the much-needed boost.
8) Cold Storage Infrastructure:
The development of cold storage facilities will receive special attention because it is essential to reducing post-harvest losses and guaranteeing food security.
9) Infrastructure Investment:
The government’s impressive pledge of 11.11 lakh crore rupees to infrastructure development demonstrates its dedication to creating strong physical assets.
10) Empowering Youth:
A sizeable sum of 1 lakh crore rupees has been set aside for projects focused on youth, enabling the younger generation to actively participate in the advancement of the country.
11) Railway Modernization:
Converting 40,000 railway coaches to the Vandhe Bharat standard reflects the government’s focus on modernizing the railway infrastructure for enhanced comfort and safety.
12) Increased Infrastructure Spending:
For the fiscal year 2025, the budget proposes a large 11% increase in infrastructure spending, demonstrating continued momentum in development initiatives.
13) Green Energy Investment:
The government’s dedication to sustainability and the fight against climate change is demonstrated by its investments in green energy initiatives.
14) Rail Corridor Expansion:
Three new rail corridors for the delivery of minerals and energy will improve connectivity and streamline the flow of goods.
15) Regional Connectivity:
The goal of the UDAN scheme’s growth is to improve air connectivity and promote regional development by linking smaller cities.
16) Tourism Promotion:
Interest-free loans to states are intended to encourage travel, capitalizing on India’s stunning natural surroundings and rich cultural legacy to drive economic expansion.
17) Development Roadmap:
Clarity on the government’s long-term goals and vision will be provided by the release of a roadmap for the country’s transition to developed status.
18) Fiscal Discipline:
In fiscal year 2025, the government intends to maintain a 5.1% GDP fiscal deficit, indicating a commitment to responsible financial management even in the face of ambitious spending.
19) Market Borrowing Reduction:
In order to maintain fiscal sustainability and financial market stability, steps will be taken to minimize market borrowing.
20) Tax Stability:
A stable and predictable economic climate is one that is supported by no changes in taxation, which is good news for taxpayers and businesses.
21) Nano DAP Extension:
The government’s emphasis on encouraging digital literacy and access to technology at the local level is highlighted by the extension of the Nano DAP program.
22) Port Connectivity:
Improving port connectivity will make trade and commerce easier, which will boost competitiveness and economic growth.
“Viksit Bharat by 2047” aims for India to be a prosperous, eco-friendly nation, driven by inclusive development and unity. Anchored in “Sabka Saath, Sabka Vikas, Sabka Vishwas,” it envisions a future where every citizen thrives, leveraging India’s diversity and democracy to achieve collective progress. This vision emphasizes sustainable growth while preserving India’s rich cultural heritage and natural beauty.
India is supporting public infrastructure in all its forms and pushing digital public infrastructure for financial inclusion and formalization, with a focus on people-centric inclusive growth. The nation’s economy is growing as a result of proactive inflation control and the strengthening of the financial industry, which includes programs like GIFT IFSC.
People-Centric Inclusive Development:
Empowering the youth through robust skill development initiatives, the budget witnesses a significant increase in allocations for PM-SHRI, aiming to train 1.4 crore youths under the Skill India Mission. Additionally, fostering entrepreneurial aspirations, the PM Mudra Yojana has sanctioned 43 crore loans, enabling young entrepreneurs to pursue their business ventures.
Health:
Encourage girls aged 9 to 14 to get vaccinated against cervical cancer.
Accelerating Saksham Anganwadi and Poshan 2.0 will enhance early childhood care and development, as well as nutrition delivery.
The U-WIN platform will be implemented for Mission Indradhanush’s immunization campaigns.
All ASHA, Angawadi workers, and assistants will receive health coverage under the Ayushman Bharat initiative. Integrated Development in Aspirational Districts.
Tax proposals:
It include continuity in certain tax benefits for startups and investments, extension of tax exemptions for IFSC units, and withdrawal of outstanding direct tax demands benefiting around 1 crore taxpayers. Additionally, the retention of current tax rates, including corporate taxes, ensures stability, with no tax liability for individuals with income up to ₹7 lakh under the new tax regime.
To sum up, the Budget 2024 is a comprehensive plan that intends to ensure sustainable development, facilitate inclusive growth, increase infrastructure, and encourage innovation. The government’s goal is to make India a worldwide economic powerhouse by focusing on important areas and initiatives and making sure that its inhabitants live in wealth.