In a significant move towards economic transformation, Union Finance Minister Nirmala Sitharaman recently presented the Interim Budget for the fiscal year 2024-2025.
The budget lays out a comprehensive strategy focusing on inclusive growth, infrastructure development, and tax reforms.
Let’s delve into the key highlights of this budget in a 3-minute guide.
Interim Budget 2024: Vision of Sabka Saath, Sabka Vikas, Sabka Vishwas
Over the past decade, India has witnessed a positive transformation under the leadership of Prime Minister Narendra Modi. The government’s mantra of “Sabka Saath, Sabka Vikas, Sabka Vishwas” reflects a commitment to inclusive growth.
Structural reforms and pro-people programs have resulted in new opportunities for employment and entrepreneurship.
Inclusive Development and Growth ‘housing for all’ ‘har ghar jal’
The budget places a strong emphasis on targeted development, exemplified by initiatives like ‘housing for all‘ and ‘har ghar jal.’ The aim is to eliminate food concerns for 80 crore people and support farmers through increased minimum support prices.
Also Read: Budget 2024: Extending Ayushman Bharat Coverage to ASHA and Anganwadi Workers
This underscores the government’s commitment to ensuring every household and individual benefits from development programs.
Social Justice and Empowerment
The government’s vision includes all-around development, focusing on the empowerment of the poor, women, youth, and farmers.
The goal is to achieve pervasive and inclusive development, addressing demographic challenges and promoting social justice.
Economic and Fiscal Management
The budget outlines a multi-pronged economic management strategy, encompassing infrastructure development, digital public infrastructure, and tax reforms.
The revised fiscal deficit is estimated at 5.8% of GDP for 2023-24, with a target to reduce it below 4.5% by 2025-26.
Global Context and Strategic Initiatives
India’s G20 presidency and the introduction of the India-Middle East-Europe Economic Corridor are highlighted as strategic initiatives.
The budget acknowledges global challenges like wars, supply chain disruptions, and climate change, showcasing a holistic approach to international affairs.
Sector Specific Initiatives by GOI
The budget places significant focus on agriculture, introducing initiatives like Nano DAP and Atmanirbhar Oil Seeds Abhiyan. Development programs for fisheries, dairy, and women empowerment in rural areas are also in the spotlight.
The youth are not left behind, with initiatives for education, skill development, startups, and sports achievements.
Healthcare initiatives include the expansion of Ayushman Bharat and cervical cancer vaccination.
Infrastructure and environmental initiatives encompass a massive capital expenditure outlay, development of major railway corridors, and a focus on green energy, including offshore wind energy.
Tourism and Investment Promotion
Comprehensive development of tourist centers and infrastructure projects aims to boost domestic tourism.
Also Read: Nirmala Sitharaman Budget 2024: No Changes in Income Tax Rates and Slabs
The budget reports a significant increase in Foreign Direct Investment (FDI) inflows, reflecting continued efforts to attract more foreign investment.
Tax Reforms and Ease of Doing Business
Rationalization of direct and indirect tax rates, including GST, is part of the budget’s agenda to ease the tax burden and improve compliance.
Proposals to withdraw outstanding direct tax demands for small amounts benefit approximately a crore taxpayers.
Future Outlook and Viksit Bharat Vision
The budget sets the stage for the vision of a ‘Viksit Bharat‘ (Developed India) by 2047.
It focuses on demographic, democratic, and diversity strengths, committing to national development with new inspirations and resolutions, termed as ‘Kartavya Kaal‘ (Era of Duty).
Conclusion
The Interim Budget 2024-25 reflects the government’s steadfast commitment to inclusive growth, economic stability, strategic global positioning, sector-specific developments, environmental sustainability, and tax reforms.
With an overarching vision towards a developed India by 2047, this budget shapes the trajectory for the nation’s future.
