Union Budget 2024: Key Highlights of Interim Budget Speech

Union Budget 2024- Key Highlights - Interim Budget Speech - taxscan

The Union Finance Minister Nirmala Sitharaman has presented the Interim Budget 2024, highlighted to be focused on Social Inclusivity and Geographical Inclusivity that extends the humane and inclusive approach of the Government.

Reform, perform and transform continue to be the financial motto of the Government. The last budget of the Second Narendra Modi government aims to focus on “Garib, Mahilayen, Yuva and Annadata”, prioritizing their needs and aspirations.

The Key Highlights of the Interim Budget Speech are as follows:

In the Interim Budget 2024 announcement, the Finance Minister, Nirmala Sitharaman, unveiled a series of transformative initiatives aimed at bolstering India’s growth, development, and global standing. Here’s a comprehensive look at the key highlights:

Vande Bharat Rail Transformation: Enhancing Passenger Safety and Comfort

The government is set to convert a staggering 40,000 standard rail bogies into state-of-the-art Vande Bharat coaches, elevating the safety, convenience, and comfort of passengers across the nation.

Aqua Parks and Economic Corridor for Progress

Five integrated Aqua Parks are slated to be established, promising recreational spaces for communities. Additionally, the recently announced India Middle East Europe Economic Corridor is expected to be a game-changer for India’s economic landscape.

Empowering Communities: SHGs and Individuals with Credit-Linkage

A commendable initiative will empower 240,000 Self-Help Groups (SHGs) and 60,000 individuals through credit-linkage, fostering financial independence and entrepreneurship.

Sabka Saath, Sabka Vikas: A Decade of Poverty Alleviation

Over the past decade, the government’s commitment to “Sabka Saath” has resulted in 250 million people breaking free from multidimensional poverty, symbolizing inclusive development.

PM KISAN Yojana Success: Financial Assistance for 118 Million Farmers

The Finance Minister proudly announced that 118 million farmers have received financial assistance under the PM KISAN Yojana, marking a crucial step towards rural prosperity.

Strengthening Deep Tech in Defence: A Strategic Move

The government is set to launch a comprehensive plan to strengthen deep tech capabilities in the Defence sector, ensuring India’s security and technological prowess.

Vande Bharat Expansion and Tech Investment for Youth

Vande Bharat-like bogies will see a significant increase to 40,000, while airports will be doubled to 149. A Rs 1 lakh crore corpus with a 50-year interest-free loan is also established, supporting tech-savvy youth for long-term financing or refinancing with low or nil interest rates.

Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anusandhaan: Modi Govt’s Motto

The government’s steadfast commitment to the welfare of the nation is reflected in the motto “Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anusandhaan,” emphasizing the importance of soldiers, farmers, scientists, and researchers.

Defense Outlay Boost: 11.1% Increase to Rs 11,11,111 Crore

A substantial 11.1% increase in the Defence outlay, amounting to Rs 11,11,111 crore, demonstrates the government’s dedication to national security.

Amrit Kaal Economic Strategies: Next-Gen Reforms for Growth

The government is set to adopt economic policies that foster growth, inclusive development, improved productivity, and opportunities for all. Next-gen reforms will be implemented in collaboration with stakeholders for effective execution.

Healthcare Expansion: More Medical Colleges on the Horizon

Plans are underway to establish more medical colleges by leveraging existing infrastructure under various departments, strengthening India’s healthcare system.

India’s G20 Presidency Success: Building Global Consensus

India’s successful G20 presidency showcased a forward-looking approach, building consensus on global solutions to challenges faced by the world.

Housing for All: Additional Targets and Empowered Women

Despite Covid challenges, the PM Awas Yojana Rural has continued, with plans to achieve the target of 3 crore houses. The government will take up 2 crore more houses in the next 5 years, with 70% allocated to women in rural areas.

Positive Economic Transformation: GST Success and Skill India Mission

Over the last 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.

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.

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.

Geopolitical Navigation: India’s Success in a Complex World

India successfully navigated complex global affairs post-Covid, assuming the G20 summit leadership, being the “Vishwaguru” during challenging times.

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.

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.

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.

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.

FDI Focus: ‘First Develop India’ for Global Collaboration

The government is set to push for bilateral treaties with foreign partners under the mantra of ‘First Develop India,’ promoting foreign direct investment.

Capital Expenditure Surge: FY25 Capex Target at Rs 11.1 Trillion

A remarkable 11.1% increase in the FY25 capex target, amounting to Rs 11.1 trillion, reflects the government’s commitment to infrastructure development.

Housing for the Middle Class: A Scheme for Aspiring Homeowners

In a move to assist the middle class living in rented houses, slums, or unauthorized colonies, the government will launch a scheme enabling them to buy or build their own houses.

As the budget unfolds, it paints a promising picture of India’s future, with a strong focus on inclusive development, economic growth, and global collaboration.

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