Union Finance Minister Nirmala Sitharaman poses for photographs before presenting the Interim Budget 2024 in New Delhi on February 1, 2024.
| Photo Credit: Shiv Kumar Pushpakar
FM Nirmala Sitharaman presented the Interim Budget in the Lok Sabha today. Earlier in the morning, the Union Cabinet met and approved the Budget.
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In her Budget speech, Ms. Sitharaman highlighted the Centre’s various programmes for women, youth and poor. She noted that the Indian economy has seen a “profound” transformation, and that the Government carried out structural reforms. She said the government’s focus was on four major ‘castes’ — women, youth, poor and farmers. “The country progresses, when they progress,” she said.
Here are highlights:
- FM Sitharaman said that the Government pulled 25 crore people out of poverty in ten years. She noted that government provided free food for 80 crore people through various schemes.
- Direct Benefit Transfers of Rs. 34 lakh crore through PM Jan Dhan Yojana accounts has led to savings of ₹2.7 lakh crore.
- The PM Vishwakarma Yojana scheme provides end-to-end support to artisans. The government provided credit assistance to 78 lakh street vendors under the PM-SVANidhi scheme. 30 crore Mudra Yojana loans disbursed to women entrepreneurs.
- Upskilling and reskilling was a focus for the government, and over 1.4 crore youth were trained under the Skill India Mission. 43 crore loans sanctioned under PM Mudra Yojana. The Government will also expand the ‘Lakhpati Didi’ scheme to empower rural women and boost the rural economy.
- The Government highlighted the role of the India-Middle East-Europe Economic Corridor can play in world trade.
- The Government will pay more attention to developing the East to fuel India’s growth.
- Inflation has moderated an is within the target band (2%-6%).
- Economic growth has picked up and the average real income of people increased by 50%.
- The Government will subsidise the construction of 30 million affordable houses in rural areas.
- The Centre will encourage cervical cancer vaccination and combine maternal and child health care schemes into one comprehensive programme.
- The Ayushman Bharat scheme will be expanded to all ASHA workers, Anganwadi workers and helpers.
- Government to encourage ‘Nano DAP’ for various crops and to expand its use for all agro-climactic zones.
- It will also formulate policies to support dairy farmers and defeat the Foot and Mouth Disease.
- The government will formulate a strategy achieve AtmaNirbharta (self-reliance) for oilseeds. This will cover research for high-yielding varieties, procurement, value addition and crop insurance.
- A new department — Matsya Sampada — to be set up to address the needs of fishermen.
- 40,000 normal rail bogeys will be converted to Vande Bharat standards. Government to enhance safety, convenience and safety of passengers. Government to focus on metros in a bid to provide transit-oriented development
- The Government has announced several schemes to turn Net Zero by 2070. This includes providing funding to harness offshore wind energy generation for an initial capacity of 1 Giga Watt, procuring biomass aggregation machinery and expanding the e-vehicle sector by encouraging more manufacturing and charging infrastructure.
- Spends on capital expenditure have been increased to ₹11.11 lakh crore for 2024-25. The Government will continue on path of fiscal consolidation to reduce fiscal deficit to 4.5% in 2025-26.
- The Government proposed to maintain the same tax rates for direct and indirect taxes, including import duties.
- The Government borrowings on a gross and net basis for 2024-25, at Rs. 14.13 lakh crore and Rs. 11.75 lakh crore, respectively, lower than 2023-24.
