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The Union Budget 2024 is ready to address several critical sectors, focusing on economic growth, fiscal responsibility, and social welfare. It aims to promote developments in different sectors including healthcare, tourism, housing, infrastructure, and agriculture. The main aspects include infrastructural development, tax reforms, social sector spending, and steps to enhance employment and infrastructure.
Key Highlights:
- In the interim Budget announced in February 2024, the Finance minister stated that four crore farmers benefitted from crop insurance under the PM-Kisan Samman Yojana.
- One crore households are expected to receive 300 units of free electricity under the Rooftop Solarisation program as per the interim budget.
- It is projected that 25 crore people will have moved out of multi-dimensional poverty, reflecting significant strides in poverty reduction across India.
Also Read: Budget 2024: What Is a Budget? Why Is It Important?
Interim Budget 2024 Highlights: Viksit Bharat 2047
Finance Minister Nirmala Sitharaman presented the Interim Union Budget 2024-25, emphasising the government's commitment to inclusivity and development with the mantra "Sabka Saath, Sabka Vikas, and Sabka Vishwas." The budget highlights crucial investments in social justice, agricultural support, infrastructure, and innovation, aiming to uplift various demographics, including the poor, women, youth, and farmers. It reflects a strategic approach to foster long-term economic growth and enhance public welfare through targeted fiscal measures and support schemes.
Garib
- A cumulative saving of ₹2.7 lakh crore occurred through Direct Benefit Transfer (DBT).
- Multidimensional poverty is reduced by 25 crore people.
- PM-SVANidhi scheme has provided credit assistance to 78 lakh street vendors.
Yuva
- Skill India Mission trained around 1.4 crore youth.
- Sanctioning of loans amounting to ₹43 crore to young entrepreneurs under PM Mudra Yojana.
- Setting up a fund of ₹4 lakhs for funding technology-savvy youth with interest-free or low-interest chargeable loans.
Annadata
- Direct financial aid was given to 11.8 crore farmers during the PM-KISAN scheme.
- PM Fasal Bima Yojana covers crop insurance for 4 crore farmers
- Under eNAM (National Agricultural Market; an online portal for agricultural commodities), as many as 1361 mandis have been integrated across states. This enables trading of about ₹3 lakh crore worth of products annually.
Mahilayen
- ₹30 crores have been given to women entrepreneurs through Mudra Yojana loans.
- Female enrolment rates in higher education have risen by almost 28% in a decade.
- There are now more than four out of ten girls enrolled on STEM (Science, Technology, Engineering, and Mathematics) courses in India’s tertiary institutions.
Also Read : Budget 2024: Higher Standard Deduction in New Tax Regime
Interim Budget 2024: Transitioning to Kartavya Kaal as Part of Amrit Kaal's Strategic Shift
Sustainable Development
- Aim to adopt electronic buses for public transport.
- Financial assistance to source biomass aggregation machinery.
- Phased introduction of mandatory blending of CNG (compressed natural gas), PNG (piped natural gas) and compressed biogas for domestic use.
- Biomass agglomeration machinery procurement support fund.
- One crore homes will have access to a free electricity supply of about 300 units per month without any payment.
Investment and Infrastructure
- Bilateral investment treaties with its trade partners have been set in motion to boost foreign direct investments.
- The Upcoming Budget 2024 will involve the expansion of existing airports and the full development of new ones under the UDAN (Ude Desh ka Aam Naagrik) scheme.
- Metro rail and NaMo Bharat projects will promote the urban changeover.
Healthcare, Housing, and Tourism
- Cervical cancer vaccination is being actively promoted by the government amongst girls aged between 9-14 years old.
- Saksham Anganwadi scheme and Poshan 2.0 would secure the process of transforming Anganwadi Centres for better feeding services, overall early childhood care, and development activities.
- Pradhan Mantri Awas Yojana (Grameen) is close to achieving the target of constructing three crore houses with an additional two crore targeted for the next 5 years.
- Housing for Middle Classes Scheme will be launched to encourage the middle class to own or build their own house.
- Interest-free loans without time limits will be given to promote growth in states.
- Port connectivity projects, tourism infrastructure, and amenities shall also be taken up in islands including Lakshadweep.
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FAQS - FREQUENTLY ASKED QUESTIONS
What is the Union Budget 2024 ?
A financial statement presented by the government on its revenue and expenditure is Union Budget 2024.
How does the interim Budget differ from the Union Budget ?
The Union Budget and the Interim Budget, in India have different roles. The Union Budget is a report that is presented every year. This budget plays a role in setting the agenda and priorities for the entire year.
Whereas the Interim Budget is typically put forth by the government during an election year. When presenting a full Union Budget is not possible. The primary aim of the Interim Budget is to ensure that funding for existing government programs and essential functions continues until a new government comes into power. It focuses on expenses and generally does not introduce new financial policies or economic reforms.
Why is the Union Budget presented ?
The union budget highlights the government's strategy for the upcoming fiscal year detailing all expenses, income and allocations across various sectors and ministries.
Who presents the Budget ?
The Union Budget is presented by the Union Finance Minister.
What are the expectations from Union Budget 2024 ?
Some expectations include potential benefits to the taxpayers and focus on some key sectors like transportation, tourism, investment, infrastructure and agriculture.
How does the Union Budget affect taxpayers ?
The Union Budget impacts individuals and businesses by adjusting tax slabs and rates. By introducing deductions and exemptions and updating tax regulations, the union budget affects personal and corporate financial planning. Moreover, it offers incentives, for industries and sets out long-term economic strategies that shape future tax responsibilities and financial strategies.
Can new policies be introduced in the Union budget ?
The upcoming union budget will see India undertaking many historic economic policies and reforms at a faster pace, President Droupadi Murmu said in her Parliament address.
What is the duration covered by the Union Budget ?
The union budget covers the entire fiscal year.
Where can I watch the Union Budget 2024?
The budget speech will be shown live on the Parliament's official TV channels, including Sansad TV and Doordarshan along with their official YouTube channels.
When is the Union Budget 2024 expected to be presented?
The official dates for the Union Budget 2024 announcement have not been confirmed yet. Reports suggest that it is expected to be presented during the Monsoon Session of Parliament scheduled to start on 22nd July 2024 and conclude on 9th August 2024.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
