Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 in the Lok Sabha today. Earlier in the morning, the Union Cabinet met and gave the Budget their approval.
During her Budget speech, Ms. Sitharaman talked about the government’s different programs for women, youth, and the poor. She highlighted that the Indian economy has undergone a significant change and that the government has made important reforms.
She mentioned that the government is particularly focused on four major groups – women, youth, poor, and farmers. “The country moves forward when they move forward,” she stated.
Finance Minister Nirmala Sitharaman shared the Union Budget 2024 in Parliament. It’s called an interim budget because it happens right before the Lok Sabha Elections. Prime Minister Narendra Modi liked how Nirmala Sitharaman made a balanced budget.
This is Nirmala Sitharaman’s sixth Union Budget. The new government after the elections will share the full budget later.
An budget is a short-term money plan. It asks Parliament to agree to give money early for the government’s important spending in the first four months of the new financial year.
The Budget Session of Parliament started yesterday. President Droupadi Murmu spoke to both Rajya Sabha and Lok Sabha together. This session will end on February 9.
Before the budget, the stock markets started the day positively.
Here are the key takeaways:
Poverty Alleviation and Social Welfare:
– Finance Minister Sitharaman claimed the government lifted 25 crore people out of poverty in the last decade.
– Free food was provided to 80 crore people through various schemes.
Financial Initiatives and Savings:
– Direct Benefit Transfers of Rs. 34 lakh crore through PM Jan Dhan Yojana led to savings of ₹2.7 lakh crore.
– Credit assistance was given to 78 lakh street vendors under the PM-SVANidhi scheme.
– 30 crore Mudra Yojana loans were disbursed to women entrepreneurs.
Skill Development:
– Over 1.4 crore youth were trained under the Skill India Mission.
– 43 crore loans were sanctioned under PM Mudra Yojana.
Rural Empowerment and Housing:
– ‘Lakhpati Didi’ scheme to be expanded to empower rural women and boost the rural economy.
– The government will subsidize the construction of 30 million affordable houses in rural areas.
Healthcare and Agriculture:
– Ayushman Bharat scheme will be expanded to all ASHA workers, Anganwadi workers, and helpers.
– Encouragement for ‘Nano DAP’ for various crops and support for dairy farmers against Foot and Mouth Disease.
– Strategy for self-reliance in oilseeds, covering research, procurement, value addition, and crop insurance.
Infrastructure and Transportation:
– A new department — Matsya Sampada — to be set up for the needs of fishermen.
– 40,000 normal rail bogeys to be converted to Vande Bharat standards for enhanced safety and convenience.
– Focus on metros for transit-oriented development.
Environmental and Energy Initiatives:
– Plans to achieve Net Zero by 2070, including funding for offshore wind energy and expanding the e-vehicle sector.
Economic and Fiscal Policies:
– Capital expenditure increased to ₹11.11 lakh crore for 2024-25.
– Fiscal consolidation to reduce fiscal deficit to 4.5% in 2025-26.
– Same tax rates proposed for direct and indirect taxes, including import duties.
– Government borrowings lowered to Rs. 14.13 lakh crore (gross) and Rs. 11.75 lakh crore (net) for 2024-25.
In her Budget speech, Finance Minister Nirmala Sitharaman talked about how the Indian economy changed a lot in the last ten years. She praised the Modi government for making important changes to improve things for people.
She also said that the government wants to be careful with money and plans to reduce the amount it owes to 4.5% by 2025-26.
Importantly, she didn’t suggest any changes in taxes. The government wants to keep the tax rates the same for both direct and indirect taxes, including import duties.
PM Modi’s remarks after presentation of Interim Budget 2024 :
After the unveiling of the Budget 2024 by Union Finance Minister Nirmala Sitharaman, Prime Minister Modi shared his thoughts on the budget, highlighting its inclusive and innovative nature, expressing confidence in its continuity.
PM Modi emphasized the empowering nature of the budget, focusing on the four pillars of a developed India – the youth, poor, women, and farmers. He stated that this budget is a transformative step for India’s future, laying the groundwork for a ‘developed India by 2047’.
Highlighting key decisions, PM Modi mentioned the creation of a Rs. 1 lakh crore fund for research and innovation and tax exemptions for startups.
He also stressed the historic allocation of Rs. 11.11 lakh crore for capital expenditure, calling it a “sweet spot” that will not only enhance 21st-century infrastructure but also generate numerous jobs for the youth.
Addressing infrastructural aspects, PM Modi pointed out that the budget includes attaching 40,000 Vande Bharat bogies to regular trains, providing passengers with a comfortable journey on various routes.
For the poor, the government aims to build 2 crore additional houses in villages and urban areas, along with a promise to increase the number of Lakhpiti Didis to 3 crore.
PM Modi highlighted the budget’s focus on empowering the poor and the middle class, offering income-generation opportunities. He specifically noted key announcements benefiting farmers and the poor, such as Rooftop solarization providing free electricity to 1 crore families and the income tax remission scheme offering relief to 1 crore middle-class individuals.
Discussing agricultural measures, PM Modi pointed out significant initiatives like the utilization of NANO-DP, schemes for cattle, the expansion of PM Matsya Sampada Yojana, and the Atma Nirbhar Oil Seed Abhiyaan. These initiatives are aimed at increasing farmers’ income and reducing their expenses.
The Union Budget Mobile App offers access to the Budget 2024 in a “paperless format.” This bilingual app, which supports both English and Hindi, is downloadable on Android, iOS, or from the Union Budget Web Portal (www.indiabudget.gov.in). As per constitutional requirements, this Government of India app contains crucial Budget documents such as the Annual Financial Statement, Demand for Grants, and the Finance Bill.
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