Highlights of the Interim Union Budget 2024
Narendra Modi’s NDA government presented its final budget before the general elections scheduled in April and May 2024 with their slogan of “Sabka Saath Sabka Vikaas”
Union budget has touched all sectors of society ranging from Industry, Household, Healthcare, Agriculture, and Education.
There was a special announcement for women as the theme of this year seems to be Naari Shakthi, Women Empowerment.
Agriculture is the backbone of the Indian economy and special care has been taken to promote and increase production.
Below are the snippets of the Union Budget 2024
- Rooftop solarization will help to generate 300 units of free electricity for 1 crore households.
This will save 15,000 to 18,000 annually and also a provision to sell the surplus to distribution companies.
This installation will create employment opportunities in manufacturing, installation, and maintenance.
- PM Awas Yojana has achieved the target of 3 crore houses in rural areas and 2 crore more will be taken up in the next five years.
- The Aspirational District Programme will help the states in faster development of aspirational districts in turn creating economic opportunities.
- The recently announced India-Middle East-Europe Economic Corridor is a strategic and economic game changer for India and others that would boost world trade for upcoming years.
- GIFT IFSC and the unified regulatory authority, IFSCA are creating a robust gateway for global capital and financial services for the economy.
- Government plans to set up more medical colleges and a committee will be set up to examine the issue and make relevant recommendations.
- A cervical cancer vaccination drive will be conducted for girls in the age group of 9-14 years to prevent the same.
- Health benefits under Ayushman Bharat will be extended to ASHA workers, Anganwadi workers, and helpers.
- To ensure faster growth in the agricultural sector, the government will promote private and public investment in post-harvest activities like aggregation, modern storage, efficient supply chain, marketing, and branding.
- A major economic railway corridor will be implemented in
- Energy, mineral, and cement corridors.
- Port connectivity corridors.
- High-traffic density corridors. (This will improve logistics efficiency and reduce cost; this will be implemented under PM Gati Shakti.)
- To enhance the safety, convenience, and comfort of the passengers 40,000 rail bogies will be converted to Vande Bharat standards.
- Supporting manufacturing and charging infrastructure expansion will strengthen the electric vehicle ecosystem.
- A Corpus of Rs 1 lakh crores will be established with 50-year interest-free loans for sunrise sectors.
- The success of organizing G20 meetings in 60 places across the country has boosted tourism. Spiritual tourism also has opportunities and is a way for local job creation.
- FDI inflow is highest between 2014 and 2023, it amounts to USD 596 billion, which is twice the inflow when compared to 2005 and 2013.
- To enable and develop reforms in states a provision of 75000 crore rupees as a 50-year interest-free loan is proposed.
- The Revised Estimate of the total receipts other than borrowings is 27.56 lakh crore, of which the tax receipts are 23.24 lakh crore. The Revised Estimate of the total expenditure is 44.90 lakh crore.
- For the year 2024-25, the total receipts other than borrowings and the total expenditure are estimated at 30.80 and 47.66 lakh crore respectively. The tax receipts are estimated at 26.02 lakh crore.