The government presented its interim budget on Wednesday, February 1.
In this budget, the main priorities are focused on Annadtaa (farmers), Mahila (women), Garib (poor), and Yuva (youth). This marks the last budget by the government before the 2024 election phase.
Finance Minister Nirmala Sitharaman presented the budget, emphasizing that the government’s vision is to include everyone, from the poor to the rich, encompassing all castes. She stated that the government’s aim is to propel India’s development until 2047. Her speech also placed significant emphasis on social justice.
No Change in tax policy
There were no alterations made to the tax slabs. Concurrently, the fiscal deficit target for the fiscal year 2024-25 (FY25) was established at 5.1% of the gross domestic product (GDP).
What’s in budget for women and youth
Finance Minister Sitaraman said that making triple talaq illegal, reserving one-third of seats for women in the Lok Sabha and state assemblies, and ensuring that over 70% of houses under the PM Awas Yojana in rural areas go to women have boosted their dignity.
This is great news for our tech-savvy youth! A fund of Rs 1 lakh crore will be set up, offering a 50-year interest-free loan. This fund aims to support and finance long-term projects with low or zero interest rates. It’s designed to inspire the private sector to boost research and innovation, especially in new and promising areas.
The government is equally focused on GDP – Governance, Development and Performance.
Focus on Farmers in the Budget
In the Budget for 2024, Finance Minister Nirmala Sitharaman announced important changes for farmers. She mentioned that the Government is working harder to make farming more valuable and improve farmers’ income. To support this, the Government will regularly and properly raise the minimum prices it pays to farmers for their produce. This is to ensure that farmers, our ‘Annadata,’ get fair and increased earnings.
She also mentioned that the government wants to encourage both private and public investment in activities that happen after the crops are harvested, like storing and processing them. The goal is to make the agricultural sector grow faster. The government plans to support investments in things like collecting crops, using modern storage methods, improving supply chains, processing crops, and promoting the marketing and branding of agricultural products.
Other Important announcement in Budget
To make passenger trains work better, Sitharaman shared three big plans for the railway. The first is about making corridors for energy, minerals, and cement. The second is about connecting ports, and the third is about busy routes with lots of trains.
These plans will make transporting goods more efficient and cheaper. It will also make sure that busy routes have fewer trains, making travel safer and faster for passengers. Overall, this will bring down the cost of moving goods.
The budget also mentioned a focus on green energy. It’s estimated that one crore (10 million) roofs will be equipped with solar panels. These panels can generate around 300 units of electricity for free every month.
Additionally, there will be a priority on electric buses and vehicles, and their production will be increased. This means more buses and cars that run on electricity will be made.
The budget aims to make the dairy industry bigger. The government is also keen on growing Ayushman Bharat. Sitharaman shared plans to open more medical colleges by using the hospitals we already have in different departments. A special committee will be formed to look into this and provide suggestions.
Two crores more houses will also be provided under the PM Housing scheme for the middle class. Additionally, a ‘Housing for the Middle Class’ scheme has also been announced.
The budget also pays attention to tourism. The government will assist in developing important tourist sites and offer states long-term interest-free loans to encourage development, creating jobs in this sector. Lakshadweep is also included in the budget plan to enhance infrastructure and tourism in the region.
