Union Finance Minister Nirmala Sitharaman presented India’s Interim Budget 2024 on February 1st, marking her sixth budgetary announcement. This interim budget, strategically unveiled ahead of the general elections later this year, accentuated pivotal areas of focus while maintaining fiscal prudence. Here’s a comprehensive breakdown of the key highlights from Budget 2024:
Fiscal Targets and Taxation:
The Finance Minister underscored the government’s commitment to fiscal consolidation by lowering the fiscal deficit target for FY25 to 5.1% of the GDP.
Notably, there were no alterations in the existing direct and indirect tax rates, providing a sense of stability to taxpayers.
Strategic Initiatives and Developmental Schemes:
Youth and Women Empowerment: The budget emphasized empowerment initiatives for youth and women, embodying the ethos of inclusive growth.
Capex Enhancement: The government announced an 11.1% increase in the capital expenditure outlay, amounting to a staggering ₹11,11,111 crore, which represents 3.4% of the GDP.
E-Vehicle Ecosystem: Efforts to bolster the e-vehicle ecosystem through enhanced manufacturing support and charging infrastructure were highlighted.
Blue Economy 2.0: A scheme aimed at fostering climate-resilient activities for the blue economy was introduced, emphasizing coastal aquaculture and mariculture.
Eastern Region Development: Bihar, Jharkhand, Chhattisgarh, Odisha, and West Bengal were earmarked as focus states for propelling regional growth and development.
Minority Affairs: The budget witnessed a significant increase in the allocation for the Ministry of Minority Affairs by ₹574.27 crore, underscoring the government’s commitment to inclusive governance.
Railway Development: Maharashtra received a record allocation of ₹15,554 crore for railway works, symbolizing a substantial investment in infrastructure.
Sectoral Developments and Economic Indicators:
India’s robust economic performance was highlighted, with three consecutive years of 7% GDP growth, positioning the nation as the fastest-growing economy in the G20.
The aviation sector witnessed remarkable growth, with the Indian air travel market emerging as one of the world’s fastest-growing, reflecting enhanced regional connectivity and increased demand.
Vision for the Future:
The budget unveiled a vision for sustainable growth through initiatives like the new scheme of bio-manufacturing and bio-foundry, promoting green alternatives and regenerative manufacturing practices.
In conclusion, India’s Interim Budget 2024 delineates a pragmatic roadmap for economic resilience and inclusive development. As the nation prepares for the upcoming elections, the budget sets the stage for continued progress and prosperity, underscoring the government’s unwavering commitment to the nation’s socio-economic advancement.
Stay tuned for further updates and analysis on Budget 2024.