Budget 2024:
The much-anticipated Interim Budget for 2024 was presented by Finance Minister Nirmala Sitharaman on February 1st, marking the sixth budget under her tenure. The budget speech highlighted key moments, from President Draupadi Murmu’s sweet gesture to the resounding applause in response to mentions of the Ram Temple. In this comprehensive blog, we’ll delve into the significant aspects of the budget, focusing on key sectors and initiatives that aim to impact the lives of the common man.
President Draupadi Murmu’s Welcoming Gesture
Finance Minister Sitharaman’s arrival at the Parliament witnessed a warm welcome from President Draupadi Murmu, symbolizing a harmonious start to the budget presentation.
The President’s gesture of sweetening the Finance Minister’s mouth sets a positive tone for the budget proceedings.
Ram Temple Mention Spurs Applause in Parliament
Finance Minister Sitharaman’s budget speech commenced with a significant nod to the Ram Temple, resulting in enthusiastic applause from Members of Parliament.
The acknowledgment of cultural and religious sentiments in the budget sets the stage for a comprehensive and inclusive approach.
Interim Budget Focuses on Four Key Sectors
Sitharaman outlined the government’s focus on four crucial sectors: the poor, women, youth, and farmers.
Each sector received targeted attention, ensuring a balanced and inclusive approach to India’s development.
Income Tax Slabs Remain Unchanged
Despite expectations for tax relief, the budget did not bring any changes to the income tax slabs.
The Finance Minister justified this decision, emphasizing the government’s commitment to stability and its tradition of presenting interim budgets.
Strategic Allocation for the Poor
The budget prioritizes poverty alleviation, with the announcement of the Garib Kalyan Yojana, benefiting 25 crore people with a staggering ₹34 lakh crores distributed to their accounts.
The government aims to uplift 25 crore people from poverty through this initiative.
Empowering Women: The Lakhpati Didi Initiative
Nearly 1 crore women have become ‘Lakhpati Didis’ under various schemes, and the government aims to extend this success to empower 3 crore women.
Financial empowerment of women takes center stage in the budget, reflecting a commitment to gender equality and economic inclusion.
Youth Empowerment and Skill Development
The budget focuses on youth empowerment, highlighting the opening of 3,000 new IITs and skill training for 54 lakh youngsters.
Success in the Asian Games by Indian youth athletes is also celebrated, emphasizing the importance of sports in holistic development.
Support for Farmers through PM Kisan Yojana
The PM Kisan Yojana has provided economic assistance to 11.8 crore people in the agricultural sector.
The budget reinforces the government’s commitment to the welfare of farmers, a crucial constituency in Indian society.
Prime Minister’s Vision: Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anusandhan
Prime Minister Narendra Modi applauds the budget’s focus on youth, farmers, women, and science, emphasizing the nation-building aspect of the budget.
The budget aligns with the vision of strengthening the foundation of a developed India by 2047.
Income Tax Collection Doubles in the Last Decade
Finance Minister Sitharaman highlighted the significant growth in income tax collection, which has tripled in the last ten years.
Despite no changes in tax slabs, the government’s fiscal management has led to substantial revenue growth.
Blue Economy 2.0 and Infrastructure Development
The budget introduces Blue Economy 2.0, emphasizing the importance of sustainable development in coastal areas.
The government allocates 11.1% more funds for defense, reaching 3.4% of the GDP, and boosts infrastructure development to propel economic growth..
Innovation and Technology: Shaping the Future
A new era of technology and data-driven solutions is recognized, with the budget allocating resources to research and development in various sectors.
The government introduces a roadmap for ‘Developed India’ in the full budget scheduled for July, aligning with Atal Ji’s vision.
Social Initiatives: Healthcare and Education
The budget underscores the government’s commitment to healthcare, with a focus on cervical cancer vaccination and maternal and child care programs.
A targeted approach to youth education is evident, with initiatives such as the vaccination of 9-14-year-old girls and the establishment of integrated aqua parks.
Housing for the Middle Class
The government pledges to launch a housing scheme for the middle class, aiming to build 2 crore houses in the next five years.
The Pradhan Mantri Awas Yojana continues to play a pivotal role in providing affordable housing solutions.
Economic Outlook: FDI Doubles in the Last Decade
Sitharaman notes the impressive growth in Foreign Direct Investment (FDI), reaching $596 billion during 2014-23.
The government’s efforts to attract foreign investments contribute significantly to India’s economic development.
Conclusion:
Finance Minister Nirmala Sitharaman’s Interim Budget for 2024 reflects a balanced and inclusive approach to India’s development. The strategic allocations for the poor, women, youth, and farmers signify a commitment to addressing the diverse needs of the population. With an emphasis on fiscal stability, innovation, and sustainable development, the budget lays the groundwork for a ‘Developed India’ by 2047. As we await the full budget in July, the outlined initiatives and focus areas provide a glimpse into the government’s vision for the nation’s future.
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