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In the budget 2024-25 The government has laid the groundwork to usher in next-generation reforms, steering the growth of India by providing a significant boost to infrastructure development and bridging the accessibility gap to fulfil the aspirations of its citizens. The commitment to education and skill development through successful initiatives like Skill India has offered training, skilling, and reskilling to millions, enabling them to acquire cutting-edge skills and secure employment opportunities.
This will undoubtedly contribute to our collective economic resilience and competitiveness on the global stage.”“The government’s emphasis on technology, including the provision of 50-year interest-free loans, underscores its dedication to investing in Deep Tech, requiring substantial investment and highly skilled human capital. Although the EdTech sector anticipated some tax incentives that could have benefited our learners, we remain highly optimistic about the upcoming full budget, expected to announce next-generation reforms, will address these concerns.”
: Limited Scope
As an interim budget, it won’t be a full-fledged financial plan. Instead, expect allocations to cover essential government expenses for the first four months of the next fiscal year (April-July).
Election Buzz:
With the general elections looming, the budget might offer some populist measures and schemes to woo voters. Think tax breaks, welfare programme boosts, and infrastructure spending announcements.
Clues for the Future:
While not exhaustive, the budget could offer hints about the new government’s potential priorities. Look for allocations towards key sectors like agriculture, education, and healthcare.
Here are the key highlights of Budget 2024:
Fiscal Deficit:
- Revised deficit for FY24: 5.8% of GDP
- Expected deficit for FY25: 5.1% of GDP
- Target: Reduce deficit to below 4.5% by FY26
Taxation:
- The number of tax filers increased 2.4 times since 2014
- Direct tax collection tripled since 2014
- Projected tax receipts for FY25: Rs 26.02 lakh crore
Houshing technology and innovation
- 2 crore more houses under Pradhan Mantri Awas Yojana – Gramin (PMAY-G)
- :Rs 1 lakh crore corpus established for long-term financing and refinancing of research and innovation in sunrise domains
- New scheme for strengthening deep tech technology for defence purposes
Healthcare
- Plans to set up more medical colleges by utilizing existing hospital infrastructure
women Empowement
- Making triple talaq illegal, reserving 1/3rd seats for women in Lok Sabha and state assemblies, and granting over 70% of PM Awas Yojana houses in rural areas to women
Renewable Energy:
- 1 crore households to get up to 300 units of free electricity per month through rooftop solarization
- Aim to achieve net zero by 2070
Tourism
- Long-term interest-free loans to States for tourism development
Overall focus
- Meeting the needs and aspirations of the poor, women, youth, and farmers
- Making India a “Viksit Bharat” (Developed India) by 2047
- Focusing on “sabka sath, sabka vikas” (inclusive development)
- Prioritising “GDP” – Governance, Development, and Performance
- All-round, all-pervasive, and all-inclusive approach to development
India’s Finance Minister Nirmala Sitharaman presented the much-anticipated Interim Budget, outlining the government’s spending plans . While it serves as a temporary bridge until the formation of a new government after the elections, the budget unveiled several noteworthy initiatives aimed at boosting economic growth and promoting social welfare. Complete speech here
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