Empowering Tomorrow: Top 76 Highlights of Interim Budget 2024

News
Feb 01 2024 03:48 PM
P C Thomas

The Finance Minister delivered the Interim Budget 2024 in a speech spanning 48 minutes. Centered around four key pillars - women, poverty alleviation, farmers, and youth - the budget reflects the government's commitment to empowerment. Various schemes have been introduced to uplift the economically disadvantaged, with Direct Benefit Transfer leading to substantial government savings redirected towards their welfare. Additionally, the budget emphasizes initiatives fostering women's empowerment, youth advancement, agricultural development, infrastructure enhancement, and tax reform.

Here are 76 Highlights from the Finance Minister's Budget speech:-

In the past decade, India's economy transformed positively under visionary leadership, fostering hope and optimism.
The government, led by Prime Minister Narendra Modi, overcame challenges through structural reforms and pro-people programs, spurring employment and entrepreneurship.
Emphasizing inclusivity and development for all, the government strengthened its commitment, paving the way for a prosperous and united India.
With a resilient response to the pandemic, initiatives like 'Atmanirbhar Bharat' and 'Panch Pran' laid strong foundations for future growth and garnered public support.
Development efforts targeted every household, ensuring access to essentials like housing, water, electricity, and financial services.
Measures like free ration distribution and fair pricing for farmers boosted rural income, fostering growth and employment.
Striving for comprehensive development, the government aims to make India a developed nation by 2047, focusing on empowering people.
Through inclusive policies, social justice is prioritized, reducing inequality, corruption, and ensuring transparency in welfare distribution.
Empowering the marginalized, including the poor, women, youth, and farmers, remains a top government priority, driving national progress.
Empowering the poor through initiatives like direct benefit transfers and skill development has lifted millions out of poverty, fostering self-reliance.
Various schemes like PM-SVANidhi and PM-JANMAN Yojana have aided street vendors and tribal groups, ensuring inclusive development.
Support for farmers through schemes like PM-KISAN SAMMAN Yojana and PM Fasal Bima Yojana strengthens agriculture, ensuring food security.
Infrastructure initiatives like the Electronic National Agriculture Market facilitate trade, boosting farmer income and productivity.
Youth empowerment initiatives like National Education Policy and Skill India Mission foster education, skill development, and entrepreneurship.
Initiatives like PM Mudra Yojana and Start Up India support youth entrepreneurship, fostering job creation and economic growth.
India's youth excel in sports and academics, reflecting growing confidence and opportunities.
Women empowerment initiatives, including legal reforms and housing schemes, enhance dignity and economic participation.
Governance focused on growth, development, and performance ensures transparency, accountability, and effective administration.
Economic management strategies foster growth, infrastructure development, financial stability, and inflation control.
Global challenges are addressed through proactive diplomacy, promoting cooperation, and finding solutions to shared problems.
Vision for a prosperous and harmonious India by 2047 prioritizes sustainable development and inclusive growth.
Strategies for the future include economic reforms, infrastructure development, and empowering MSMEs for sustainable growth.
Development focus on aspirational districts, eastern regions, and housing schemes accelerates progress and economic opportunities.
Health initiatives target cervical cancer prevention, maternal and child care, and improving healthcare infrastructure.
Agriculture and food processing initiatives aim to boost farmer income, reduce post-harvest losses, and enhance food security.
The impact of comprehensive development is evident across all sectors, showcasing macro-economic stability, robust investments, and overall economic prosperity.
There is a noticeable improvement in people's living standards and earnings, accompanied by a surge in aspirations for the future. Real incomes have increased significantly, while inflation remains moderate.
The economic management strategy of the past decade, focused on inclusive development, has seen various elements contribute to national progress:
Record-breaking development of infrastructure, encompassing physical, digital, and social aspects.
Increased participation of all regions in economic growth.
Utilization of Digital Public Infrastructure to formalize the economy.
Implementation of Goods and Services Tax (GST) for unified taxation and broadened tax base.
Strengthening of the financial sector, enhancing savings, credit, and investment efficiency.
Establishment of GIFT IFSC and IFSCA to facilitate global capital inflow.
Effective management of inflation within policy parameters.
Globally, geopolitical complexities are on the rise, accompanied by redefined globalization trends and the emergence of a new world order post-Covid.
India's leadership during its G20 Presidency amid global economic challenges demonstrated resilience and the ability to navigate crises, offering solutions for global problems.
The India-Middle East-Europe Economic Corridor initiative is hailed as a strategic and economic game-changer, reflecting India's pivotal role in shaping future world trade.
The vision for 'Viksit Bharat' entails a prosperous nation in harmony with nature, equipped with modern infrastructure, and providing opportunities for all citizens and regions to thrive.
Confidence in the government's track record fuels expectations of unprecedented development in the next five years, aligning with the goal of a developed India by 2047.
Economic policies for 'Amrit Kaal' aim at sustainable growth, inclusive development, enhanced productivity, and resource generation to fulfill aspirations.
Guided by the principle of 'Reform, Perform, and Transform,' the government plans next-generation reforms in collaboration with states and stakeholders.
Prioritizing support for Micro, Small, and Medium Enterprises (MSMEs), the government aims to ensure their growth through financial assistance, technology access, and conducive regulatory frameworks.
Emphasizing the 'Panchamrit' goals, efforts will be directed towards sustainable and resource-efficient economic growth, focusing on energy security.
To meet investment needs, the government will enhance the financial sector's capacity and regulatory framework.
The Aspirational Districts Programme aims to accelerate development in underprivileged areas, fostering economic opportunities.
Special attention will be given to the eastern region to boost its role in India's overall growth.
Despite Covid challenges, the government continues the implementation of schemes like PM Awas Yojana (Grameen) to meet housing demands.
Initiatives like rooftop solarization and housing schemes aim to uplift sections of the middle class living in substandard conditions.
Plans to establish more medical colleges and promote cervical cancer vaccination reflect efforts to enhance healthcare services.
Integration of maternal and child care schemes and efforts to improve anganwadi centers aim to enhance nutrition delivery and early childhood development.
Expeditious rollout of immunization programs like U-WIN and Mission Indradhanush will be prioritized.
Healthcare coverage under Ayushman Bharat will be extended to frontline workers like ASHA and Anganwadi workers.
Efforts to boost agricultural productivity and income through schemes like Pradhan Mantri Kisan Sampada Yojana and Nano DAP adoption are underway.
Strategies like Atmanirbhar Oil Seeds Abhiyan and Dairy Development programs aim to achieve self-sufficiency in key agricultural sectors.
Pradhan Mantri Matsya Sampada Yojana seeks to enhance aquaculture productivity, double exports, and generate employment opportunities in the fisheries sector.
Empowerment of Rural Women: Eighty-three lakh Self-Help Groups (SHGs) comprising nine crore women are driving socio-economic transformation in rural areas, promoting empowerment and self-reliance. Nearly one crore women have already achieved the milestone of becoming "Lakhpati Didis" (women millionaires) through their success, serving as inspiration to others. Their accomplishments will be duly recognized, with plans to increase the target for Lakhpati Didis from 2 crore to 3 crore.
Technological Advancements: Emerging technologies and data are reshaping livelihoods and businesses, offering new economic prospects and facilitating the provision of high-quality, affordable services to all, including those at the bottom of the socioeconomic pyramid. India is seizing global opportunities through innovation and entrepreneurial endeavors. Research and innovation are pivotal for driving growth, employment, and development.
Emphasis on Innovation: Prime Minister Modi has expanded the earlier slogan of "Jai Jawan Jai Kisan" to "Jai Jawan Jai Kisan Jai Vigyan Jai Anusandhan," recognizing the foundational role of innovation in development. A corpus of Rs. 1 lakh crore will be established, offering fifty-year interest-free loans to support research and innovation, particularly in sunrise domains, leveraging the potential of technology and youth.
Deep-Tech Development for Defense: A new scheme will be launched to bolster deep-tech technologies for defense purposes, accelerating self-reliance ("atmanirbharta") in defense production and infrastructure.
Infrastructure Enhancement: The government aims to further boost infrastructure development, with a substantial increase in the capital expenditure outlay, focusing on economic railway corridors to enhance multi-modal connectivity, logistics efficiency, and passenger safety and comfort.
Aviation Sector Expansion: Significant progress has been made in the aviation sector over the past decade, with a doubling of airports and widespread rollout of air connectivity to tier-two and tier-three cities under the UDAN scheme. Expansion of existing airports and development of new ones will continue to meet growing demands.
Urban Transformation: Metro Rail and NaMo Bharat initiatives will serve as catalysts for urban transformation, particularly in large cities, with a focus on transit-oriented development.
Green Energy Initiatives: Towards achieving the goal of 'net-zero' emissions by 2070, measures will be undertaken to harness offshore wind energy, promote coal gasification and liquefaction, mandate blended use of compressed biogas, and provide financial assistance for biomass aggregation machinery, promoting sustainable energy alternatives.
E-Vehicle Ecosystem: The government will bolster the e-vehicle ecosystem by supporting manufacturing and charging infrastructure, encouraging greater adoption of e-buses for public transport networks.
Bio-manufacturing and Bio-foundry Scheme: A new scheme will be launched to promote green growth through bio-manufacturing and bio-foundry, offering environmentally friendly alternatives and transitioning towards regenerative manufacturing practices.
Promotion of Blue Economy: Initiatives will be introduced to promote climate-resilient activities for blue economy 2.0, focusing on restoration and adaptation measures, coastal aquaculture, and mariculture with an integrated approach.
Tourism Promotion: The government will encourage comprehensive development of iconic tourist centers, enhance branding and marketing efforts globally, and provide long-term interest-free loans to states for financing tourism infrastructure development.
Foreign Direct Investment (FDI): Efforts will continue to attract sustained foreign investment through negotiation of bilateral investment treaties and fostering a conducive environment for business and conference tourism.
Reforms for State Development: States will be supported in implementing growth and development enabling reforms through financial assistance in the form of interest-free loans.
Population Growth Consideration: A high-powered committee will be formed to address challenges arising from rapid population growth and demographic changes, aiming to provide comprehensive recommendations in alignment with the vision of 'Viksit Bharat.'
Commitment to National Development: The government reaffirms its commitment to strengthening the economy and creating conditions for people to realize their aspirations, echoing the sentiments expressed by the Prime Minister in his Independence Day address.
Fiscal Management: The government presents a detailed roadmap for achieving 'Viksit Bharat,' emphasizing fiscal consolidation and reduction of fiscal deficit to below 4.5% by 2025-26.
Taxation Policies: Tax rates for both direct and indirect taxes will remain unchanged, with a focus on improving taxpayer services, including withdrawal of outstanding direct tax demands below specified thresholds to provide relief to honest taxpayers.
Economic Progress Overview: The government reflects on the journey from pre-2014 economic challenges to the present achievements, underscoring effective governance, development initiatives, and people-centric policies.
Future Goals: The government remains committed to realizing the vision of 'Viksit Bharat' through good governance, dedication, and hard work, aiming for sustained growth and all-round development in the coming years.