The Interim Union Budget for 2024-2025 has been unveiled, and it brings forth a mix of optimism, fiscal prudence, and strategic allocations. Let’s delve into the key highlights of this budget, which sets the stage for India’s economic trajectory.
Table of Content
1. Capital Expenditure Surge
Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman has allocated a whopping Rs. 11,11,111 crore for capital expenditure in the upcoming fiscal year. This substantial increase of 11.1% reflects the government’s commitment to infrastructure development, job creation, and economic growth. The capital expenditure outlay now constitutes 3.4% of the GDP.
2. Economic Resilience and Growth
India’s Real GDP is projected to grow at an impressive 7.3% in FY 2023-24. This robust growth aligns with the upward revision by the Reserve Bank of India (RBI), which raised its growth projection from 6.5% to 7%. Despite global economic challenges, India’s macroeconomic fundamentals remain healthy, demonstrating resilience.
3. Prioritising the Vulnerable
The budget places a strong emphasis on uplifting the vulnerable sections of society. The focus areas include:
- Garib (Poor): Ensuring their well-being and economic empowerment.
- Mahilayen (Women): Empowering women through targeted schemes.
- Yuva (Youth): Creating opportunities for skill development and employment.
- Annadata (Farmer): Supporting farmers through various initiatives.
Also Read: History of Budget since Independence
4. Youth Empowerment
To empower the youth, the government will establish a corpus of Rs. 1 lakh crore with a 50-year interest-free loan. This scheme aims to fuel entrepreneurship, innovation, and job creation among the youth.
5. Regional Development
The government recognizes the potential of the Eastern region in driving India’s growth. A high-powered committee will address challenges arising from rapid population growth and demographic changes.
6. Tax Revisions and Relief
While no tax rate changes are proposed in this interim budget, approximately one crore taxpayers are expected to benefit from the withdrawal of certain petty and disputed direct tax demands.
7. Vision for India
The budget outlines a vision for making India “Viksit Bharat” by 2047. This comprehensive approach focuses on all-round, all-pervasive, and all-inclusive development.
8. Global Confidence
The International Monetary Fund (IMF) has revised India’s growth projection for FY 2023-24 to 6.3%, reflecting global confidence in India’s economic prowess.
Wrapping Up
The Interim Budget 2024-25 sets the tone for inclusive growth, strategic investments, and a resilient economy. Moving forward, you should keep an eye on the execution of these plans and their impact on the lives of millions of Indians. The Interim Budget 2024-25 also paints a promising picture for India’s economic trajectory. With a focus on capital expenditure, youth empowerment, and regional development, the budget aims to uplift vulnerable sections of society while fostering entrepreneurship and innovation. As we move toward the vision of a “Viksit Bharat” by 2047, one should remain vigilant about the execution of these plans and their impact on the lives of millions of Indians. The global confidence reflected by institutions like the International Monetary Fund underscores India’s resilience and potential for growth.
