Sitharaman said, during her Budget speech,
1. Fiscal Discipline and Economic Goals
- Fiscal Deficit Target: The budget sets a fiscal deficit target of 5.1% of GDP for FY25, improving from the revised 5.8% for FY24. This demonstrates the government's commitment to reducing its borrowing and controlling the national debt (Live Mint).
2. Infrastructure Investment
- Increased Capital Expenditure: Capital expenditure is set to rise by 11.1%, reaching ?11.1 lakh crore. This investment is crucial for building and upgrading infrastructure like roads, railways, and airports, which can stimulate economic growth and create jobs (Live Mint).
3. Social Welfare Programs
- Lakhpati Didi Scheme: This scheme aims to uplift rural women by helping 3 crore women become financially independent through self-help groups. This initiative boosts women's income and stimulates the rural economy (Live Mint) (PIB).
- PM-KISAN Scheme: Supporting 11.8 crore farmers through direct cash transfers helps them manage their agricultural activities and improve their livelihoods (PIB).
4. Green Energy and Sustainability
- Solar Rooftop Initiative: The budget introduces a program to provide up to 300 units of free electricity per month to 1 crore households via rooftop solar panels. This move not only reduces electricity costs for families but also promotes renewable energy use (Live Mint).
5. Support for Startups and Businesses
- Extended Tax Benefits: Tax exemptions for startups and investments by sovereign wealth funds and pension funds have been extended to March 31, 2025. This extension aims to encourage more investments and support the growth of new businesses in India (PIB).
6. Healthcare Expansion
- Ayushman Bharat: The healthcare coverage under the Ayushman Bharat scheme is being extended to include ASHA workers, Anganwadi workers, and helpers, ensuring broader access to healthcare for these essential service providers (PIB).
7. Education and Women empowerment
- Increased Female Enrollment: The budget highlights significant increases in female enrollment in higher education and STEM (Science, Technology, Engineering, and Mathematics) courses. This is part of a broader effort to empower women and improve their participation in the workforce (PIB).
8. Railway Modernization
- Vande Bharat Coaches: Converting 40,000 regular train coaches to Vande Bharat coaches will enhance passenger safety and comfort. New railway corridors are planned to decongest existing lines, improving travel times and efficiency (Live Mint).
Economic Growth and Investment
The budget is designed to strengthen India's macroeconomic factors, promoting sustainable growth through investments in infrastructure, agriculture, tourism, and innovation. The focus on maintaining fiscal responsibility while enhancing investment is expected to appeal to both domestic and foreign investors, potentially leading to improved credit ratings and economic stability (Live Mint).
Conclusion
Overall, the 2024 Budget aims to foster long-term economic development and social equity without imposing additional tax burdens, reflecting a balanced approach to growth and fiscal prudence (Live Mint) (PIB).
