[Interim Budget 2024]Transformative Decade: Empowering India for a Bright Future ??????

Today (01-02-2024), Finance Minister Nirmala Sitharaman presented the Interim Budget, which sheds light on India's remarkable economic journey over the last decade. Let's delve into the key points discussed in the meeting.

Inclusive Development for All

The focus on inclusive development extends to social and geographical inclusivity, fostering opportunities for employment and entrepreneurship. The government's emphasis on 'Sabka Saath, Sabka Vikas, and Sabka Vishwas' in its second term signifies a commitment to comprehensive development across regions and communities.

Shifting Development Strategy

The development strategy evolved from 'provisioning up-to-village level' to targeting each household and individual. This ensures essential amenities like housing, water, electricity, cooking gas, bank accounts, and financial services for all. The provision of free ration for 80 crore people addressed food concerns, stimulating real income in rural areas and boosting growth.

Empowering the Marginalized

The government's priority is on the empowerment of the 'Garib' (Poor), 'Mahilayen' (Women), 'Yuva' (Youth), and 'Annadata' (Farmer). Schemes like 'Garib Kalyan' have uplifted 25 crore people from multi-dimensional poverty. The 'Direct Benefit Transfer' not only saved `2.7 lakh crore for the government but also provided more funds for 'Garib Kalyan.'

Various initiatives like PM-SVANidhi, PM-JANMAN Yojana, and PM-Vishwakarma Yojana reflect the commitment to leave no one behind. Farmers, our 'Annadata,' receive support through schemes like PM-KISAN SAMMAN Yojana and PM Fasal Bima Yojana.

Empowering the Youth and Women

The youth are empowered through the National Education Policy 2020, Skill India Mission, and initiatives like PM Mudra Yojana, Start-Up India, and Start-Up Credit Guarantee schemes. The empowerment of women gains momentum with initiatives like Mudra Yojana loans, increased female enrollment in higher education, and legal measures.

Governance, Development, and Performance (GDP)

Governance, Development, and Performance (GDP) take centre stage, ensuring macroeconomic stability, robust investments, and improved living standards. The focus remains on creating conditions for people to realize their aspirations and contribute to the nation's development.

Nano DAP and Atmanirbhar Oil Seeds Abhiyan:

The successful adoption of Nano Urea paves the way for expanding Nano DAP application across various crops and agro-climatic zones. The Atmanirbhar Oil Seeds Abhiyan aims to achieve self-sufficiency in oil seeds such as mustard, groundnut, sesame, soybean, and sunflower. The strategy involves research for high-yielding varieties, modern farming techniques, market linkages, procurement, value addition, and crop insurance.

Matsya Sampada:

The government's commitment to fisheries is evident with the implementation of the Pradhan Mantri Matsya Sampada Yojana (PMMSY). Stepping up efforts, the goal is to enhance aquaculture productivity, double seafood exports to ?1 lakh crore, and generate 55 lakh employment opportunities. Five integrated aquaparks will be established to further boost the sector.

Empowering Women:

Recognizing the success of Self-Help Groups (SHGs) and empowering Lakhpati Didis, the government has increased the target from 2 crore to 3 crore Lakhpati Didis. These women are the backbone of rural socio-economic transformation, and their achievements will be honoured and celebrated.

Technological Advances:

Acknowledging the transformative impact of new-age technologies, the government is ushering in a golden era for tech-savvy youth. A corpus of ?1 lakh crore will be established, providing a fifty-year interest-free loan to encourage private sector research and innovation. A new scheme will focus on strengthening deep-tech technologies for defence purposes, promoting 'atmanirbharta.'

Infrastructure Development:

Building on the massive tripling of capital expenditure in the past four years, the outlay for the next year is increased by 11.1%, reaching ?11,11,111 crore. Three major economic railway corridor programs and substantial investments in the aviation sector will improve logistics efficiency, reduce costs, and accelerate GDP growth.

Green Energy:

• In line with India's commitment to 'net zero' by 2070, the government is taking significant measures:
• Providing viability gap funding for harnessing offshore wind energy potential.
• Setting up coal gasification and liquefaction capacity of 100 MT by 2030.
• Mandating phased mandatory blending of compressed biogas (CBG) in CNG for transport and PNG for domestic purposes.
• Offering financial assistance for the procurement of biomass aggregation machinery.

Electric Vehicle Ecosystem:

• The government is set to expand and strengthen the electric vehicle (EV) ecosystem by supporting manufacturing and charging infrastructure.
• Encouraging greater adoption of e-buses for public transport networks through a payment security mechanism.

Comprehensive Development of Tourist Centers:

Recognizing the success of hosting G20 meetings in various places, the government aims to leverage India's economic strength to become a global destination for business and conference tourism. States will be encouraged to develop iconic tourist centres, with a framework for rating based on quality, and long-term interest-free loans for financing the development.

Promoting Investments:

Despite global challenges, the government is committed to encouraging sustained foreign investment. Bilateral investment treaties are being negotiated with a focus on 'first develop India,' ensuring a conducive environment for foreign investors.

Reforms in the States for 'Viksit Bharat':

To achieve the vision of 'Viksit Bharat,' the government is allocating seventy-five thousand crore rupees as a fifty-year interest-free loan to support milestone-linked reforms by State Governments.

Revised Estimates 2023-24:

• The Revised Estimate for total receipts, excluding borrowings, is ?27.56 lakh crore, with tax receipts at ?23.24 lakh crore.
• Total expenditure is estimated at ?44.90 lakh crore, reflecting the strong growth momentum in the economy.
• The fiscal deficit is pegged at 5.8% of GDP, improving on the Budget Estimate, and showcasing prudent fiscal management.

Budget Estimates 2024-25:

• Total receipts, excluding borrowings, and total expenditure are estimated at ?30.80 lakh crore and ?47.66 lakh crore, respectively.
• Tax receipts are expected to be ?26.02 lakh crore.
• The scheme of a fifty-year interest-free loan for capital expenditure to states continues with a total outlay of ?1.3 lakh crore.
• The government maintains the path of fiscal consolidation, targeting a fiscal deficit below 4.5% by 2025-26, with a fiscal deficit of 5.1% in 2024-25.

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