Highlighting Key Features: Benefits & Losses of Budget 2024-25
The Indian Union Budget for 2024-25, presented on February 1st, 2024, focused on key areas like infrastructure, agriculture, green growth, railways, and fiscal consolidation. While no changes were made to tax rates, several announcements aimed to boost specific sectors and improve the well-being of citizens.
Let’s delve into the key features and insights:
Fiscal Consolidation and Infrastructure Push:
The Fiscal Deficit target for FY25 was set at 5.1% of GDP, indicating a commitment to fiscal responsibility.
Capex was increased by 11.1% to ₹11.1 lakh crore, marking a strong push for infrastructure development, crucial for economic growth and job creation.
Agri and Green Initiatives:
Schemes like Pradhan Mantri Kisan Sampada Yojana and Formalisation of Micro Food Processing Enterprises Yojana aim to boost farmers’ income and promote value addition in agriculture.
Green energy initiatives like offshore wind energy, coal gasification, and compressed biogas blending focus on sustainability and reducing dependence on fossil fuels.
Transportation and Tourism Boost:
Upgrading 40,000 rail bogies to Vande Bharat standard, promoting electric vehicles, and port connectivity projects aim to improve transportation efficiency and accessibility.
Developing iconic tourist centers and providing financial assistance for island tourism infrastructure aim to promote domestic and international tourism, generating employment opportunities.
Focus on Social Welfare and Empowerment:
Expanding Ayushman Bharat health insurance coverage to Anganwadi and Asha workers ensures better healthcare access.
Extending PM Awas Yojana (Grameen) by building 2 crore more houses in the next five years addresses housing needs of underserved families.
The “Lakhpati Didi” scheme targets empowering 3 crore rural women by providing financial assistance.
Support for Businesses and Innovation:
₹1 lakh crore corpus with long-term, interest-free loans will support research and innovation in sunrise sectors like AI and robotics.
Training programs for MSMEs to compete globally and financial sector preparations aim to boost this critical sector.
The budget prioritizes fiscal prudence while investing in key areas like infrastructure, agriculture, and green initiatives.
Social welfare and rural development receive considerable attention through various schemes.
Innovation and business growth are supported through financial assistance and skill development programs.
Disclaimer: This analysis is based on publicly available information. It is recommended to consult experts for a comprehensive understanding of the budget’s implications.