- Finance Minister Nirmala Sitharaman’s Union Budget 2024-25 sets the stage for a transformative year, aiming to bolster India’s growth through targeted investments in infrastructure, job creation, and sustainable practices. Here’s a closer look at how the budget plans to shape the future:
- Infrastructure and Capex:
- With an allocation of ₹11.1 lakh crore, infrastructure development is at the heart of this budget. The 11% increase from last year signals a strong push to enhance connectivity across the nation. Whether it’s roads, railways, or air travel, these projects are designed to integrate regions and foster economic growth, setting the path for a developed India by 2047.
- Employment and Skilling:
- Recognizing the importance of youth employment, the budget introduces five ambitious schemes with a central outlay of ₹2 lakh crore. Over the next five years, one crore young people will gain valuable work experience through internships at top companies. Additionally, specific programs will aim to increase women’s participation in the workforce, ensuring inclusive growth and equal opportunities.
- Agriculture and Rural Development:
- A substantial ₹2.66 lakh crore has been earmarked for rural development. The focus will be on transforming agricultural research to boost productivity and introduce climate-resilient crops. A major initiative will see one crore farmers transition to natural farming methods over the next two years, promoting sustainable agriculture and reducing dependency on chemical fertilizers.
- Economic Measures:
- The budget sets an ambitious fiscal deficit target of 5.1% for FY25, reflecting the government’s commitment to financial discipline. With gross borrowing projected at ₹14.13 trillion, the focus remains on maintaining economic stability while driving growth. Although tax rates remain unchanged, startups and IFSC units can look forward to extended benefits, fostering innovation and entrepreneurship.
- Social Welfare and Housing:
- A new affordable housing scheme aims to help middle-class families living in rented homes, slums, and unauthorized colonies to own or build their houses. The Ayushman Bharat healthcare scheme will now extend coverage to all Anganwadi workers and helpers, enhancing healthcare access in both rural and urban areas.
- Green Growth:
- Sustainability is a key theme of this year’s budget. Investments in renewable energy and the promotion of nano fertilizers aim to reduce import dependencies and foster self-reliance. The government also plans to provide 300 units of free electricity to 10 million households through solar energy initiatives, underscoring its commitment to a greener future.
- These measures reflect a comprehensive approach to economic development, focusing on job creation, sustainable practices, and social welfare. By investing in infrastructure and human capital, the Union Budget 2024-25 lays a strong foundation for India’s future, fostering growth and inclusivity for all.1
Union Budget 2024: Building a Brighter Future with Infrastructure, Jobs, and Green Initiatives
24
Jul
