The 2024 Union Budget for India, presented by Finance Minister Nirmala Sitharaman, focuses on several key areas aimed at promoting economic growth and development.
- Fiscal and Tax Measures:
- The fiscal deficit for 2023-24 is estimated at 5.8% of GDP, with a target to reduce it below 4.5% by 2025-26. No changes were proposed in tax rates for both direct and indirect taxes, maintaining stability for businesses and individuals. Historical tax demands up to ₹25,000 for periods up to 2009-10 and ₹10,000 for 2010-11 to 2014-15 will be withdrawn, benefiting about 10 million taxpayers.
- Infrastructure and Investment:
- The capital expenditure outlay has been increased to ₹11.11 lakh crore, an 11.1% increase from the previous year, focusing on projects that will boost economic growth and employment. Significant investments are planned for railways, including the conversion of 40,000 rail bogies to Vande Bharat coaches and the development of three major railway corridors.
- Social and Economic Development:
- The budget includes substantial allocations for social sectors, including a 19% increase in the gender budget to ₹3 lakh crore. The ‘Lakhpati Didi’ scheme aims to empower rural women by increasing the target from 2 crore to 3 crore beneficiaries. Additionally, there are initiatives to support agriculture, healthcare, education, and skill development.
- Green Energy and Sustainability:
- Emphasis is placed on green energy with plans to promote electric vehicles, offshore wind energy, coal gasification, and bio-manufacturing. These initiatives are expected to enhance environmental sustainability and reduce the logistics cost, thereby improving the competitiveness of Indian manufacturing.
- Tourism and Innovation:
- The budget also focuses on the development of tourism infrastructure and the promotion of domestic tourism, which is expected to create jobs and boost local economies. There is also a strong push towards fostering innovation through research and support for startups (live mint).
Overall, the 2024 budget aims to drive sustainable growth, empower various segments of society, and position India towards achieving the goal of becoming a developed country by 2047.