The announcement of the fiscal plan for the union budget 2024–25 by Finance Minister Nirmala Sitharaman has sparked a lot of curiosity among the public to know how their financial year would go!
It is comparable to the much-expected significant revelation made in the Lok Sabha. We get an early peek at what the government has in store for the next year with this extensive budget plan. Let’s take a closer look at the critical components of this budget and see how they will impact different economic sectors and each of us individually! And indeed, for all of us!
Here are the Major Highlights Of the Latest Union Budget
Lifting Up the Marginalised
- Finance Minister Nirmala Sitharaman clarified that the government is about giving a leg up to the most needy – women, youth, the less fortunate, and farmers.
- Impressive strides have been made, like pulling 25 crore people out of poverty in the last decade and ensuring that 80 crore folks get their meals through various programs.
- And get this: thanks to initiatives like the PM Jan Dhan Yojana, a whopping Rs. 34 lakh crore has been directly transferred to bank accounts, saving a cool ₹2.7 lakh crore.
Empowering the Next Generation
- Can you believe over 1.4 crore young folks have been trained under the Skill India Mission?
- Check this out: schemes like the PM-SVANidhi are providing credit assistance to 78 lakh street vendors, while 30 crore Mudra Yojana loans have been handed out to women entrepreneurs.
- Plus, there’s even something called ‘Lakhpati Didi’ – aimed at giving rural women a leg up and boosting the rural economy.
Boosting Connections and Growth
- The budget recognizes the importance of having good roads, bridges, and everything else for the economy to thrive. That’s why they’re putting effort into building up the India-Middle East-Europe Economic Corridor and boosting the eastern part of the country.
- And get this – they plan to upgrade 40,000 regular train cars to fancy Vande Bharat standards. That means better safety and more comfort for passengers.
Healthcare and Agriculture
- The budget addresses healthcare and agricultural concerns by expanding the Ayushman Bharat scheme to include ASHA workers, Anganwadi workers, and helpers.
- Initiatives promoting cervical cancer vaccination and supporting dairy farmers demonstrate a proactive approach to holistic healthcare and agricultural sustainability.
Protecting Our Planet
- The government has big plans to keep our world green and clean. They’re aiming to reach Net Zero by 2070, which means balancing all the stuff we use with what we give back to the Earth. And get this – they’re investing in things like offshore wind energy and making more electric cars.
- It’s all part of joining hands with the world to fight climate change and switch to cleaner energy sources.
Taking Care of Your Money
- Managing Your Finances: Whoa, what’s your opinion? The government is looking out for you regarding taxes; they’re keeping things as they are for businesses and regular people like us. The fact that there won’t be any shocks is a financial comfort to everybody.
- Still, there’s more good news! They are going all out on building since they also plan to invest an incredible ₹11.11 lakh crore on infrastructure.
Highlights of the Union Budget 2024–25 reveal that the government’s primary goals are to improve India’s sustainable development, give people experiencing poverty a voice, and encourage equitable progress. Even if obstacles still exist, these calculated actions are a positive start towards achieving the country’s economic potential and guaranteeing its residents a better future.
We hope that this thorough examination has clarified the critical elements of the budget and its possible effects on different societal sectors. Keep checking for further information and analysis on India’s changing economic policies and efforts.
1. What is new in the 2024 budget?
As of today, February 7, 2024, India has only presented an interim budget for the 2024–25 fiscal year. This means it focuses on essential expenditures until the actual budget is presented in February 2025. Here are some key highlights of the interim budget:
- No changes to direct or indirect tax rates.
- Increased capital expenditure to ₹11.11 lakh crore, prioritizing infrastructure development.
- Focus on welfare schemes for farmers, youth, women, and the poor.
- Lower gross and net borrowing compared to the previous year.
- Continued commitment to fiscal consolidation with a target deficit of 4.5% in 2025-26.
2. Is the Union budget announced every year?
The Union budget is typically presented annually in February by the Finance Minister of India. However, in an election year, an interim budget is presented instead, outlining essential expenditures until the new government takes office and presents a full budget. The next full budget is expected in February 2025.
3. What are the 3 types of budgets?
There are three main types of budgets used in different contexts:
- Public sector budgets: These are budgets of governments at various levels, outlining their planned revenue and expenditure. The Union budget of India falls under this category.
- Private sector budgets: These are budgets of businesses and organizations, outlining their expected income and expenses.
- Personal budgets: These are budgets of individuals and households, outlining their planned income and spending.
4. What is Viksit Bharat 2047?
“Viksit Bharat 2047” is a long-term vision outlined by the Indian government to achieve India’s development goals by 2047, the 100th year of its independence. This vision focuses on various aspects, including:
- Economic growth: Achieving a $5 trillion economy by 2030 and a developed nation status by 2047.
- Infrastructure development: Building modern infrastructure across sectors like transportation, energy, and digital connectivity.
- Social development: Ensuring inclusive growth and improving the quality of life for all citizens.
- Technological advancement: Becoming a global leader in innovation and technology.