Budget 2024: FM Sitharaman Sets Vision For 2047 In Key Announcements On Feb 1

Budget 2024: The interim budget was presented on Thursday by Union Finance Minister Nirmala Sitharaman ahead of the conclusion of the 2024 Lok Sabha elections. This signifies her sixth budget as the finance minister and the final one in the second term of the Modi government.

On Thursday, tradition was followed as President Droupadi Murmu was visited by Sitharaman before the unveiling of the pre-election Budget for 2024-25. The President was met at Rashtrapati Bhawan before proceeding to Parliament.

Here are the Big Announcements

1. The revised estimate of the fiscal deficit for FY 2024 is set at 5.8% of GDP.
2. There are no changes in the income tax rate.
3. The fiscal deficit for the year 2024-25 is estimated to be 5.1% of GDP.
4. A proposal has been made to maintain the existing tax rates for both direct and indirect taxes, including import duties.
5. The health care coverage under Ayushman Bharat is planned to be extended to include all ASHA workers, as well as all Anganwadi workers and helpers.
6. Various schemes related to maternal and child health care are to be amalgamated under a comprehensive program.

What are the Budget 2024 highlights?

Sitharaman is confronted with the task of preserving India's position as the world's fastest-growing economy while showcasing fiscal responsibility and meeting public expectations for tax reductions in an election year. Official projections anticipate the economy's growth at 7.3 per cent in the ongoing fiscal year.

Key Highlights from the 2024 Interim Budget:

Rooftop Solarisation and Free Electricity: Approximately 1 crore households stand to benefit from rooftop solarisation, offering up to 300 units of complimentary electricity each month. Anticipated advantages include potential savings of Rs. 15,000 - Rs. 18,000 and opportunities to sell surplus electricity to distribution companies.

Charging of Electric Vehicles: Initiating entrepreneurship opportunities for vendors and employment prospects for youth skilled in manufacturing, installation, and maintenance of electric vehicles.

Promotion of Post-Harvest Activities: The government aims to encourage private and public investments in post-harvest activities, encompassing aggregation, modern storage, supply chains, processing, marketing, and branding.

Expansion of Nano DAP Application: Building upon the success of nano urea, the Nano DAP application will be expanded across all agroclimatic zones for various crops.

Housing for the Middle Class: Launching a scheme to support deserving sections of the middle class residing in rented houses, slums, chawls, or unauthorized colonies to acquire or construct their own homes.

Expansion of Medical Colleges: The government plans to establish additional medical colleges by utilizing existing hospital infrastructure, with a committee designated for examination and recommendations.

Vaccination for Girls: Encouraging vaccination for girls aged 9 - 14 years to prevent cervical cancer.

Comprehensive Maternal and Child Healthcare Programme: Merging various schemes under maternal and child healthcare into a comprehensive program to enhance synergy in implementation.

Extension of Ayushman Bharat Coverage: Expanding healthcare coverage under Ayushman Bharat to encompass all ASHA workers, Anganwadi workers, and helpers.

Agriculture and Food Processing: Intensifying efforts in value addition to augment farmers' income, with a focus on reducing post-harvest losses and enhancing productivity and incomes.

Aatma Nirbhar Oilseeds Abhiyan: Formulating a strategy to attain self-reliance in oilseeds through research, adoption of modern farming techniques, market linkages, and crop insurance.

Dairy Development Programme: Devising a comprehensive program to support dairy farmers, leveraging existing schemes to boost productivity.

Matsya Sampada: Encouraging investments in fisheries to generate employment opportunities, with the establishment of a separate department for fisheries under the government's initiative.

Promoting Investments: Implementing measures to incentivize sustained foreign investment, including negotiations on bilateral investment treaties and provision of Rs. 75,000 crores as interest-free loans to support milestone-linked reforms by state governments.

Societal Changes: Establishing a high-powered committee to comprehensively address challenges arising from population growth and demographic changes, with recommendations for comprehensive solutions.