Budget 2024: How Does The Government's 'GYAN' Strategy Aim For A Lok Sabha Boost?

The Interim Budget 2024 is scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, offering the BJP-led NDA government a final opportunity to strengthen its position ahead of the crucial Lok Sabha elections that will be held later this year.

Riding on its recent electoral successes in three major states, a decisive victory in the upcoming general elections and the sealing of its much-anticipated hat trick are the government's goals.

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For this, a strategy has been devised that focuses on 'GYAN' - no, not the Hindi term for knowledge, but an acronym that translates to 'Gareeb (Poor), Youth, Annadata (Farmer), and Nari (Woman)'.

These are the 4 broad categories that the government's announcements will focus on in the upcoming budget. Since this will be an interim budget, the idea is to cover these categories so that the party's vote share increases.

Gareeb (poor)

The upcoming interim budget is anticipated to encompass measures benefiting the most economically disadvantaged individuals, reflecting the government's focus on social welfare and various initiatives introduced to support this cause. In this budget, a boost in the tenure of these schemes along with allocation is expected.

Pradhan Mantri Jan Dhan Yojana (PMJDY): This is a national mission for financial inclusion to ensure access to financial services, namely banking, credit, insurance, and pension, to all in an affordable manner. The scheme aims to assist the poor in starting savings and creating a credit line for future emergencies.

Pradhan Mantri Jan Dhan Yojana 2.0 is reportedly being worked on by the government as part of the FY25 budget. The focus will be on connecting 40 crore bank account holders with financial assets. An announcement is likely to be made in the interim budget.

Pradhan Mantri Awas Yojana (PMAY): The primary objective of this scheme is to provide affordable housing to the urban and rural poor by 2022. It offers economically weaker sections (EWS) and lower-income groups (LIG) access to affordable housing through credit-linked subsidies.

On January 15, 2024, the first installment to one lakh beneficiaries of the Pradhan Mantri Awas Yojana - Gramin (PMAY - G) scheme was released by Prime Minister Narendra Modi. An announcement related to this scheme is also likely.

National Social Assistance Programme (NSAP): NSAP comprises five schemes aimed at ensuring social security for the elderly, widows, and persons with disabilities. These schemes include Old Age Pension, Widow Pension, and Disability Pension. The amount under these schemes may be increased in the upcoming interim budget.

PM Garib Kalyan Anna Yojana: The PM Garib Kalyan Anna Yojana involves providing 5 kg of food grains per person per month, over and above the regular monthly National Food Security Act (NFSA) food grains.

Sources have informed India Today TV that an allocation of Rs 2.2 lakh crore for food subsidies in the upcoming budget is being contemplated by the government.

Youth

The young population is deemed of significant importance as a voter base, and several favourable announcements in the interim budget are anticipated to be made by the government to build trust and support amongst them.

Pradhan Mantri Kaushal Vikas Yojana (PMKVY): This scheme is focused on providing industry-relevant skill training to young Indians, aiming to increase the employability and productivity of the youth contingent. The Skill India mission was launched in 2015 with a focus on skilling, reskilling, and upskilling.

Under this, various skill development schemes have been implemented by the government across the country through over 20 central ministries/departments. PMKVY 1.0 was launched in 2015, PMKVY 2.0 in 2017, PMKVY 3.0 in January 2021, and PMKVY 4.0 in 2023.

In the 2023-24 Union Budget, 4.0 was announced by Finance Minister Nirmala Sitharaman, covering courses for Covid-19, AI, robotics, mechatronics, IoT, and drones. PMKVY 5.0 is likely to be launched in the upcoming interim budget.

Pradhan Mantri Yuva Udyamita Vikas Abhiyan (PM-YUVA): This scheme is tailored to foster entrepreneurship among youngsters. The key elements of PM-YUVA are entrepreneurship education and training, advocacy, and easy access to entrepreneurship networks.

Sources have informed India Today TV that this scheme is likely to be extended in this budget, and the outflow will be increased by the government.

Annadata (farmers)

Farmers and the agriculture sector have been a prime area of focus for the government since it came to power in 2014. Several announcements have been made in past budgets to support farmers and their income. In the upcoming budget, an increase in the amount given to farmers under the Pradhan Mantri Kisan Samman Nidhi Yojana will be considered by the government.

Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Yojana: It has been conveyed by sources to India Today TV that an increase in allocation per farmer under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Yojana is under consideration by the government.

The allocation per farmer is likely to be increased from the existing Rs 6,000 per annum to Rs 8,000.

Nari (woman)

The government has consistently advocated for women's development, introducing various schemes such as Beti Bachao Beti Padhao and Pradhan Mantri Mahila Shakti Kendra.

New initiatives, accompanied by increased funding for existing schemes, are expected to be unveiled in the upcoming budget, further highlighting the commitment to women's empowerment. The Pradhan Mantri Ujjwala Yojana is another scheme that could get a boost in the upcoming budget.

Under this scheme, LPG connections are provided to women in below-poverty-line (BPL) households by the government. The scheme aims to safeguard these women's health by providing clean cooking fuel and preventing them from the harmful effects of cooking on open fires.

Sources have informed India Today TV that an extension in the subsidy for the next fiscal year is likely to be sought. The outgo will be in the range of Rs 10,000-12,000 crore.