Key Highlights Union Budget: 2024-25, Here is what Finance Minister says

Nirmala-Sitharaman
  • The Indian economy has witnessed massive transformation; the people of India are looking to the future.
  • The next five years will be years of unprecedented development, says the FM.
  • The India-Middle East-Europe corridor will become a strategic game-changer for India and others.
  • Our government will follow policies that lead to inclusiveness and fulfill aspirations.
  • Global affairs are becoming more complex; globalization is being redefined, and a new world order is emerging.
  • GST has enabled one nation, one market, one tax. Gift IFSC is creating a robust gateway for global capital and financial services for the Indian economy.
  • All forms of infrastructure – physical, digital, and social – are being built in record time.
    Our government strengthened its mantra to “Sab Ka Sath, Sab Ka Vikas, Sab Ka Vishwaas.”
  • Worries about food have been eliminated through free rations for 80 crore people, enhancing real income in rural areas.
  • In these 10 years, the government has assisted 25 crore people to escape multidimensional poverty.
  • Direct Benefit Transfer of Rs 34 lakh crore through PM Jan Dhan Account has resulted in Rs 2.7 lakh crore savings for the government.
  • 78 lakh street vendors have benefited from PM Swanidhi.
  • 11.8 crore farmers are given direct support through PM Kisan. 4 crore farmers are supported through insurance.
  • Electronic Agri Mandi has connected 1051 mandis transacting Rs 2 lakh crore.
  • NEP is ushering transformational reforms. Skill India is helping 1.4 crore youth. 54 lakh youth have been upskilled.
  • Schools for Rising India are nurturing individuals. 7 IITs, 16 IIMs, and 390 Universities were set up.
  • 30 crore Mudra Yojana Loans have been provided to women entrepreneurs. Governance, Development, and Performance are the new GDP.
  • Increasing participation of women in the workforce is visible.
  • 70% of houses in rural areas have been given to women as sole owners under PM Awas Yojana.
  • Skill India Mission has trained 1.4 crore youth and retrained and upskilled 54 lakh youth and established 3000 new ITIs.
  • A corpus worth Rs 1 lakh crore will be established to facilitate long-term financing and refinancing options with extended tenures or minimal interest rates. This initiative aims to incentivize the private sector to enhance research and development in emerging schemes.
  • The rural social landscape is undergoing transformation with 83 lakh SHGs, empowering nearly 1 crore women to become ‘lakhpati didis’.
  • Seafood exports have doubled since 2013-14, with the objective of further doubling them to reach Rs 1 lakh crore.
  • The principles of “Jai Jawan, Jai Kishan, Jai Vigyan, and Jai Anushandhan” encapsulate our collective aspirations.
  • The aviation sector has experienced significant growth, with the number of airports doubling to 149. Expansion efforts for existing airports and the construction of new ones will persist.
  • In pursuit of meeting our commitments to net-zero emissions, measures such as providing viability gap funding for offshore wind energy up to 1 GW will be undertaken in the green energy sector.
  • The capital expenditure is increasing by 11.11 percent to reach Rs 11,11,110 crore, equivalent to 3.4 percent of GDP, compared to last year’s Rs 10 lakh crore.
  • There are plans to convert 40,000 standard railway bogies to Vande Bharat standards.
    A new scheme for bio manufacturing and bio foundry focusing on bio plastics, pharmaceuticals, and agricultural inputs is being introduced.

Also Read | Interim Budget for Naya Bharat

Economy

  • Government to present white paper on pre-2014 economic mismanagement
  • No proposed changes to direct and indirect taxation
  • Withdrawing direct tax demands: Up to ₹25,000 for the period up to FY 2009-10 and Up to ₹10,000 for FYs 2010-11 to 2014-15
  • Expected to benefit approximately one crore taxpayers.
  • FY 24-25 fiscal deficit target set at 5.1% of GDP
  • Focus on improving taxpayer services, reducing return processing time to 10 days
  • GST reduces compliance burden, 94% surveyed view GST transition positively
  • FDI inflow at US $596 billion, double that of 2014
  • Negotiating bilateral treaties for “First Develop India”
  • States encouraged to develop iconic tourism sectors, supported by the Centre

Electric Vehicles and Solar Rooftop

  • Strengthening electric vehicle ecosystem, promoting E-bus adoption
  • Middle-class housing scheme to be launched by the government
  • PM Awas Yojana (Grameen):Despite COVID challenges, close to achieving 3 crore house target
  • Additional 2 crore houses planned for next 5 years
  • Rooftop solarization and muft bijli:1 crore households to receive up to 300 units free electricity monthly
  • Annual savings of Rs. 15-18k from free solar electricity and surplus sale

Agriculture:

  • Increased focus on enhancing value in agriculture and raising farmers’ incomes.
  • Pradhan Mantri Kisan Sampada Yojana: Helped 38 lakh farmers, created 10 lakh jobs.
  • Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana: Aided 2.4 lakh SHGs, 60,000 individuals with credit.
  • Various schemes aim to cut post-harvest losses, boost productivity, and income.
  • Next year’s expenditure will rise by 11.1% to ₹11,11,111 crore, 3.4% of GDP.

Railway

  • Railway plans include three major economic corridors: Energy, mineral, and cement corridors, Port connectivity corridors, High-traffic density corridors
  • Projects under PM Gati Shakti aim to enhance multi-modal connectivity and logistics efficiency.
  • Decongestion of high-traffic corridors will improve passenger train operations, safety, and speed.
  • Economic corridor programs, along with dedicated freight corridors, will boost GDP growth and cut logistic costs.

Momentum for Nari Shakti:

  • Women empowered through entrepreneurship, improved living standards, and dignity.
  • 30 crore Mudra Yojana loans given to female entrepreneurs.
  • 28% increase in female enrollment in higher education over 10 years.
  • 43% of enrolment in STEM courses by girls and women.
  • Increasing women’s participation in the workforce.
  • Legalizing ‘Triple Talaq’, one-third reservation in Parliament, and PM Awas Yojana enhancing women’s dignity.

Also Read | Interim Budget 2024-25 Unveiled – Emphasis on Inclusive Development & Economic Reforms

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