The Budget for the fiscal year 2024-2025, unveiled on 1st February 2024, reflects a comprehensive roadmap aimed at steering India towards prosperity, sustainability, and inclusive growth. With a vision of ‘Viksit Bharat by 2047,’ the budget outlines strategic initiatives and allocations across various sectors to realize the goal of a developed and harmonious nation.

Development Mantra: Comprehensive Development for All

• The budget articulates a vision of a prosperous Bharat in harmony with nature, emphasizing modern infrastructure and opportunities for all. Under the mantra of ‘Sabka Saath, Sabka Vikas,’ and ‘Sabka Vishwas,’ the trinity of demography, democracy, and diversity is underscored, backed by collective efforts (‘Sabka Prayas’).

People-Centric Inclusive Development

• The budget prioritizes substantive development across all forms of infrastructure, including physical, digital, and social realms. Notably, the promotion of Digital Public Infrastructure (DPI) aims to foster formalization and financial inclusion, while initiatives like GST aim to deepen and widen the tax base, enhancing the financial sector’s strength.

Empowering the Youth and Women

• Significant allocations are earmarked for empowering the youth through skill development initiatives like PM-SHRI and PM Mudra Yojana, which has sanctioned 43 crore loans to foster entrepreneurial aspirations. Furthermore, the budget celebrates the strides in women empowerment, including increased female enrollment in higher education by 28% and disbursing 30 crore Mudra Yojana loans to women entrepreneurs.

Welfare of Farmers and Agriculture

• The budget demonstrates a robust commitment to the welfare of farmers, with direct financial assistance under PM-KISAN and crop insurance schemes benefiting millions. Integration of mandis under eNAM and promotion of post-harvest activities underscore the focus on enhancing agricultural productivity and farmer income.

Sustainable Development Initiatives

• Emphasizing sustainable development, the budget outlines strategies to meet ‘Net Zero’ by 2070. Viability gap funding for renewable energy, adoption of e-vehicles, and initiatives like the Atmanirbhar Oilseeds Abhiyaan signify the nation’s commitment to environmental stewardship and green growth.

Key Highlights of the Budget

• PM Vishwakarma Yojana offers comprehensive support to artisans, while credit assistance was extended to 78 lakh street vendors under PM-SVANidhi scheme.
• The India-Middle East-Europe Economic Corridor’s role in global trade was emphasized.
• Over 1.4 crore youth were trained under the Skill India Mission, with 43 crore loans sanctioned under PM Mudra Yojana.
• Inflation remains within the target band (2%-6%).
• Ayushman Bharat scheme will be extended to ASHA workers, Anganwadi workers, and helpers.
• AtmaNirbharta for oilseeds will be achieved through research, procurement, value addition, and crop insurance.
• A new department, Matsya Sampada, will address fishermen’s needs.
• The Government will subsidize 30 million affordable houses in rural areas and combine maternal and child health care schemes.
• The Mudra Yojana disbursed 30 crore loans to women entrepreneurs.
• Direct Benefit Transfers of Rs. 34 lakh crore through PM Jan Dhan Yojana accounts resulted in savings of ₹2.7 lakh crore.
• ‘Nano DAP’ will be encouraged for various crops, along with policies to support dairy farmers and combat Foot and Mouth Disease.
• The Government will pay more attention to developing the East to fuel India’s growth.
• FM Sitharaman stated that the Government lifted 25 crore people out of poverty in a decade and provided free food for 80 crore individuals via various schemes.
• Schemes were announced for achieving Net Zero by 2070, including funding for offshore wind energy, biomass aggregation machinery, and e-vehicle sector expansion.
• Economic growth has increased, with a 50% rise in average real income.
• The Government proposed to maintain the same tax rates for direct and indirect taxes, including import duties.
• Capital expenditure for 2024-25 increased to ₹11.11 lakh crore.
• 40,000 normal rail bogeys will be converted to Vande Bharat standards for enhanced safety and convenience.
• Fiscal deficit will be reduced to 4.5% in 2025-26.
• Government borrowings for 2024-25 decreased compared to the previous year.
• Metros will be focused on for transit-oriented development.
• Development in the East will be prioritized for India’s growth.
• The ‘Lakhpati Didi’ scheme will be expanded to empower rural women and boost the rural economy.

The Budget for 2024-2025 exemplifies a holistic approach towards fostering development, inclusion, and sustainability in India. With a vision of ‘Viksit Bharat by 2047,’ the budgetary allocations and strategic initiatives reflect a concerted effort towards realizing a prosperous and harmonious nation. As India charts its course towards comprehensive growth, the budget serves as a guiding framework, underlining the principles of inclusivity, sustainability, and collective progress.