The Indian government has unveiled its much-anticipated Budget for 2024. This financial roadmap not only reflects the economic priorities of the nation but also sets the tone for growth, development, and socio-economic reforms. Let’s delve into the key highlights and intricacies of the budget, exploring the information that shapes India’s economic trajectory in the coming years.
Interim Union Budget 2024: Finance minister Nirmala Sitharaman said a new scheme will be launched to strengthen deep tech for the defense sector.
Finance minister Nirmala Sitharaman on Thursday promised economic reforms to drive growth in a speech on the Narendra Modi government’s budget, the last before the 2024 Lok Sabha elections due by May. The Interim Budget for 2024-25 is being seen as an economic manifesto for the Bharatiya Janata Party and will give clues to the market on its plans for fiscal consolidation, borrowings and future taxation policy.
India’s capital spending for 2024-25 has been raised 11 per cent to ₹11.11 lakh crore, or 3.4 percent of GDP, Nirmala Sitharaman said.
She said the tripling of capex in the last four years has resulted in a multiplier effect on economic growth and employment generation.
The minister said the Indian air carriers have placed orders for 1,000 new aircraft.
Sitharaman also said a new scheme will be launched to strengthen deep tech for the defense sector. Sitharaman said the government will promote public and private investment in post-harvesting agriculture activities.
She said the application of nano DAP on various crops will be expanded in agro-climatic zones.
The finance minister said three major railway corridors, including for cement, will be constructed, and 40,000 normal railway bogies will be converted to Vande Bharat standard.
As per the Interim Budget documents, the defense ministry has been given the highest allocation.
Here are allocations for specific ministries:
Defence Ministry: ₹6.1 lakh crore
Ministry of road transport and highways: ₹2.78 lakh crore
Ministry of railways: ₹2.55 lakh crore
Ministry of consumer affairs, food & public distribution: ₹2.13 lakh crore
Ministry of home affairs: ₹2.03 lakh crore
Ministry of rural development: ₹1.77 lakh crore
Ministry of chemicals and fertilizers: ₹1.68 lakh crore
Ministry of communications: ₹1.37 lakh crore
Ministry of agriculture and farmer’s welfare: 1.27 lakh crore
India’s Budget 2024 is more than just financial figures; it’s a roadmap for the nation’s future. As the government navigates through the economic challenges and opportunities, the budget stands as a testament to its vision for a prosperous, inclusive, and sustainable India. The success of these initiatives lies in effective implementation, collaboration with stakeholders, and adaptability to the ever-evolving global landscape. Only time will reveal the true impact of the decisions made today on India’s economic trajectory.
