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On, February 01st, 2024, Union Finance and Corporate Affairs Minister Nirmala Sitharaman presented her sixth and first interim union budget for 2024-25 in the new parliament building. The government has set the “Sabka Saath Sabka Vikas and Sabka Vishwas with Sabka Prayas” as a mantra for Modi 3.0, 2024 is the election year and the budget is also prepared accordingly, Prime Minister Narendra Modi in his speech’s talks about four caste i.e., “Garib (Poor), Mahilayen (Women), Yuva (Youth) and Annadata (Farmer)” and budget 2024 also majorly focused on the upliftment and welfare of these sections of society. The finance minister during her speech in parliament has pointed out that it is the Viksit Bharat Budget that will make India Atmanirbhar.
Salient features of budget 2024-
‘Garib Kalyan, Desh ka Kalyan’
1. PM Vishwakarma Yojana provides support to artisans and craft people engaged in 18 trades
2. The government has assisted 25 crore people out of multidimensional poverty in the last 10 years.
3. PM-JANMAN Yojana to aid the development of particularly vulnerable tribal groups (PVTG).
Announcements for Women
1. Mudra Yojana loans were extended to 30 crore women entrepreneurs.
2. Over 70% of houses under PM Awas Yojana are given to women from rural areas.
3. Lakhpati Didi scheme to be extended from 2 crore women to 3 Crore women.
4. In STEM courses girls’ and women’s enrolment ratio has increased to 43%, one of the highest in the world.
5. Female enrolment in higher education has gone up to 28%.
Announcements for farmer’s
1. PM Kisan Samman Yojana to provide financial assistance to 11.8 crore farmers
2. Under PM Fasal Bima Yojana Crop Insurance is given to 4 crore farmers.
3. Electronic National Agriculture Market (e-NAM) has integrated 1361 mandi providing services to 1.8 crore farmers.
Railways
1. 3 major economic Railway corridor programs under the PM Gati Shakti scheme are to be implemented to improve logistics efficiency and reduce the cost of Energy mineral & cement corridors, connectivity corridors, and High-traffic density corridors.
2. Forty Thousand normal rail bogies to be converted to Vande Bharat standards.
PM Awas Yojana (Gramin)
1. Despite of covid-19 the target of 3 crore houses under PM Awas is to be achieved and a further two crores more houses are to be constructed in the next 5 years.
Rooftop Solarization
1. One crore household to obtain 300 units of free electricity every month through rooftop solarisation, and is expected to save around 15000 to 18000 annually.
1. The Health Care coverage under this scheme is to be extended to all Asha workers, Anganwadi workers, and helpers
Agriculture and Food Processing
1. Pradhan Mantri Kisan Sampda Yojana has 38 lakh former beneficiaries and has generated 10 lakh employment.
Green Energy
1. Coal gasification and liquefication capacity plant of 100 MT to be set up by 2030.
Tourism Sector
1. Long-term interest-free loans are to be provided to the states to finance tourism Development.
2. Framework for rating the tourist Centres based on the quality of facilities and services to be established.
3. States are required to encourage the comprehensive development of tourist spots including their branding and marketing at the global level.
Viksit Bharat
1. Centre to extend 75,000 crore rupees as a fifty-year interest-free loan to state governments, which is proposed to support milestone-linked reforms.
Direct and Indirect taxes
1. The finance minister proposes to retain the same direct tax rates.
2. Tax benefit extended to 31st March 2025 for startups, investments made by sovereign wealth funds, or pension funds.
3. Tax exemption on certain income tax of IFSC units extended up to 31st March 2025.
4. The same indirect tax and import duty are proposed to be retained.
