India’s Interim Budget 2024: A Vision for Viksit Bharat
We are working to make India a Viksit Bharat by 2047. Previously, social justice was only a political slogan. For our government, it is a necessary governance model- FM Nirmala Sitharaman
Introduction: A Blueprint for Progressive India
Presented on February 1, 2024, by Finance Minister Nirmala Sitharaman, the Interim Budget 2024 outlines India’s commitment to becoming a Viksit Bharat by 2047, emphasizing sustainable growth, fiscal prudence, and inclusive development.
Economic Highlights
Key points include reducing the fiscal deficit to 5.1% in FY25 from 5.8% in FY24, a record infrastructure allocation of Rs 11.11 lakh crore, and significant investments in agriculture, education, and technology to fuel economic resilience and growth.
Sectoral Insights
The budget earmarks substantial investments across various sectors, aiming for an inclusive and sustainable growth trajectory. Highlights include lifting 25 crore people out of poverty, integrating 1361 mandis into the e-NAM, empowering 1.4 crore youth and 30 crore women entrepreneurs, and a visionary ₹75,000 crore interest-free loan scheme under the Viksit Bharat initiative.
Fiscal Strategy
Aiming for fiscal consolidation, the government plans to reduce the fiscal deficit to 5.1% for FY25, with strategic allocations for defense and a prudent bond strategy indicating a move towards economic stability and reduced borrowing costs.
Taxation and Relief
Maintaining tax stability, the budget provides relief through withdrawal of outstanding tax demands, extending tax benefits to startups, and showcasing robust tax collections indicating an expanding tax base.
Global Market Impact
The strategic sale of bonds worth ₹14.13 lakh crore in FY25, a reduction from the current fiscal, aims at fostering economic stability and attracting global investments.
Conclusion: Navigating Towards a Developed India
India’s Interim Budget 2024 is a comprehensive blueprint for economic resilience and sectoral empowerment, emphasizing infrastructure, healthcare, agriculture, and technological advancements to navigate the nation towards becoming a developed country by 2047.
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