Budget 2024 lays special emphasis on youth, women, the poor and farmers and the tax rates remain unchanged. But inflation remains a concern
Union Minister of Finance, Nirmala Sitharaman delivered the interim Budget 2024 in Parliament on February 1, 2024. There was no Economic Survey this year and the government presented the budget, keeping in mind the impending general elections.
Here are some of the key takeaways from the Budget 2024-25:
There has been a 50 per cent increase in Indians’ average income in the last decade, claimed the Finance Minister. However, multi-dimensional poverty appeared on the government’s progress report for the first time since 2011. Multi-dimensional poverty that covers access to education, health and other development parameters is to supplement the income poverty data to assess overall development.
The Ayushman Bharat scheme is to be extended to all ASHA workers. Ayushman Bharat PM-JAY aims at providing a health cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalisation to over 12 crore poor and vulnerable families.
On rooftop solarisation, the minister said 1 crore (10 million) households will get up to 300 units of free electricity every month. This translates to savings of up to ₹18,000 from free solar electricity and selling surplus to discoms.
The government would launch a housing scheme for the middle class, schemes to help slum dwellers as well as those living on rent. The Finance Minister also said that the government will give 2 crore more houses under Pradhan Mantri Awas Yojna – Gramin.
The Lakhpati Didi scheme will now target 3 crore women, instead of 2 crore earlier. ‘Lakhpati Didi’ scheme aims to provide skill development training to 20 million women in villages across the country. This includes skills like plumbing, LED bulb making and operating and repairing drones.
Cervical cancer vaccination will be implemented for girl children from 9 to 14 years. The electric vehicle ecosystem will be strengthened, and greater adoption of e-buses will be encouraged through payments, said Sitharaman.
A scheme called Blue economy 2.0 for climate-resilient adaptation measures along Indian coasts is going to be launched. It will focus on restoration and adaptation measures, as well as the expansion of coastal aquaculture and mariculture.
The Nano-DAP (Diammonium Phosphate) scheme will be implemented in all agro-climatic zones. It is a nano fertiliser anticipated to considerably decrease the yearly subsidy on non-urea fertilisers, bringing substantial benefits to all the stakeholders in the value chain.
Nirmala Sitharaman also announced coal gasification and liquefaction for 100 MT by 2030. This was part of the variety of measures introduced to meet India’s net zero emissions goal.
Various schemes for maternal and child care will be brought under one comprehensive program for synergy in implementation.
Upgradation of Anganwadi centres under “Saksham Anganwadi and Poshan 2.0” will be expedited for 14 improved nutrition delivery, early childhood care, and development.
“The Union government expenditure on social services has increased at a CAGR (Compounded annual growth rate) of 5.9 per cent between FY12 and FY23, while the capital expenditure on social services has grown by 8.1 per cent CAGR over the same period, indicating the creation of societal assets,” according to The Indian Economy: A Review.
Budget 2024 lays special emphasis on youth, women, the poor and farmers and the tax rates remain unchanged. But inflation remains a concern.
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