The government stated that the budget was presented with a focus on economic measures that facilitate inclusive development, improve growth, boost productivity, and create employment opportunities for all sectors.
Nirmala Sitharaman, the Union finance minister, unveiled her sixth budget on February 1. The interim budget 2024 prioritized women and youth empowerment while maintaining budgetary consolidation and continuing capex.
Here are the highlights:
- Artisans will get support from the PM Vishwakarma Yojana scheme. Under the PM-SVANidhi scheme, the government provided financial assistance to 78 lakh street vendors. Also, credit assistance of Rs 30 crore has been disbursed to women entrepreneurs.
- The government highlighted that the Indian-Middle East Europe Economic Corridor can play an important role in global trade.
- Over the last decade, the government has lifted 25 crore people out of poverty. Nirmala Sitharaman also stated that the government offered free food to 80 crore people through various schemes.
- Through PM Jan Dhan Yajana accounts, direct benefit transfers of Rs. 34 lakh crore resulted in Rs. 2.7 lakh crore in savings.
- The government focused on upskilling and reskilling, and over 1.4 crore young people were taught under the Skill India Mission. Under the Mudra Yojana, 43 crore loans have been sanctioned. To strengthen the rural economy and women’s empowerment, the government will also expand the ‘Lakhpati Didi’ scheme.
- The government will focus more on developing the East to empower India’s growth.
- The government will fund the construction of 30 million affordable homes in rural areas.
- The government also promotes child health care programs into a single comprehensive program and cervical cancer vaccination.
- To all the Anganwadi workers, ASHA workers, and helpers, the Ayushman Bharat scheme will be expanded.
- They will also initiate policies to address the issue of foot and mouth disease and to support dairy farmers.
- The government will promote ‘Nano DAP’ for various crops and expand it across all agro-climactic zones.
- Matsya Sampada, a new department, will be launched to meet the needs of fishermen.
- By 2070, the government will initiate various schemes to achieve net zero. This includes developing the e-vehicle sector by expanding more manufacturing and funding for energy generation with an initial capacity of 1 gigawatt and purchasing biomass aggregation technology.
- The government will maintain direct and indirect taxes regularly, including import charges.
- Around 40,000 rail bogeys will be modified to Vande Bharat standards. The government will improve passenger safety, security, and convenience. To provide transit-oriented development, the government will pay more attention to metros.
In 2024–25, capital expenditure has been increased to Rs. 11.11 lakh crore. In 2025–26, the government will continue on the path of fiscal consolidation with the purpose of reducing the fiscal deficit to 4.5%.