“Empowering Budget 2024-25: Charting the Course for Comprehensive Development and International Distinction”

Overview of Key Budget Highlights 2024-25:

1. Background and Progress Achievements:
   • Positive economic transformation in India over the last decade.
   • Implementation of structural reforms and pro-people programs under Prime Minister Narendra Modi’s leadership.
   • Noteworthy development fostering a sense of hope and optimism.
2. Inclusive Development and Economic Growth:
   • Shift from village-level provisioning to household and individual-centric development initiatives.
   • Successes of programs such as ‘housing for all,’ ‘har ghar jal,’ and financial inclusion benefiting all segments of society.
   • Free ration for 80 crore people addressing concerns related to food insecurity.
3. Emphasis on Social Justice:
   • Comprehensive development targeting all castes and regions to achieve a ‘Viksit Bharat’ by 2047.
   • Social justice as a governance model, reducing corruption and ensuring transparency.
   • Prioritization of the empowerment and welfare of the poor, women, youth, and farmers.
4. Empowering the Underprivileged and Farmers:
   • Implementation of ‘Direct Benefit Transfer,’ empowering 25 crore people, resulting in savings of ₹2.7 lakh crore and preventing leakages.
   • Schemes like PM-KISAN SAMMAN Yojana providing direct financial assistance and crop insurance for farmers.
5. Youth Empowerment:
   • National Education Policy 2020 and PM ScHools for Rising India for transformative reforms in education.
   • Skill India Mission aimed at upskilling 1.4 crore youth.
   • Initiatives like PM Mudra Yojana and Start Up India fostering job creation.
6. Women’s Empowerment:
   • Thirty crore Mudra Yojana loans granted to women entrepreneurs.
   • Twenty-eight percent increase in female enrollment in higher education over ten years.
   • Legal measures, such as making ‘Triple Talaq’ illegal and reserving one-third seats for women, demonstrate a commitment to empowerment.
7. Exemplary Governance and Economic Management:
   • Focus on a more comprehensive ‘GDP,’ integrating Governance, Development, and Performance.
   • Achievements include macro-economic stability, robust investments, and effective program/project delivery.
   • Economic management involving diverse infrastructure development, tax reforms, and financial sector strengthening.
8. Global Perspective and Future Vision:
   • Successful navigation of challenges, including the pandemic, with a ‘whole of nation’ approach.
   • Vision for ‘Amrit Kaal’ centered on comprehensive development, empowerment, and building a prosperous India.

Economic Snapshot for 2024-25:

1. Global Context:
   • Proactive inflation management within policy bands.
   • Successful navigation of global complexities during India’s G20 Presidency.
2. Vision for ‘Viksit Bharat’ (Developed India @ 2047):
   • Focus on a prosperous and harmonious India with modern infrastructure.
   • Leverage demographic, democratic, and diverse strengths for development.
3. Strategy for ‘Amrit Kaal’ (Next Five Years):
   • Economic policies fostering inclusive and sustainable growth.
   • ‘Reform, Perform, and Transform’ approach for next-gen reforms.
4. Aspirational Districts Programme and Development Initiatives:
   • Accelerated development for aspirational districts.
   • Special attention to the Eastern region’s role in India’s growth.
   • Continued implementation of PM Awas Yojana (Grameen) with a focus on housing needs.
5. Rooftop Solarization and Muft Bijli:
   • Scheme to provide free electricity to one crore households through rooftop solarization.
   • Expected benefits include savings for households, electric vehicle charging, and job opportunities.
6. Housing for the Middle Class:
   • Launch of a scheme to assist the middle class in purchasing or building their own houses.
7. Health Initiatives:
   • Establishment of more medical colleges to address the demand for healthcare professionals.
   • Encouragement of vaccination for cervical cancer prevention.
   • Consolidation of maternal and child healthcare schemes for improved delivery.
8. Ayushman Bharat and Agriculture Sector:
   • Extension of Ayushman Bharat scheme to ASHA workers.
   • Focus on value addition in agriculture and boosting farmers’ income.
9. Technology and Innovation:
   • Creation of a corpus of one lakh crore rupees to support research and innovation.
   • New scheme for strengthening deep-tech technologies for defense purposes.
10. Infrastructure Development:
    • 11.1% increase in the infrastructure outlay for the next year.
    • Implementation of three major economic railway corridor programs.
    • Focus on aviation sector expansion, metro development, and green energy initiatives.
11. Tax Proposals:
    • Retention of existing tax rates for both direct and indirect taxes.
    • Extension of tax benefits for start-ups and investments by sovereign wealth or pension funds.
12. Economic Overview:
    • Economic turnaround since 2014, positioning the country on a path of sustained high growth.
    • Withdrawal of outstanding direct tax demands up to ₹25,000 (up to 2009-10) and ₹10,000 (2010-11 to 2014-15).
    • Release of a White Paper comparing the economic situation in 2014 and the current scenario.
13. Fiscal Estimates 2024-25:
    • Total receipts: ₹30.80 lakh crore, Total expenditure: ₹47.66 lakh crore.
    • Fiscal deficit estimated at 5.1% of GDP.
      

Read Budget (2024-25) Speech – February 1, 2024 at: https://industrykonnect.com/wp-content/uploads/2024/02/Budget_Speech.pdf

Read Key Features of Budget 2024-25: https://industrykonnect.com/wp-content/uploads/2024/02/bh1.pdf

These budget highlights exemplify the government’s dedication to fostering inclusive development, promoting social justice, and ensuring sustainable economic growth in the upcoming fiscal year.

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