On February 1, 2024, Finance Minister Nirmala Sitharaman presented the Interim Budget for the fiscal year 2024-25, outlining a comprehensive roadmap for the nation’s economic development until the formation of the next government. The budget reflects a vision of a prosperous Bharat, harmonizing with nature, fostering modern infrastructure, and creating opportunities for all.
KEY ANNOUNCEMENTS – Budget 2024
Viksit Bharat by 2047 – The budget places a profound emphasis on achieving a developed Bharat by 2047, aligning with the government’s commitment to propel the nation to new heights on the global stage.
The other priorities include People-Centric Inclusive Development, Garib Kalyan, Desh ka Kalyan, Empowering the Youth, Welfare of Farmers-Annadata, Nari Shakti, Sustainable Development, and Infrastructure and Investment.
Transport & Infrastructure:
The government allocated an impressive INR 11.11 Lakh Crore for the fiscal year 2024-25, constituting 3.4% of GDP, underscoring its commitment to robust infrastructure development.
Under the PM Gati Shakti initiative, three major railway corridor programs will be implemented to enable multi-modal connectivity and enhance logistics efficiency. These are energy, mineral, and cement corridors, port connectivity corridors, and high-traffic density corridors.
Urban transformation through Metro Rail and NaMo Bharat is set to be a key driver of economic development.
Aviation Sector – The budget unfolds plans for the expansion of existing airports and the comprehensive development of new airports under the UDAN scheme, contributing to enhanced air connectivity. The number of airports in the country is expected to double to 149, with 517 new routes catering to 1.3 Crore passengers.
Aquaparks – the government to establish five integrated aquaparks poised to boost tourism and economic activity.
India is on the brink of achieving the target of constructing 3 Crore houses under the rural housing scheme, with an additional 2 Crore houses slated for construction in the next five years.
The introduction of a housing scheme tailored for the middle class further highlights the government’s commitment to addressing housing needs across diverse income groups.
In a significant move towards environmental sustainability, the government commits to achieving ‘Net Zero’ by 2070. Initiatives such as coal gasification and liquefaction capacity of 100 MT by 2030 underscore the commitment to transitioning towards green energy sources.
Viability gap funding will be provided for harnessing offshore wind energy potential for an initial capacity of 1GW.
The Electronic Vehicle ecosystem is to be expanded and strengthened by supporting manufacturing and charging infrastructure.
For promoting green growth, a new scheme of bio-manufacturing and bio-foundry will be launched, promoting green growth by offering eco-friendly alternatives like biodegradable polymers, bio-plastics, bio-pharmaceuticals, and bio-agri-inputs.
The government plans to establish more medical colleges by leveraging existing hospital infrastructure. A dedicated committee will be formed to examine pertinent issues and make recommendations, paving the way for a robust healthcare system.
Allocation to Major Schemes
- Mahatma Gandhi National Rural Employment Guarantee Scheme – INR 86,000 Crore
- Ayushman Bharat PMJAY – INR 7,500 Crore
- Production Linked Incentive Scheme – INR 6,200 Crore
- Modified Programme for Development of Semi-conductors and Display Manufacturing Ecosystem – INR 6,903 Crore
- Solar Power (Grid) – INR 8,500 Crore
- National Green Hydrogen Mission – INR 600 Crore
Allocation for specific ministries
- Ministry of Defence – INR 6.2 Lakh Crore
- Ministry of Road Transport and Highways – INR 2.78 Lakh Crore
- Ministry of Railways – INR 2.55 Lakh Crore
- Ministry of Consumer Affairs, Food & Public Distribution – INR 2.13 Lakh Crore
- Ministry of Home Affairs – INR 2.03 Lakh Crore
- Ministry of Rural Development – INR 1.77 Lakh Crore
- Ministry of Chemical and Fertilizers – INR 1.68 Lakh Crore
- Ministry of Communications – INR 1.37 Lakh Crore
- Ministry of Agriculture and Farmer’s Welfare – INR 1.27 Lakh Crore
In conclusion, the Interim Budget 2024-25 not only outlines fiscal allocations but paints a vivid picture of a Bharat poised for prosperity, inclusivity, and sustainable development. The government’s emphasis on key sectors, from infrastructure to healthcare, reflects a holistic approach to nation-building, setting the stage for a promising future. As the interim budget charts a course for the next phase of India’s growth, it stands as a testament to the government’s commitment to a resilient and thriving Bharat.
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Disclaimer: The information in this article is gathered using data from Biltrax Construction Data’s proprietary platform. This article uses feature images that may not be representative of the project; they are merely for illustration purposes.