The Union Budget 2024 of India, presented by the Finance Minister Nirmala Sitharaman, outlines the government’s financial plan for the fiscal year 2024-25. It sets priorities for economic growth, welfare initiatives, and fiscal discipline while addressing various sectors of the economy. Here’s a concise overview:
Key Highlights:
1. Economic Growth and Fiscal Management:
- GDP Growth Focus: Aimed at maintaining a growth trajectory of around 6-7%.
- Fiscal Deficit: Targeted at 5.9% of GDP, emphasizing fiscal consolidation to achieve the goal of reducing it to 4.5% of GDP by FY 2025-26.
2. Taxation:
- Direct Taxes:
- No changes in income tax slabs, retaining the existing structure.
- Streamlining of tax compliance processes.
- Enhanced benefits for senior citizens and small taxpayers.
- Indirect Taxes:
- Reduced customs duties on key raw materials to boost domestic manufacturing.
- Increased taxation on luxury goods to promote equity.
3. Infrastructure and Capital Expenditure:
- Record Capital Expenditure: Allocation of ₹10 lakh crore (a significant increase) to boost infrastructure, including roads, railways, and ports.
- Focus on urban planning and smart city development.
- Green Infrastructure: Investments in renewable energy projects and electric vehicle ecosystems.
4. Agriculture and Rural Development:
- Agriculture Accelerator Fund: To encourage agri-tech startups and innovation.
- Enhanced credit support for farmers with a focus on digital agriculture.
- Special incentives for sustainable and organic farming.
5. Social Welfare and Health:
- Healthcare: Continued support for the Ayushman Bharat scheme and increased funding for primary health centers.
- Focus on reducing malnutrition and improving maternal and child health.
- Education: More funding for digital education, skill development, and research initiatives.
6. Employment and MSME Sector:
- Expansion of the PM Vishwakarma Kaushal Samman scheme for traditional artisans.
- Increased access to credit for MSMEs and tax relief measures.
7. Green Economy and Sustainability:
- Commitment to achieving Net Zero by 2070, with measures for energy transition and green mobility.
- Launch of new green bonds to finance environmental initiatives.
8. Digital India and Technology:
- Continued emphasis on 5G rollout and technology parks.
- Boost to startups with easier access to credit and regulatory support.
- New initiatives in artificial intelligence, quantum computing, and digital public infrastructure.
9. Women Empowerment:
- New savings schemes for women with enhanced returns.
- Special focus on improving access to education, healthcare, and entrepreneurship opportunities.
10. Welfare Programs and Subsidies:
- Extended support for free ration distribution under PM Garib Kalyan Anna Yojana.
- Strengthened rural employment schemes like MGNREGA.
Overall Theme:
The Budget 2024 aims to maintain India’s growth momentum while ensuring fiscal prudence, environmental sustainability, and inclusivity. It emphasizes infrastructure development, rural upliftment, and technological advancements to drive long-term economic progress.
Here’s a detailed breakdown of major and minor allocations in the Indian Union Budget 2024:
1. Total Budget Size
| Particular | Amount (₹ Crore) |
| Total Budget Expenditure | ₹45,00,000 crore |
| Revenue Expenditure | ₹34,00,000 crore |
| Capital Expenditure | ₹10,00,000 crore |
2. Major Allocations by Sector
| Sector/Initiative | Amount (₹ Crore) | Remarks |
| Defense | ₹5,94,000 crore | Includes pensions and modernization |
| Infrastructure (CapEx) | ₹10,00,000 crore | Record investment for roads, railways, etc. |
| Railways | ₹2,40,000 crore | Highest-ever allocation |
| Transport and Highways | ₹2,70,000 crore | Focus on expressways and highway expansion |
| Agriculture and Rural Development | ₹2,30,000 crore | Includes fertilizer subsidy, rural schemes |
| Education | ₹1,12,000 crore | Focus on digital and skill development |
| Health | ₹89,155 crore | Includes Ayushman Bharat |
| PM Garib Kalyan Anna Yojana | ₹1,97,000 crore | Free ration for underprivileged households |
| Renewable Energy | ₹35,000 crore | Focus on solar, wind, and green projects |
| Urban Development | ₹76,431 crore | For Smart Cities and AMRUT schemes |
3. Minor Allocations by Sector/Initiatives
| Sector/Initiative | Amount (₹ Crore) | Remarks |
| Women Empowerment | ₹2,200 crore | Savings schemes and entrepreneurship |
| Skill Development | ₹3,400 crore | Training and employment generation programs |
| Green Hydrogen Mission | ₹19,700 crore | Promoting clean energy solutions |
| Digital India Initiatives | ₹20,000 crore | 5G rollout, AI research, and innovation |
| MSME Sector Support | ₹22,138 crore | Credit guarantees and startup support |
| Fisheries | ₹6,000 crore | Support for aquaculture and exports |
| Renewable Hydrogen Production | ₹8,300 crore | Part of energy transition initiative |
| Tourism Promotion | ₹3,000 crore | Boost for domestic and international tourism |
| Tribals Welfare | ₹15,000 crore | Educational and livelihood schemes |
| Housing for All | ₹79,000 crore | Affordable housing programs |
| Jal Jeevan Mission | ₹70,000 crore | Drinking water supply to rural households |
4. Subsidies and Welfare
| Category | Amount (₹ Crore) | Remarks |
| Food Subsidy | ₹2,06,000 crore | Ensuring food security |
| Fertilizer Subsidy | ₹1,75,000 crore | Supporting farmers |
| LPG Subsidy | ₹12,000 crore | Under PM Ujjwala Yojana |
| Rural Employment (MGNREGA) | ₹60,000 crore | Guaranteed wage employment |
| Social Security Schemes | ₹1,15,000 crore | Includes pensions and insurance programs |
5. Green and Environmental Initiatives
| Category | Amount (₹ Crore) | Remarks |
| National Green Hydrogen Mission | ₹19,700 crore | Renewable energy production |
| Energy Transition Projects | ₹35,000 crore | Focus on reducing carbon footprint |
| Afforestation Programs | ₹2,300 crore | Addressing climate change |
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