Budget 2024-2025: Everything You Should Know About Budget

Export taxes, indirect taxes, and direct taxes would continue to be imposed at the present levels, as stated by Finance Minister Nirmala Sitharaman. She further disclosed that the capital expenditure allocation for the next year will increase by 11% to ₹11.1 lakh crore. Sitharaman dropped the budgetary imbalance to 5.8% of the gross domestic product at the federal budget release for the current fiscal year. 

A housing scheme for the deserving middle class was also created by the finance minister; it was targeted at people who were renting, and living in chawls, slums, or unauthorized colonies. According to Prime Minister Modi, this program would help people buy or build their own houses. Sitharaman brought attention to the expansion of Ayushman Bharat healthcare coverage to all ASHA and Anganwadi workers and assistance among several announcements benefiting youth, poor women, and farmers.

Vision of the Budget

The government said that it is equally focused on achieving a more complete GDP, or “Governance, Development, and Performance,” in addition to achieving strong GDP growth. According to the budget, the government helps aim for a growth strategy. India aims to become a “Viksit Bharat” by 2047 and to do so, it must increase the abilities of individuals and give them the resources they need.

Summary of Interim Budget 2024-25

1. Youth Empowerment

• Revolutionary changes are being brought in by the National Education Policy 2020. Quality education is provided by PM Schools for Rising India, which also develops whole-person, well-rounded persons.
• In addition to training 1.4 Cr young, the Skill India Mission has launched 3000 new ITIs and upskilled and reskilled 54 Lakh youth. 
• Many new higher education institutions, including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities have been opened.
• The PM Mudra Yojana has approved 43 Cr in loans totalling 22.5 Lakh Cr to support our young people’s dreams of becoming entrepreneurs. In addition, our youngsters are being helped by the Fund of Funds, Start-Up India, and Start-Up Credit Guarantee programs. 

2. Women Empowerment

• Thirty Cr Mudra Yojana loans have been provided to women business owners. In the last 10 years, the percentage of female students enrolled in higher education has increased by 28%. Girls and women make up 43% of students in STEM courses, which is among the highest percentages in the world.

3. Geopolitics

• For India and others, the recently announced India-Middle East-Europe Economic Corridor is a game-changer in terms of both strategy and economy.

4. The Goals of Viksit Bharat

• “Prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential” is our vision for “Viksit Bharat.” The government will provide a thorough plan for pursuing “Viksit Bharat” in the July full budget.

5. Health

• Encourage girls aged 9 to 14 to get vaccinated against cervical cancer.
• Expanding Saksham Anganwadi and Poshan 2.0 will enhance early children’s care and development and nutrition delivery.
• The U-WIN platform will be implemented for Mission Indradhanush’s vaccination drives.
• Under the Ayushman Bharat initiative, all ASHA, Anganwadi workers, and assistants would receive health coverage.

6. Sustainable Development

• A commitment to achieve “Net Zero” by 2070
• Wind energy financing for the viability gap
• Establishing a capability for coal gasification and liquefaction
• Mandatory mixing of compressed biogas, PNG, and CNG in phases
• Financial support for the purchase of gear for aggregating biomass
• Through rooftop solarization, up to 300 units of free electricity per month would be available to one crore families.
• Using e-buses in the network of public transportation
• Enhancing the ecosystem for e-vehicles by providing manufacturing and charging assistance
• A new biomanufacturing and bio-foundry initiative will be introduced to promote environmentally sustainable substitutes.

7. Infrastructure and Investment

• Implementation of three significant railway corridor projects under PM Gati Shakti to lower costs and increase the effectiveness of logistics
• Under the UDAN program, new airports will be fully developed and current airports will be expanded.
• Encouraging urban change with Metro train and NaMo Bharat

8. Housing

• The Pradhan Mantri Awas Yojana (Grameen) is almost at its goal of building 3 crore homes, with an additional 2 crore planned over the following five years.
• The goal of the Housing for Middle-Class program is to encourage middle-class people to purchase or construct their own homes.

9. Tourism

• States will be encouraged to build famous tourism destinations to draw in business and promote chances for regional entrepreneurship.
• States will be given long-term, interest-free loans to promote growth.
• G20 meetings in 60 locations showcased India’s diversity to an international audience.
• Lakshadweep is one of the islands where projects for port connection, tourist infrastructure, and amenities will be undertaken.

10. Agriculture and Food Processing

• The government would encourage both public and private funding for post-harvest operations.
• Expanding the use of Nano-DAP in all agroclimatic zones
• Atmanirbhar Oilseeds Abhiyaan: The formulation of an Abhiyaan strategy aims at achieving atmanirbharta for oilseeds.
• An extensive strategy for the growth of dairy products will be developed.
• Pradhan Mantri Matsaya Sampada Yojana’s implementation should be accelerated to increase the production of aquaculture, double exports, and provide additional job opportunities.
• Integrated Aquaparks to be set up

Budget Allocation for Specific Ministries

Budget Allocation to Major Schemes