Budget 2024 is the annual financial statement presented by the Indian government outlining its projected revenue and expenditure for the fiscal year 2024-25.
The budget was presented by Finance Minister Nirmala Sitharaman on July 23, 2024.
Nirmala Sitharaman is an Indian politician who has been serving as the Union Minister for Finance and Corporate Affairs of India since May 2019.
She is a member of the Bharatiya Janata Party (BJP) and has also served in various other ministerial roles. As Finance Minister, she is responsible for presenting the Union Budget, which outlines the government’s financial and economic policies for the coming fiscal year.
The Union Budget of India for the fiscal year 2024 is a comprehensive financial statement , to outline the government’s revenue and expenditure plans, economic policies, and fiscal strategies for the upcoming year.
The budget typically includes proposals for taxation, public spending, subsidies, and economic reforms. It aims to address the country’s economic challenges, promote growth, and ensure financial stability.:
Budget 2024 aims to create a balanced approach to economic growth, social welfare, and environmental sustainability, while addressing key challenges facing India.
Core Areas of India’s Budget 2024
1. Economic Growth and Development
The Budget 2024 emphasizes accelerating economic growth to achieve higher GDP growth rates and create more jobs. It includes investments in infrastructure projects, such as roads, railways, and ports, to boost connectivity and trade. The government has also allocated funds for promoting innovation and technology to foster a digital economy and support startups.
2. Taxation and Revenue Generation
To enhance fiscal consolidation, the Budget 2024 outlines revisions in the tax structure. It includes proposals for both direct and indirect taxes aimed at broadening the tax base, reducing tax evasion, and ensuring equitable distribution. There might be adjustments in personal income tax slabs, corporate tax rates, and GST rates to improve compliance and efficiency.
3. Social Welfare and Health
The Budget 2024 focuses on expanding social welfare programs to improve the standard of living for marginalized sections of society. Increased funding is allocated for healthcare services, including subsidies for medicines and healthcare infrastructure. Initiatives such as enhancing access to affordable healthcare and strengthening social safety nets are highlighted.
4. Education and Skill Development
Investment in education and skill development is a priority. The budget proposes increased expenditure on educational institutions, scholarships, and vocational training programs. The aim is to improve educational outcomes and enhance employability among youth, aligning skills with industry needs.
5. Environment and Sustainability
Recognizing the urgency of climate change, the Budget 2024 includes measures to promote environmental sustainability. It proposes investments in renewable energy, energy efficiency programs, and sustainable agricultural practices. The focus is on reducing carbon emissions and supporting initiatives for green technology and sustainable development.
6. Infrastructure and Urban Development
The budget allocates substantial funds for urban infrastructure development, including affordable housing projects, sanitation, and smart city initiatives. It aims to address urbanization challenges by enhancing public services and improving living conditions in cities.
7. Financial Sector Reforms
To strengthen the financial sector, the Budget 2024 proposes reforms aimed at improving financial stability and inclusion. This includes measures to enhance the efficiency of banks and financial institutions, promote digital payments, and ensure better regulation of financial markets.
8. Defense and National Security
In response to security challenges, the budget allocates increased funding for defense and national security. This includes investments in modernizing defense equipment, enhancing border security, and supporting veterans.
9. Agricultural Support
To support the agricultural sector, the Budget 2024 includes measures to improve farm productivity and income stability. This involves subsidies for fertilizers, irrigation projects, and support for crop insurance schemes.
10. Fiscal Responsibility and Debt Management
The budget addresses fiscal responsibility and debt management by setting targets for fiscal deficit reduction and ensuring effective use of public resources. It outlines strategies to manage national debt sustainably while balancing growth and expenditure.
Conclusion
The Budget 2024 represents a strategic effort by the Indian government to address both immediate and long-term economic and social challenges. With a focus on stimulating growth, enhancing infrastructure, and investing in critical sectors like health and education, the budget aims to drive comprehensive development across the country. Key priorities include fostering economic resilience, supporting innovation, and ensuring sustainability.
The budget’s proposals reflect a balanced approach to fiscal management and social equity, seeking to improve public welfare while managing national debt responsibly. Through targeted reforms and increased allocations in crucial areas, the government intends to build a robust foundation for future prosperity and inclusiveness.
Overall, Budget 2024 outlines a forward-looking vision for India’s economic and social landscape, with an emphasis on creating opportunities, ensuring sustainable development, and enhancing the quality of life for all citizens.
Published on 28 July, 2024