“Interim Budget 2024: A Comprehensive Overview of Key Highlights”
Introduction:
The most awaited moment of the year – announcement of annual budget 2024 is here we will be breaking down the annual interim budget in its different parts here we begin with part A of annual budget. The Interim Budget 2024, presented by Finance Minister Nirmala Sitharaman, reflects a comprehensive approach towards addressing various sectors of the economy. The budget encompasses verious initiatives, ranging from social welfare to infrastructure development and green measures. In this blog, we will delve into the key highlights of the budget, giving light on significant announcements and the government’s vision for the future.
MGNREGA Allocation and Challenges:
One of the crucial aspects addressed in the budget is the allocation for the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA). Sitharaman emphasized that the allocation is based on demand from the ground, ensuring targeted support. However, challenges in MGNREGA implementation were acknowledged, with concerns raised by the Comptroller and Auditor General (CAG) regarding the verification of claims and the actual existence of beneficiaries. The Finance Minister stressed the need for addressing these challenges separately from the allocation issue.
Railway Coaches to Vande Bharat Standard:
The conversion of railway coaches to Vande Bharat standard emerged as another significant point of discussion. Sitharaman clarified that the decision lies with the railways, emphasizing the need for upgraded bogie quality to meet the standards set by the Vande Bharat trains. This move aims to improve high-density areas, but the details, including ticket price rationalization, are entrusted to the Railways.
Green Measures and Net-Zero Commitments:
In a noteworthy move towards environmental sustainability, Sitharaman announced green initiatives in the budget. These measures are designed to moving India towards meeting its net-zero commitments by 2070. The specifics of these initiatives were not extensively detailed in the initial reports, highlighting the importance of subsequent releases for a comprehensive understanding of the environmental agenda embedded in the budget.
Prime Minister Modi’s Perspective: a big change in future
Prime Minister Narendra Modi expressed his satisfaction with the budget, emphasizing its empowerment of the poor and middle class. He highlighted key announcements, such as Rooftop solarization benefiting one crore families with free electricity, income tax remission for the middle class, and various schemes for farmers, including the utilization of NANO-DP and the expansion of PM Matsya Sampada Yojana. The PM underscored the budget’s transformative impact on India’s future and its role in building a developed nation by 2047.
Infrastructure Development and Housing:
The budget places a strong emphasis on infrastructure development, with plans for 40,000 Vande Bharat bogies attached to regular trains, promising a more comfortable journey for passengers. Also, the commitment to building two crore additional houses in villages and urban areas, along with the promise to increase the number of Lakhpiti Didis (a women oriented scheme provide womwn financial help in self help groups ensures that at least women will earn 1 lakh per annum) to three crore, reinforces the government’s focus on providing shelter and support to the marginalized.
Research and Innovation Corpus:
A key decision in the interim budget is the allocation of a Rs. 1 lakh crore corpus fund for research and innovation. This fund, provided as a 50-year interest-free loan to a financial institution, aims to foster innovation and research projects with long tenures. The budget also includes tax exemptions for startups, reflecting the government’s commitment to promoting entrepreneurship and technological advancements.
Conclusion:
The Interim Budget 2024 reflects a multi-faceted approach by the government, addressing various challenges and opportunities across sectors. From social welfare measures and environmental initiatives to infrastructure development and research funding, the budget outlines a roadmap for India’s progress. As the government aims to empower the poor, middle class, youth, women, and farmers, the budget sets the stage for a transformative journey towards a developed India by 2047. Implementation of policies will become clearer as the government releases more information in the coming days, offering a more detailed understanding of the budget’s implications. Stay tunes we will be providing every details.
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