Interim Budget 2024: Govt's Vision Is Viksit Bharat By 2047, Says Finance Minister Nirmala Sitharaman
The Interim Budget 2024 was announced by the Finance Minister Nirmala Sitharaman on February 1 with much furore in the Lok Sabha. With "Viksit Bharat by 2047" as the vision, the Finance Minister said that the trinity of demography, democracy and diversity, backed by ‘Sabka Prayas’ was central to achieving growth.
Nirmala Sitharaman said, "With the ‘whole of nation’ approach of ‘Sabka Prayas’, the country overcame the challenge of a once-in-a-century pandemic, took long strides towards ‘Atmanirbhar Bharat’, committed to ‘Panch Pran’, and laid solid foundations for the ‘Amrit Kaal’."
Tax slabs unchanged
While the tax slabs remain unchanged certain tax benefits were given to start-ups and investments made by sovereign wealth funds/pension funds, tax exemption of some IFSC units earlier expiring on 31.03.2024 extended up to 31.03.2025. Rupees 6,200 crore have been allocated for Production Linked Incentive Scheme.
PM-Kisan
Direct financial assistance to 11.8 crore farmers under PM-KISAN was announced with Annadata in focus. Crop Insurance to 4 crore farmers
under PM Fasal Bima Yojana will be given.
Net zero emissions by 2070
Pursuant to achieve net zero emissions by 2070, the Minister announced the setting up of coal gasification and liquefaction capacity, phased mandatory blending of CNG, PNG and compressed biogas and financial assistance for procurement of biomass aggregation machinery. The budget also aims to enable 1 crore households to obtain up to 300 units of free electricity per month via rooftop solarisation.
Railways
The Goverment will implement 3 major railway corridor programmes under PM Gati Shakti-to improve logistics efficiency and reduce cost. Expansion of existing airports and comprehensive development of new airports under the UDAN scheme has also been given emphasis in this budget.
Employment Generation
Aspirational District Programme has been implemented to assist States in faster development, including employment generation. The implementation of Pradhan Mantri Matsaya Sampada Yojana will be stepped up to enhance aquaculture productivity, double
exports and generate more employment opportunities.
Health
As for health, Saksham Anganwadi and Poshan 2.0 to be expedited for improved nutrition delivery, early childhood care and development. U-WIN platform for immunisation efforts of Mission Indradhanush to be rolled out. Health cover under Ayushman Bharat scheme will be extended to all ASHA, Angawadi workers and helpers.
Housing development
To boost housing development, Pradhan Mantri Awas Yojana (Grameen) is close to achieving a target of 3 crore houses, an additional 2 crore targeted for the next 5 years. Housing for Middle Class scheme to be launched to promote middle class to buy/built their own houses.
Tourism
In order to enhance tourism, projects for port connectivity, tourism infrastructure, and amenities will be taken up in islands, including Lakshadweep. States will be encouraged to undertake development of iconic tourist centres to attract business and promote opportunities for local entrepreneurship.
