Interim Budget 2024-Transformative Decade: A Glimpse into India’s Progress

A Visionary Start-Interim Budget 2024

Interim Budget 2024-The Indian economy has undergone a remarkable positive transformation over the past decade. And setting the stage for a hopeful and optimistic future. In 2014, under the dynamic leadership of Hon’ble Prime Minister Shri Narendra Modi, the government embarked on a journey marked by challenges, resilience, and visionary governance.

‘Sabka Saath, Sabka Vikas’ – A Driving Force

With the powerful mantra of ‘Sabka Saath, Sabka Vikas,’ the government tackled challenges head-on, implementing structural reforms and pro-people programs. The emphasis was on creating opportunities for employment and entrepreneurship, infusing the economy with newfound vigor. The inclusive development approach garnered immense public support, leading to a resounding mandate in the subsequent elections.

Comprehensive Development in the Second Term

In the second term, the government, under Hon’ble Prime Minister’s leadership, amplified its commitment to building a prosperous nation with the expanded ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ mantra. Inclusivity became the cornerstone, addressing social and geographical disparities through a ‘whole of nation’ approach, overcoming challenges like the unprecedented pandemic, and laying foundations for a self-reliant and resilient ‘Amrit Kaal.’

Inclusive Development and Growth-Interim Budget 2024

The government’s approach to development marked a departure from past practices, focusing on households and individuals with initiatives such as ‘housing for all,’ ‘har ghar jal,’ and electricity accessibility. The introduction of free ration for 80 crore people, increased minimum support prices, and provision of basic necessities elevated real income in rural areas, fostering economic growth and job creation.

Social Justice – Beyond Rhetoric-Interim Budget 2024

The government’s commitment to social justice goes beyond rhetoric, adopting an all-round, all-pervasive, and all-inclusive approach. Striving to make India a ‘Viksit Bharat’ by 2047, the focus is on improving capabilities and empowering all sections of society. The saturation approach ensures transparency, reduces corruption, and prevents nepotism, promoting secularism in action. The government prioritizes outcomes over outlays, addressing systemic inequalities and providing equal access to opportunities.

Garib Kalyan, Desh ka Kalyan

Empowering the poor is a central theme, moving beyond entitlements to make them active partners in the development process. With ‘Sabka Saath’ efforts, 25 crore people have been lifted from multi-dimensional poverty. ‘Direct Benefit Transfer’ and initiatives like PM-SVANidhi and PM-JANMAN Yojana reflect the government’s commitment to the welfare of the poor, street vendors, tribal groups, artisans, and marginalized communities.

In this transformative decade, India stands poised for a bright future, driven by inclusive development, social justice, and empowering its most vulnerable populations. The journey continues with optimism, hope, and a shared vision for a prosperous nation.

Empowering Annadata: Transforming Agriculture-Interim Budget 2024

Recognizing Farmers as Annadata

Farmers, our ‘Annadata,’ play a crucial role in shaping the nation’s prosperity. Through the PM-KISAN SAMMAN Yojana, 11.8 crore farmers, including marginal and small farmers, receive direct financial assistance annually. Additionally, PM Fasal Bima Yojana provides crop insurance to 4 crore farmers, ensuring stability and security in agricultural endeavors.

Modernizing Agriculture Through Technology

The Electronic National Agriculture Market has revolutionized agricultural trade, integrating 1361 mandis. And providing services to 1.8 crore farmers with a trading volume of ₹3 lakh crore. The sector is on a trajectory of inclusive, balanced growth, and higher productivity. Thanks to farmer-centric policies, income support, risk coverage, and the promotion of innovative technologies through start-ups.

Empowering Amrit Peedhi, the Yuva: Nurturing India’s Future

Transformative Education Policies-Interim Budget 2024

Acknowledging that the prosperity of the nation hinges on the empowerment of its youth. The National Education Policy 2020 introduces transformative reforms. PM SHRI schools aim to deliver quality education, fostering well-rounded individuals. The Skill India Mission has trained and upskilled 1.4 crore youth, while new institutions of higher learning have been established across the country.

Entrepreneurial Support for Youth

PM Mudra Yojana has sanctioned 43 crore loans, totaling ₹22.5 lakh crore, supporting the entrepreneurial aspirations of the youth. Initiatives like Fund of Funds, Start Up India, and Start Up Credit Guarantee schemes further contribute to making our youth ‘rozgardata,’ fostering innovation and economic growth.

Sporting Achievements

India takes pride in its youth achieving new heights in sports. It exemplified by the highest-ever medal tally in the Asian Games and Asian Para Games in 2023. The surge in chess grandmasters, from just over 20 in 2010 to over 80, showcases the nation’s prowess in the world of chess.

Momentum for Nari Shakti: Women’s Empowerment in Focus

Economic Empowerment of Women-Interim Budget 2024

The last decade has witnessed a surge in the empowerment of women through entrepreneurship, ease of living, and increased dignity. Thirty crore Mudra Yojana loans have disbursed to women entrepreneurs. While female enrollment in higher education has risen by twenty-eight percent.

Legislative Reforms and Dignity

Landmark legislative reforms, including making ‘Triple Talaq’ illegal. And reserving one-third seats for women in the Lok Sabha and State legislative assemblies. Demonstrate a commitment to enhancing the dignity of women. Over seventy percent of houses under PM Awas Yojana in rural areas now belong to women as sole or joint owners.

Exemplary Track Record of Governance, Development, and Performance (GDP)

Beyond Economic Growth-Interim Budget 2024

The government’s focus extends beyond economic growth, encompassing a more comprehensive ‘GDP’ – Governance, Development, and Performance. Transparent, accountable, and people-centric governance, coupled with a ‘citizen-first’ and ‘minimum government, maximum governance’ approach, has contributed to macro-economic stability and robust investments.

Economic Management for Inclusive Development

A multipronged economic management strategy has complemented inclusive development. From record-time infrastructure development to the formalization of the economy through digital public infrastructure. Goods and Services Tax reforms, and financial sector strengthening, the government has paved the way for ‘One Nation, One Market, One Tax.’

Proactive Inflation Management

Proactive inflation management has played a vital role in maintaining inflation within the policy band. This, coupled with efforts in the financial sector, including the establishment of GIFT IFSC and IFSCA, has created a robust gateway for global capital and financial services. Further fueling the nation’s economic growth.

Navigating Global Complexity: India’s Role in the Changing World-Interim Budget 2024

Global Challenges and India’s Leadership

As geopolitical complexities intensify with wars, conflicts, and a redefined globalization landscape, India stands at the forefront, assuming the G20 Presidency during challenging times. The country successfully navigated global crises, including the pandemic, showcasing resilience and providing consensus-based solutions for critical issues like food, fertilizer, fuel, and finances.

India-Middle East-Europe Economic Corridor

The recently unveiled India-Middle East-Europe Economic Corridor hailed as a strategic and economic game-changer. Prime Minister Modi envisions it as the cornerstone of world trade for generations. This corridor not only signifies India’s economic prowess but also establishes the nation as a key player in shaping the global economic landscape.

Vision for ‘Viksit Bharat’-Interim Budget 2024

Prosperity in Harmony with Nature

India’s vision for ‘Viksit Bharat’ revolves around a prosperous nation in harmony with nature, boasting modern infrastructure. And offering opportunities for all citizens and regions to realize their potential. With a strong track record and the trust of ‘Sabka Vishwas,’ the next five years poised to be a period of unprecedented development, driving towards the dream of a developed India by 2047.

Harnessing Demography, Democracy, and Diversity

The trinity of demography, democracy, and diversity, supported by ‘Sabka Prayas,’ holds the potential to fulfill the aspirations of every Indian. Prime Minister Modi emphasizes the abundance of opportunities and the country’s capability to create more, asserting that the sky is the limit.

Strategy for ‘Amrit Kaal’-Interim Budget 2024

Sustainable Growth and Inclusive Development

Guided by the principle ‘Reform, Perform, and Transform,’ the government’s economic policies will focus on fostering sustainable growth, inclusive development, and improving productivity. Next-generation reforms, consensus-building with states, and aligning with the ‘Panchamrit’ goals will shape the strategy for ‘Amrit Kaal.’

Empowering Micro, Small, and Medium Enterprises (MSME)

Ensuring timely finances, relevant technologies, and appropriate training for MSMEs will be a policy priority. A conducive regulatory environment will fostered to facilitate their growth, contributing to both domestic and global competitiveness.

Empowering Aspirations: Aspirational Districts and Eastern Development

Aspirational Districts Programme-Interim Budget 2024

The government is committed to assisting states in the rapid development of aspirational districts, ensuring economic opportunities are ample and accessible.

Development of the East

Special attention will be given to making the eastern region a powerhouse for India’s growth, harnessing its potential for the overall development of the nation.

Empowering Homes, Healthcare, and Education-Interim Budget 2024

PM Awas Yojana (Grameen)

Despite challenges posed by COVID, the PM Awas Yojana (Grameen) is on track to achieve its target of three crore houses, with an additional two crore houses planned for the next five years to meet growing demands.

Rooftop Solarization and Muft Bijli

The ambitious rooftop solarization initiative aims to provide up to 300 units of free electricity monthly to one crore households, fostering savings, entrepreneurship, and employment opportunities.

Housing for Middle Class

A new scheme will launch to assist the middle class in acquiring their own houses, addressing the housing needs of those in rented houses, slums, or unauthorized colonies.

Expansion of Medical Colleges

Recognizing the ambition of youth aspiring to serve in healthcare. The government plans to set up more medical colleges, utilizing existing hospital infrastructure, to enhance medical education and improve healthcare services. A committee will form to address relevant issues and provide recommendations.

Advancing Health and Agriculture: A Holistic Approach-Interim Budget 2024

Preventive Healthcare Initiatives

In a significant step towards women’s health, the government will promote cervical cancer vaccination for girls aged 9 to 14, aiming to prevent this life-threatening disease. Additionally, comprehensive maternal and child health care schemes will streamlined under “Saksham Anganwadi and Poshan 2.0,” focusing on improving nutrition delivery and early childhood development.

Strengthening Immunization and Healthcare Access

The U-WIN platform for managing immunization and the Mission Indradhanush initiative will rapidly implemented nationwide, ensuring efficient vaccine distribution and healthcare access for all.

Expanding Healthcare Coverage

Under Ayushman Bharat, healthcare coverage will be extended to include all ASHA workers, Anganwadi Workers, and Helpers, recognizing their vital contributions to community health.

Revitalizing Agriculture and Food Processing-Interim Budget 2024

Value Addition and Farmer Prosperity

To boost farmers’ income, the government will intensify efforts in value addition in the agricultural sector. Initiatives like Pradhan Mantri Kisan Sampada Yojana and Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana will strengthen, reducing post-harvest losses and improving productivity.

Investment in Post-Harvest Activities

Private and public investment in post-harvest activities, including aggregation, modern storage, efficient supply chains, and marketing, will actively promote to ensure faster growth in the agricultural sector.

Innovation in Fertilizers

Building on the success of Nano Urea, Nano DAP will expand to all agro-climatic zones, contributing to sustainable and efficient agricultural practices.

Promoting Self-Reliance in Agriculture

Atmanirbhar Oil Seeds Abhiyan-Interim Budget 2024

A strategic plan will formulate to achieve self-reliance in oil seeds, emphasizing research, modern farming techniques, market linkages. And crop insurance for mustard, groundnut, sesame, soybean, and sunflower.

Dairy Development and Livestock Health

A comprehensive programme will develop to support dairy farmers, focusing on controlling foot and mouth disease and improving the productivity of milch animals. Existing schemes like Rashtriya Gokul Mission and National Livestock Mission will be leveraged for this purpose.

Boosting Fisheries Sector

The government will step up the implementation of Pradhan Mantri Matsya Sampada Yojana, aiming to enhance aquaculture productivity, double seafood exports, and generate significant employment opportunities.

Empowering Women: Lakhpati Didi and Rural Transformation-Interim Budget 2024

Recognizing Empowered Women

The success of 83 lakh Self-Help Groups (SHGs) with nine crore women, transforming rural socio-economic landscapes, will acknowledged by honoring them. The Lakhpati Didi initiative, which has already assisted nearly one crore women, will see its target enhanced from 2 crore to 3 crore.

Fostering Technological Advancements

Technological Revolution

Recognizing the transformative power of technology, the government acknowledges its role in changing lives and driving economic opportunities. India’s innovative solutions and entrepreneurship are positioned to play a vital role in the global landscape.

Research and Innovation Corpus-Interim Budget 2024

A corpus of one lakh crore rupees, with a fifty-year interest-free loan, will establish to provide long-term financing or refinancing with low or nil interest rates. This initiative aims to encourage the private sector to scale up research and innovation in sunrise domains. Ushering in a golden era for tech-savvy youth.

Deep-Tech Technologies for Defence

A new scheme will launch to strengthen deep-tech technologies for defence purposes, aligning with the broader goal of achieving self-reliance in critical sectors. This emphasizes the importance of innovation as the foundation for development and national progress.

Transformative Infrastructure Development

Massive Increase in Capital Expenditure-Interim Budget 2024

Building upon the significant tripling of capital expenditure over the past four years, the government announces a notable 11.1% increase in the outlay for the next year, amounting to ₹11,11,111 crore, which constitutes 3.4% of the GDP. This substantial investment poises to have a profound multiplier effect on economic growth and employment generation.

Railways Revolution

Three major economic railway corridor programs are introduced. Focusing on energy, mineral and cement corridors, port connectivity corridors, and high traffic density corridors. Identified under the PM Gati Shakti initiative for multi-modal connectivity, these projects aim to enhance logistics efficiency, reduce costs, decongest high-traffic corridors, and improve safety and travel speed for passengers. Additionally, 40,000 normal rail bogies will be converted to Vande Bharat standards for enhanced passenger safety, convenience, and comfort.

Galvanizing Aviation-Interim Budget 2024

The aviation sector, having experienced significant growth over the past decade, will continue its expansion. With the number of airports doubling to 149 and the roll-out of air connectivity to tier-two and tier-three cities under the UDAN scheme. The sector has witnessed considerable development. The government emphasizes the continued expansion of existing airports and the development of new airports.

Metro and NaMo Bharat

Acknowledging the fast-expanding middle class and rapid urbanization, the government identifies Metro Rail and NaMo Bharat as catalysts for urban transformation. Expanding these systems in large cities with a focus on transit-oriented development will be actively supported.

Green Energy Initiatives-Interim Budget 2024

With a commitment to achieving ‘net-zero’ by 2070, the government introduces measures to harness offshore wind energy potential. Setting up coal gasification and liquefaction capacity, and mandate phased blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes. Financial assistance will also be provided for the procurement of biomass aggregation machinery.

Electric Vehicle Ecosystem

The government aims to expand and strengthen the electric vehicle (e-vehicle) ecosystem by supporting manufacturing and charging infrastructure. Encouraging the greater adoption of e-buses for public transport networks is a key focus.

Bio-manufacturing and Bio-foundry

A new scheme for bio-manufacturing and bio-foundry is introduced to promote green growth. This initiative will provide environment-friendly alternatives, including biodegradable polymers, bio-plastics, bio-pharmaceuticals, and bio-agri-inputs, aligning with regenerative principles.

Blue Economy 2.0-Interim Budget 2024

To promote climate-resilient activities in the blue economy, a scheme for restoration and adaptation measures, coastal aquaculture, and mariculture will be launched. This multi-sectoral approach aims to boost activities in the blue economy sector.

Comprehensive Development of Tourist Centers

Acknowledging the success of hosting G20 meetings. The government plans to encourage states to comprehensively develop iconic tourist centers. And establishing a framework for rating these centers based on quality and services. Long-term interest-free loans will be provided to states for financing such developments.

Promoting Investments-Interim Budget 2024

To encourage sustained foreign investment, the government is negotiating bilateral investment treaties with foreign partners. A provision of ₹75,000 crore as a fifty-year interest-free loan is proposed to support milestone-linked reforms by state governments.

Societal Changes and Population Growth

A high-powered committee will be formed to extensively consider challenges arising from fast population growth and demographic changes. This committee is mandated to provide comprehensive recommendations to address these challenges in alignment with the vision of ‘Viksit Bharat.’

Amrit Kaal as Kartavya Kaal-Interim Budget 2024

The government reaffirms its commitment to strengthening and expanding the economy with high growth, creating conditions for people to realize their aspirations. The concept of ‘Amrit Kaal’ is emphasized as a time of duty and commitment to national development.

Economic Overview and Fiscal Consolidation

The government provides an overview of the economy’s progress, highlighting achievements and fiscal prudence. The fiscal deficit for 2023-24 is estimated to be 5.8% of GDP, improving from the Budget Estimate. Looking ahead to 2024-25, fiscal consolidation is continued, targeting a fiscal deficit below 4.5% by 2025-26.

Tax Proposals-Interim Budget 2024

While no changes are proposed in tax rates for direct and indirect taxes. The government announces the extension of certain tax benefits related to start-ups and investments made by sovereign wealth or pension funds until 31.03.2025. Additionally, to improve taxpayer services, outstanding direct tax demands up to ₹25,000 for the period up to 2009-10 and up to ₹10,000 for financial years 2010-11 to 2014-15 will be withdrawn, benefiting around one crore taxpayers.

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