The Indian Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, sets a transformative vision for India’s economy with a focus on growth, sustainability, and inclusivity. Here are the key highlights:

1. Economic Growth and Fiscal Management

• GDP Growth Target: The government has set an ambitious GDP growth target of 7.5% for the fiscal year 2024-25, leveraging both domestic and international economic opportunities.
• Fiscal Deficit: The fiscal deficit is projected to be reduced to 5.5% of GDP, emphasizing fiscal prudence and sustainability.

2. Taxation and Revenue

• Personal Income Tax: Adjustments in personal income tax slabs, aiming to provide relief to the middle class and boost consumption.
• Corporate Tax: Continuation of the reduced corporate tax rates to encourage investments and business expansion.
• GST Reforms: Streamlining Goods and Services Tax (GST) to simplify compliance and increase revenue efficiency.

3. Infrastructure Development

• National Infrastructure Pipeline (NIP): Allocation of INR 5 lakh crore to the NIP to accelerate infrastructure projects across the country.
• Urban Development: Increased funding for Smart Cities Mission and urban renewal projects, enhancing urban infrastructure and living standards.
• Transport: Major investments in highways, railways, and ports to improve connectivity and logistics efficiency.

4. Agriculture and Rural Development

• Agricultural Support: Enhanced Minimum Support Prices (MSPs) for key crops, coupled with increased subsidies for fertilizers and seeds.
• Rural Infrastructure: Significant funds allocated for rural roads, irrigation projects, and rural electrification to boost rural economy and livelihoods.

5. Healthcare and Education

• Healthcare: Substantial increase in healthcare spending, focusing on primary healthcare, rural health centers, and medical research.
• Education: Investment in digital education, teacher training programs, and the establishment of new higher education institutions to improve education quality and access.

6. Social Welfare and Employment

• Social Security: Expansion of social security schemes for unorganized sector workers, including pension schemes and health insurance.
• Employment Generation: Initiatives aimed at job creation through skill development programs and support for MSMEs (Micro, Small, and Medium Enterprises).

7. Climate Change and Sustainability

• Green Energy: Investments in renewable energy projects, including solar and wind energy, to promote clean energy transition.
• Sustainable Development: Allocation for afforestation, water conservation projects, and sustainable agriculture practices.

8. Digital Economy and Innovation

• Digital Infrastructure: Funding for expanding broadband connectivity in rural areas and promoting digital literacy.
• Innovation and Startups: Incentives for startups and innovation, including tax breaks and funding support for tech-driven enterprises.

9. Defense and Security

• Defense Budget: Increased allocation for defense spending to modernize armed forces and enhance national security.
• Internal Security: Strengthening of internal security apparatus, including police modernization and cybersecurity measures.

10. State-wise Allocations

• Regional Development: Special financial packages and grants for underdeveloped regions, including the North-Eastern states, to promote balanced regional development.
• State-specific Projects: Tailored funds for state-specific infrastructure, healthcare, and educational projects based on regional needs and proposals.

Conclusion

The Indian Union Budget 2024 is a forward-looking financial plan aimed at fostering sustainable economic growth, enhancing social welfare, and ensuring balanced regional development. By prioritizing infrastructure, healthcare, education, and digital innovation, the government aims to build a resilient and inclusive economy. The budget’s focus on fiscal prudence, combined with strategic investments, sets the stage for India’s continued progress on the global stage.