Budget 2024 Key Highlights: FM Nirmala Sitharaman Presents Interim Budget With Focus on Rural Agro Infra, Youth and Women; No Changes in Tax Regime

In a pre-election bonanza, Finance Minister Nirmala Sitharaman today presented the Interim Budget 2024, outlining a slew of measures focused on rural development, infrastructure, women empowerment, and healthcare. The budget highlights include initiatives targeting free power through solar rooftops, expansion of the Ayushman Bharat scheme, and provisions for affordable housing and interest-free loans. This marks her sixth consecutive budget presentation, equaling the record set by former Finance Minister Morarji Desai.

However, with the Lok Sabha elections in 2024 looming, this budget is seen as an attempt to woo voters with welfare schemes and infrastructure projects. Despite the array of populist measures, there have been no changes proposed in the tax regime, maintaining the status quo in direct and indirect taxes. However, questions remain about the long-term fiscal implications and sustainability of these initiatives. The upcoming full budget in July will provide further clarity on the government's economic roadmap and its commitment to fiscal prudence amidst the demands of populism.

#BudgetWithLT | #Budget2024 Key Highlights: FM #NirmalaSitharaman Presents Interim Budget With Focus on Rural Agro Infra, Youth and Women; No Changes in Tax Regime.

Here are the key highlights👇https://t.co/rLJ4Pe43SV#Budget#InterimBudget#UnionBudget@nsitharamanpic.twitter.com/KCfq2XX4JO

— Lokmat Times (@lokmattimeseng) February 1, 2024

Key Highlights:

Free Power: Up to 300 units of free electricity generated through solar rooftops for 1 crore people, aiming to boost clean energy adoption.

Healthcare Focus: Ayushman Bharat scheme extended to ASHA and Anganwadi workers, ensuring health coverage for millions.

Women Empowerment: "Lakhpati Didi" scheme target revised to support 3 crore women with interest-free loans, empowering entrepreneurship.

Housing for All: 2 crore free houses promised under PM Awas Yojana in the next five years, addressing the housing crisis.

Infrastructure Boost: Rs 1 lakh crore corpus set up for disbursal of 50-year interest-free loans to boost infrastructure projects.

Railway Modernisation: 40,000 railway bogies to be converted into modern Vande Bharat rakes, enhancing comfort and speed.

Tax Relief: Disputed direct tax demands up to Rs 25,000 withdrawn for past years, offering relief to taxpayers.

Metro Expansion: 60 cities to benefit from new Metro and Namo Bharat train projects, improving urban connectivity.

Tourism Boost: Focus on promoting spiritual tourism and overall sector growth for economic diversification.

Self-Sufficiency Push: The "Aatmanirbhar Oilseeds" mission was launched to increase domestic production of key oilseeds.

Interest-free loans to states for tourism development: This will provide a much-needed fillip to the sector, creating jobs and attracting investments.

Special focus on Lakshadweep tourism: Dedicated funds will be allocated to develop tourism infrastructure and amenities in this pristine archipelago.

Committee to address population challenges: A high-level panel will be formed to study and recommend solutions for managing India's growing population.

Expansion of UDAN scheme: 517 new air routes will be launched under the UDAN scheme, improving regional connectivity and boosting tourism.

Hospitals in all districts: The government plans to ensure every district has a functional hospital, meningkatkan healthcare access for all.

Cervical cancer vaccination: Girls aged 9-14 will be vaccinated against cervical cancer, a crucial step in preventing this preventable disease.

Boosting post-harvest infrastructure: Investment in storage, transportation, and processing facilities will minimize post-harvest losses and benefit farmers.

Empowering dairy farmers: Initiatives will focus on improving milk yields, providing better market access, and enhancing dairy farmers' incomes.

Controlling foot and mouth disease: Concerted efforts will be undertaken to eradicate this contagious animal disease.

Crop insurance for farmers: The PM Fasal Bima Yojana has provided insurance coverage to 4 crore farmers, mitigating risks and protecting their livelihoods.

The Budget session commenced yesterday with President Droupadi Murmu addressing a joint session of the Lok Sabha and Rajya Sabha. In underscoring significant government achievements, the President highlighted milestones such as the construction of the New Parliament, securing 100 medals in the Asian Games, the introduction of high-speed trains, a successful landing on the South Pole of the Moon, the inauguration of the Ram Mandir, the abolition of Article 370, the launch of Bharat Nyay Sanhita, and the implementation of One Rank One Pension (OROP).