India’s economy has undergone profound positive transformation over the past decade, Finance Minister Nirmala Sitharaman said in her pre-election budget on Thursday. The budget is technically an accounting vote and is often referred to as an interim budget. Sitharaman said that the Indian people look to the future with hope and choice. She further said that the government under Prime Minister Narendra Modi has covered all aspects of inclusion.
The Finance Minister said that structural reforms, people-friendly schemes and employment opportunities have helped the economy gain new dynamism. The economy grew by 9.1% in 2021-22 after contracting by 5.8% in 2020-21.
The minister expressed hope that the BJP-led government will once again enjoy the support of the people and be fully empowered in the upcoming general elections. “. She also said that India has overcome the challenge of Covid-19 and laid the foundation for India’s self-reliance. Sitharaman said that when the Modi government came to power in 2014, India faced huge challenges, but it overcame them seriously .
Here are the key highlights of the 2024 Interim Budget:
• Sitharaman said that under Prime Minister KISAN Yojana, as many as 118 million farmers have received financial assistance. Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) is one of the largest direct benefit transfer (DBT) schemes in the world. Under the PM-KISAN scheme, the government provides a financial benefit of Rs 6,000 per year in three installments, one every four months. The money was transferred to the bank accounts of farmers’ families across the country through the DBT model.
• As many as 140 million youth have been trained and upskilled under Skill India Mission, the Finance Minister said while presenting the interim budget on Thursday. The mission focuses on reskilling, reskilling and upskilling through short- and long-term training programs.
• Sitharaman said the government, under the leadership of Prime Minister Narendra Modi, is addressing systemic inequalities plaguing society. While presenting the mid-term budget 2024-25, Sitharaman said the economic management of the past decade has complemented people-centred inclusive development. She added that female enrollment in STEM (science, technology, engineering and mathematics) courses is 43%, the highest in the world.
• Active inflation management has helped keep inflation in the country under control, the Finance Minister said, adding that inflation has slowed down.
• The next five years will be unprecedented and a golden moment to realize India’s developed dream by 2047 as the government will adopt next-generation reforms to boost growth, Finance Minister Nirmala Sitharaman said on Thursday. She outlined the strategy of ‘Amrit Kaal’ while presenting the interim budget 2024-25. The finance minister also said that the recently announced India-Central and Eastern Europe Economic Corridor will be a game-changer for India. She noted that the International Financial Services Centers Authority (IFSCA) has created a strong gateway for overseas capital flows.
• Sitharaman said the global situation has become more complex and challenging due to wars and conflicts in different parts of the world. The Russia-Ukraine conflict and the Israel-Hamas war have disrupted global supply chains and affected trade. Presenting the interim budget, the minister said that a new world order is taking shape and India has successfully met the global challenge of soaring fuel and fertilizer prices. She also said strengthening the country’s financial sector would help make savings, credit and investment more efficient.
• Sitharaman said a 100 metric ton coal gasification and liquefaction plant will be built by 2030. The government also approved the joint venture between Coal India and GAIL to invest Rs 13,052.81 million in the coal-to-SNG (synthetic natural gas) project, and the joint venture between CIL to build the coal-to-ammonium nitrate project. BHEL is Rs 11,782.05 crore.
• Sitharaman said India has received $596 billion in foreign direct investment (FDI) inflows since 2014, double the inflows between 2004 and 2014. She added that the government has launched Blue Economy 2.0 to promote aquaculture in the country.
• The government will expand the electric vehicle ecosystem to support charging infrastructure and encourage the use of electric buses on public transport networks, the finance minister said on Thursday. Sitharaman, in her pre-election budget, also said that blending of compressed biogas with CNG for transportation and pipeline natural gas will be made mandatory.
• Sitharaman on Thursday said a new program will be launched to enhance deep technology in the defense sector. She also said the government would promote public and private investment in post-harvest agricultural activities.
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