Budget 2024: Key Highlights and Impact on India’s Future

Key Highlights of Budget 2024: A Roadmap to India’s Economic Growth

 

Budget 2024 Highlights

Finance Minister Nirmala Sitharaman presented the Union Budget 2024, focusing on comprehensive development and fiscal prudence, with key initiatives across various sectors. Here are the main highlights:

Economic Overview

The budget emphasized India’s robust economic growth over the past decade, projecting continuous development to achieve the goal of becoming a developed country by 2047. The fiscal deficit target for FY25 is set at 5.1% of GDP, with a commitment to reduce it to 4.5% by FY26​ .

Taxation

• No changes in direct and indirect tax rates, maintaining stability for taxpayers.
• Doubling of tax collections over the past decade.
• Average processing time of tax returns reduced to 10 days​.

Infrastructure and Transportation

• Increased capital expenditure outlay by 11.1% to ₹11.11 lakh crore.
• Expansion of railway infrastructure, including converting 40,000 rail bogies to Vande Bharat coaches.
• Development of three major railway corridors to improve freight and passenger services.

Social Welfare

• Enhanced target for the ‘Lakhpati Didi’ scheme from 2 crore to 3 crore women beneficiaries.
• Significant financial support for farmers through PM-KISAN and crop insurance schemes.
• Promotion of women’s education and entrepreneurship with 30 crore Mudra Yojana loans given to women​.

Green Energy and Sustainability

• Focus on green energy projects, including rooftop solarization.
• Initiatives to promote electric vehicles and reduce carbon emissions​​.

Digital and Innovation

• Continued emphasis on digital infrastructure and innovation in research.
• Measures to boost domestic tourism and logistics efficiency​​.

Agriculture and Rural Development

• Integration of 1361 mandis under the Electronic National Agriculture Market (e-NAM).
• Financial support to 11.8 crore farmers through various schemes​.

This budget aims to create a balanced approach towards economic growth, social welfare, and sustainable development, ensuring inclusive progress for all sections of society.