Union Budget 2024 Highlights

Union Budget 2024 Highlights: Key Announcements and Major Reforms

New Delhi, July 2, 2024 – Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2024-25 today, unveiling a comprehensive plan aimed at boosting economic growth, enhancing infrastructure, and promoting social welfare. The budget focuses on long-term reforms, digital transformation, and sustainable development.

Economic Growth and Infrastructure Development:

1. Record Infrastructure Outlay: The government has allocated a historic ₹11.11 lakh crore for infrastructure development, surpassing the previous year's allocation. This investment aims to enhance transportation, urban development, and rural connectivity.
2. Housing for All: Under the Pradhan Mantri Awas Yojana, the budget allocates funds for constructing an additional 2 crore homes, targeting low and middle-income families.
3. Solar Power Initiative: A significant push towards renewable energy with a target to install rooftop solar power systems for at least 300 units.

Digital Transformation and Innovation:

1. Digital Infrastructure: Increased allocations for digital infrastructure, artificial intelligence, and cybersecurity to strengthen India’s position as a global tech hub.
2. STEM Education: Emphasis on STEM education and vocational training to bridge the urban-rural divide and prepare the youth for the global economy.

Social Welfare and Agricultural Support:

1. PM-KISAN Scheme: Continuation of the Pradhan Mantri Kisan Samman Nidhi scheme, providing ₹6,000 annually to small and marginal farmers to ensure financial stability and promote sustainable agricultural practices.
2. MGNREGA Allocation: Retained the allocation for the Mahatma Gandhi National Rural Employment Guarantee Act at ₹86,000 crore, ensuring rural employment and development.

Economic Reforms and Fiscal Policies:

1. GST Reforms: Several recommendations to streamline GST applicability across goods and services, aiming to refine tax rates and exemptions.
2. Monetary Thresholds for Appeals: Introduction of new monetary thresholds for filing appeals by the department to reduce government litigation and streamline judicial processes.

Health and Education:

1. Healthcare Investments: Increased funding for healthcare infrastructure and services, focusing on improving access to quality healthcare in rural and urban areas.
2. Educational Reforms: Investments in educational infrastructure, digital literacy programs, and public-private partnerships to enhance the quality of education.

Environment and Sustainability:

1. Green Initiatives: Allocation of funds for environmental conservation projects and promotion of sustainable practices in agriculture and industry.
2. Clean Energy Projects: Investments in clean energy projects, including solar and wind power, to reduce carbon emissions and promote sustainable development.

Economic Stability and Global Position:

1. Global Growth Contribution: Emphasis on India’s role in contributing to 15% of global growth and aiming to become the 3rd largest economy in the world.
2. Reform, Perform, Transform: Continued focus on the resolve of ‘Reform, Perform, and Transform’ to maintain India’s status as the fastest-growing economy.

President’s Address: In her address to the Parliament, President Droupadi Murmu highlighted the government’s achievements over the past decade and the future vision outlined in the budget. She emphasized the commitment to rapid development and the aspiration to make India a global economic powerhouse.

Conclusion: The Union Budget 2024 is set to be a transformative document, with a focus on long-term economic reforms, digital transformation, and sustainable development. The government’s commitment to infrastructure development, social welfare, and economic stability is evident in the comprehensive plan laid out by Finance Minister Nirmala Sitharaman. This budget aims to propel India towards a prosperous and sustainable future.

For more detailed information, refer to the 2024 Interim-Union Budget of India on Wikipedia.