Key Highlights of Budget 2024-25: From poor welfare to industrial development, what were the special features of the budget? Know everything

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Finance Minister Nirmala Sitharaman presented her sixth budget today i.e. on 1 February. While presenting the budget, he first talked about India’s economy and said that India’s economy has performed better in the last 10 years. He said that 10 years ago, the condition of India’s economy was not good, but with the coming of Modi government in 2014, with the mantra of ‘Sabka Saath-Sabka Vikas’, India worked to deal with the economic challenges as soon as possible and created employment in the country. , Enterprise and other sectors developed.

However, this is not the full budget. According to the rule, the full budget will be presented again after the Lok Sabha elections, but in today’s interim budget, the government talked about several budget allocations and gave details of government expenditure in the last financial year. In the meantime, let us know what are the main points of today’s budget-

social development

While discussing about developed India by 2047, the Finance Minister said that the main focus of the Modi government is on the 4 main castes of India, they are – poor, women, youth and farmers. In such a situation, the issues and schemes that the Finance Minister talked about in the budget are as follows –

The welfare of the country will be achieved through the welfare of the poor.

The Finance Minister said that in the 10 years since the coming of the Modi government in 2014, following the mantra of ‘Sabka Saath-Sabka Vikas’, the government has helped 25 crore people come out of poverty.

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Pradhan Mantri Jan Dhan Yojana: Through Pradhan Mantri Jan Dhan Yojana, Rs 34 lakh crore was transferred by directly transferring money to the accounts of the beneficiaries i.e. using Direct Benefit Transfer (DBT). This saved the government Rs 2.7 lakh crore and helped in avoiding misuse of money.

PM Swanidhi Yojana: The work of giving loans to 78 lakh people was done through PM Swanidhi. Of these, 2.3 lakh people got loans for the third time.

PM Janman Yojana: Through PM-Janman Yojana, special emphasis has been laid on the development of Vulnerable Tribal Groups (PVTGs), who have been left behind in the pace of development.

PM Vishwakarma Yojana: Under the PM-Vishwakarma scheme, it was claimed that artisans and craftsmen associated with 18 businesses will get end-to-end help. Apart from this, the Finance Minister said that through this scheme the government is also providing benefits to disabled and transgender people.

Food donors will get help in delivering food across the country and the world.

The Finance Minister said that the objective of his government is to provide benefits to the farmers. Under which he discussed about three schemes of the government.

1. PM Kisan Yojana: Under PM-Kisan Samman Yojana, financial assistance was provided to 11.8 crore farmers. He said that this scheme has directly benefited small and economically backward farmers.

2. Pradhan Mantri Fasal Bima Yojana: Under PM-Crop Insurance Scheme, crop insurance was provided to 4 crore farmers. Sitharaman said that through the insurance scheme, her government is helping the farmers in producing food for the country and the world.

3. Electronic National Agriculture Market: 1,361 mandis have been integrated under the Electronic National Agriculture Market (e-NAM). Through this, services have been provided to 1.8 crore farmers with procurement worth Rs 3 lakh crore.

Focus on women power in the budget

PM Mudra Yojana: The Finance Minister said that 30 crore Mudra Yojana loans were given to women entrepreneurs.

PM Awas Yojana: Under PM-Awas Yojana, 70 percent houses were given to rural women.

Enrollment in Higher Education: Women’s enrollment in higher education increased by 28 percent. Additionally, the share of girl students and women in STEM courses became the highest in the world with 43 percent enrolment.

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PM Awas Yojana (Rural)

In the interim budget 2024-25 presented in Parliament, the Finance Minister has promised to build 2 crore houses in rural areas in the next five years.

Apart from this, he said that even though it is facing more economic challenges due to the Covid-19 pandemic, the Modi government will soon achieve the target of 3 crore houses under the PM-Awas Yojana (Rural).

30 units free electricity for rooftop solar panels

The Finance Minister made a big announcement today on Prime Minister Modi’s promise of installing solar panels and said that 300 units of electricity will be given free every month to 1 crore houses. He estimated that this would save people Rs 15,000 to 18,000 every year.

Ayushman Bharat Scheme

Making a big announcement for the health sector, the Finance Minister said that under the Ayushman Bharat scheme, all Asha workers, Anganwadi workers and assistants will also be included in health care security.

Kisan Sampada Yojana

The Finance Minister said that 38 lakh farmers have benefited from the Pradhan Mantri Kisan Sampada Yojana and 10 lakh jobs have been created.

Government initiative for research and innovation

The Finance Minister said that to promote employment and innovation in the country, his government will set up a fund of Rs 1 lakh crore with interest free loan for 50 years. Long term financial funding or refinancing will be made available from this fund at low or zero interest rates.

He also discussed the increasing deepfakes in the era of AI and said that a new scheme will be launched to strengthen deep-tech technology for defense purposes and accelerate self-reliance.

infrastructure development

Capital expenditure (capex) expenditure for infrastructure development and employment generation is being increased by 11.1 per cent to Rs 11,11,111 crore. This will be 3.4 percent of the gross domestic product (GDP).

Railway development under PM Gatishakti

Three railway corridor programs have been announced in the interim budget 2024-25. Its objective is to promote economic growth by increasing connectivity to energy, minerals, cement, ports and high traffic areas.

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For this, three major economic rail corridor programs have been identified under PM Gati Shakti.

The Finance Minister said that the government will also convert 40,000 general railway coaches to ‘Vande Bharat’ standards.

aviation sector

The Finance Minister said that the number of airports in the country has doubled to 149. He said that 517 new air routes are taking 1.3 crore passengers to their destinations.

The country’s airline companies have placed orders for more than 1,000 new aircraft.

green energy

Sitharaman said that 100 metric tonnes of coal gasification and liquefaction capacity will be established by the year 2030.

tourism sector

States will be encouraged to undertake holistic development of iconic tourist destinations, branding and marketing them on a global scale. A framework will be created to give ratings to tourist centers on the basis of the quality of facilities and services available there.

The Finance Minister said that for the funds required to complete these works, the Center will give interest free long term loan to the states on matching basis.

Investment

The Finance Minister also gave details of Foreign Direct Investment (FDI). He said that during the 10 years of his government, i.e. from 2014 to 2023, the FDI inflow was 596 billion dollars, which is double the FDI inflow during the year 2005 to 2014.

Reforms in states for ‘Developed India’ by 2047

In this budget, a provision of Rs 75,000 crore has also been proposed in the form of 50 years interest free loan for various reforms by the state governments.

Tax slab not increased

Along with this, Finance Minister Nirmala Sitharaman said that during this time there has been no change in the direct and in-direct tax rates including import duty.

He also said that since 2014, the number of tax payers has increased 2.4 times and direct tax collection has also tripled.

First Published – February 1, 2024 | 5:39 PM IST

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