The Indian Budget for 2024, presented by Finance Minister Nirmala Sitharaman, focuses on nine priorities aimed at achieving the vision of a "Viksit Bharat" or developed India. Here are the key highlights:
Agriculture: A significant investment of ₹1.52 lakh crore is allocated to the agriculture and allied sectors. Initiatives include the release of new high-yielding and climate-resilient crop varieties, promotion of natural farming, and strengthening the production and marketing of pulses and oilseeds (Taxguru) (Invest India).
Employment & Skilling: Three schemes under the Prime Minister’s package aim to boost employment through EPFO enrolments. A new centrally sponsored scheme will skill 20 lakh youth over five years, and the Model Skill Loan Scheme will provide loans up to ₹7.5 lakh for students (Taxguru) (Invest India).
Human Resource Development and Social Justice: Emphasis on schemes for craftsmen, artisans, self-help groups, scheduled castes, scheduled tribes, women entrepreneurs, and street vendors. The "Purvodaya" plan targets the development of the eastern region, and the "Pradhan Mantri Janjatiya Unnat Gram Abhiyan" focuses on tribal communities (Taxguru).
Manufacturing & Services: Special attention is given to MSMEs and labour-intensive manufacturing. Measures include enhancing the Mudra loan limit and providing guarantee covers for MSME loans. The government will also facilitate credit continuation for MSMEs during stress periods (Taxguru) (Invest India).
Urban Development: Various initiatives are planned for the development of urban infrastructure, including affordable housing schemes and the promotion of rooftop solarization for sustainable energy solutions (Invest India).
Energy Security: Strategies to ensure energy security through availability, accessibility, and affordability of resources. Investments in renewable energy and technology adoption are key focuses (Invest India).
Infrastructure: Continued investment in infrastructure development, including transportation, digital infrastructure, and urban amenities, to support economic growth and improve quality of life (Taxguru) (Invest India).
Innovation, Research & Development: Encouragement of innovation and R&D to foster technological advancements and support economic development (Taxguru).
Next Generation Reforms: Policies aimed at fostering sustainable growth, inclusive development, and improving productivity. This includes reforms in various sectors to enhance capabilities and generate resources for investment (Invest India).
Overall, the 2024 budget emphasizes inclusive growth, infrastructure development, and economic stability, with targeted interventions across various sectors to achieve long-term development goals.
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