Key Highlights from India’s Union Budget 2024-25
- Economic Transformation Underlines the Decade:
- Union Finance Minister Nirmala Sitharaman highlighted the remarkable positive transformation witnessed by the Indian economy over the last ten years.
- Emphasized the resilience of the economy, driven by structural reforms, pro-people programs, and increased employment opportunities.
- Budget Overview and Fiscal Discipline:
- Presented the budget ahead of Parliamentary elections, marking an interim budget.
- Requested Parliament’s nod for a grant in advance to cover the expenditure for the first four months of the new fiscal year before the Lok Sabha polls.
- Projected a fiscal deficit of 5.1% of GDP for 2024-25, adhering to the path of fiscal consolidation.
- Empowering Women Entrepreneurs:
- Noted the disbursement of 30 crore MUDRA Yojana loans to women entrepreneurs, showcasing the government’s commitment to empowering women in business.
- Education and Skill Development:
- Celebrated a 28% increase in female enrollment in higher education over the past decade.
- Highlighted that girls and women constitute 43% of enrollment in STEM courses.
- Affordable Housing for the Middle Class:
- Announced a new scheme to assist deserving sections of the middle class living in rented houses, slums, chawls, or unauthorized colonies to buy or build their own houses.
- Healthcare Strengthening:
- Plans to set up more medical colleges, utilizing existing hospital infrastructure, with a committee to examine related issues and make recommendations.
- Extended Ayushman Bharat cover to all Anganwadi and Asha workers, broadening healthcare coverage.
- Infrastructure Boost:
- No changes to income tax slabs, and direct and indirect tax rates remained unchanged.
- Announced an expansion of the electric vehicle (EV) ecosystem, supporting charging infrastructure, and encouraging e-buses for public transport.
- Agricultural and Rural Focus:
- Extended crop insurance to 4 crore farmers under the PM Fasal Bima Yojana.
- Comprehensive program for supporting dairy farmers, recognizing India as the world’s largest milk producer.
- Population Growth and Demographic Changes:
- Formed a high-powered committee to address challenges arising from fast population growth and demographic changes, providing comprehensive recommendations.
- Tourism and Connectivity Boost:
- Projects for port connectivity, tourism infrastructure, and amenities announced for islands, including Lakshadweep, to stimulate domestic tourism.
- Tech-Savvy Youth Empowerment:
- A promising era for tech-savvy youth with the introduction of 50-year interest-free loans.
- Infrastructure Allocations:
- The outlay for infrastructure increased to Rs 11.11 lakh crores in FY25.
In conclusion, the Union Budget for 2024-25 stands as a testament to a decade of progress, focusing on key sectors, inclusive development, and economic resilience, positioning India for a prosperous future.
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