The Finance Minister's sixth budget is likely to focus on rural and agri-sector schemes.
01 Feb 2024 | 4734 Views | By Autocar Professional Bureau
Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024-25 at Parliament, on 1 February, at 11 am at the Parliament. This will mark the last budget of the current government today. The full budget will be presented after the Lok Sabha elections by the newly elected government.
This is an Autocar Pro Plus article. Subscribe to continue reading.
Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024-25 at Parliament, on 1 February, at 11 am at the Parliament. This will mark the last budget of the current government today. The full budget will be presented after the Lok Sabha elections by the newly elected government.
The budget is likely to focus on rural, agri-sector schemes and women.
"Development philosophy covered social inclusivity, geographical inclusivity through development of all regions through the country. The country overcame challenges of pandemic, took strides towards an atmanirbhar bharat and laid solid foundations for Amrit Kal, says Nirmala Sitharaman.
"Social justice is an effective and necessary governance model," says Sitharaman.
Speaking of the four pillars, poor, women, youth and 'annadata',(farmers) Sitharaman said these are the 4 things we need to focus on and all four require and receive govt support in quest to better lives. Their empowerment and well-being will drive the country forward.
Direct benefit transfers of Rs 34 lakh crore have taken place she added.
11.8 crore farmers get DBT, and crop insurance has been given to 4 crore farmers under PM Fasal Bima Yojana, said the FM.
E-national agri market is providing services to 1.8 crore farmers, said the FM adding that the sector is poised for higher growth.
Skill India Mission has established 3000 new IITs.
Empowerment of women thorugh Nari Shakti has gained women she, added saying 30 crore Yojna loans have been given in the last 10 years to women. In STEM, women constitute 43% of enrollment, one of the highest in the world, and this is translating to the increasing participation of women in the workforce, the FM added.
Over 70% houses under PM Awas Yojana in rural areas to women as sole or joint owners has enhanced their dignity, she said.
Govt is focused on GDP= Government, Development and Performance, the FM said, with a minimum government and maximum governance approach.
All forms of infrastructure, physical, digital and social are being built in record time, the FM added.
Goods and Services Tax has enabled 1 nation, 1 market, 1 tax.
Strengthening of financial sector has made savings, credit more efficient.
Proactive inflation management has helped keep inflation within the policy band.
Globalisation is being redefined with friend shoring and competition of critical minerals.
The next 5 years will be of 'unprecedented development' to realise a developed India by 2040, the FM said.
Reform, perform and transform, guided by these principles, govt will move ahead for reforms on this motto.
Aspirational districts programme- govt will help with these and generation of economic opportunities ,
1 crore households will be able to obtain 300 units of free electricity every month.
Boosting farmer incomes will be stepped up, 38 lakh farmers have benefited under the PM Kisan Yojana.
For ensuring faster growth of sector, public, private investment will be promoted for post harvesting.
Atmanirbhar Oil Seeds Abhiyan- a strategy will be formulated to achieve artmanirbharta for oil seeds such as ground nut, soya bean etc.
Programme for supporting dairy farmers will be implemented.
Research and innovation for catalysing development.
"Innovation is the foundation of development, it will be a 'golden era for tech-savvy' youth. Rs 1 lakh crore corpus will be established for long-term financing or refinancing for long tenors with low/no interest rates and this will encourage the private sector to scale up R&D in sunrise domains.
Together with dedicated freight corridors under PM Gati Shakti, railways will be galvanised. Three major railway economic corridors will be implemented.
Green energy- viability gap funding will be provided for harnessing offshore wind energy potential for initial capacity of 1 Gigawatt.
Phased mandatory blending of copmpressed biogas will be implemented.
EV Ecosystem: govt will expand and strengthen E vehicle ecosystem by supporting e-infra. Greater support for e-buses will be encouraged through payment security mechanism.
For encouraging sustained foreign investment, bilateral treaties are being undertaken. FDI- First development in India, will be done.
The fiscal deficit is estimated to be 5.1% of GDP. Will continue on the path of fiscal consolidation, said Sitharaman.
94% of Industry leaders view the transition to GST, says Sitharaman, as per a leading consulting firm.
Do not propose any changes and will retain the same tax rates for direct, and indirect taxes including import duties, says the FM.