India’s interim budget for 2024 reflects a strategic roadmap aimed at fostering holistic growth across various sectors of the economy. From bolstering sports infrastructure to promoting green energy initiatives, the budget underscores the government’s commitment to inclusive development and sustainable progress.
1. Sports Development and Infrastructure
The budget highlights the remarkable achievements of Indian athletes in international sporting events, attributing their success to grassroots-level initiatives like the Khelo India Games and Khelo India Para Games. With investments in sports infrastructure, India aims to enhance its bid for hosting the 2036 Summer Olympic Games while nurturing future champions.
2. Rooftop Solar Scheme
A major focus of the budget is the launch of the Rooftop Solar Scheme, targeting one crore households in the country. Under this initiative, households will receive 300 kWh/month of free electricity through customised rooftop solar systems. This program not only promotes renewable energy but also empowers households to reduce energy costs and generate additional income.
3. Net Zero and Decarbonization Measures
To combat climate change, the budget outlines comprehensive measures for achieving net zero emissions and decarbonization in the economy. Initiatives include setting up ventures for offshore wind and coal gasification, mandating Compressed Biogas (CBG) in a phased manner, and enhancing the electric vehicle (EV) ecosystem.
4. Women Empowerment and Public Health
Prioritizing preventive healthcare and women empowerment, the budget focuses on reducing out-of-pocket healthcare expenses and improving access to essential services. Initiatives such as PM Awas Yojana, cervical cancer vaccination, and financial empowerment schemes aim to uplift vulnerable sections of society.
5. Strengthening GST and Tax Reforms
The budget highlights the success of GST in simplifying tax compliance and widening the tax base. Beyond revenue generation, GST has positively impacted business strategies and supply chain efficiency, contributing to overall economic growth.
6. Achieving Self-Reliance in Oilseeds
Addressing the challenges of edible oil imports, the budget emphasizes self-reliance in oilseed production through research, modern farming techniques, market linkages, and crop insurance. This initiative aims to reduce dependency on imported oilseeds and boost profitability for domestic producers.
7. Infrastructure Development
The budget underscores the development of domestic tourism hubs, expansion of metro rail networks, and enhancement of railway infrastructure to stimulate economic growth and improve connectivity, especially in rural and urban areas.
8. Education and Technology
Building on previous budget allocations, the focus remains on expanding education infrastructure and implementing the National Education Policy (NEP) 2020. Additionally, a substantial corpus for tech-based growth aims to foster innovation and competitiveness in emerging technology sectors.
9. Affordable Housing and Financial Inclusion
Efforts to meet the demand for affordable housing, incentivize homeownership, and promote small business entrepreneurship through schemes like Pradhan Mantri MUDRA Yojana demonstrate the government’s commitment to inclusive development and financial empowerment.
10. Fiscal Consolidation and Inclusive Growth
The budget’s commitment to fiscal consolidation, coupled with initiatives targeting poverty alleviation, youth empowerment, and agricultural development, sets the stage for long-term sustainable growth and resilience.
conclusion: India’s interim budget for 2024 reflects a comprehensive approach towards addressing key economic challenges while promoting inclusive development and sustainability. Through strategic investments and policy measures, the government aims to propel India towards a path of prosperity and resilience.