Interim Budget 2024 Live Update
- Lakhpati Didi Scheme gets an extension
83 lakh SHGs with nine crore women are transforming rural socio-economic landscape with empowerment and self-reliance. Their success has assisted nearly 1 crore women to become Lakhpati didi already. Buoyed by the success, it has been decided to enhance the target of Lakhpati didi from 2 crore to 3 crore,” says Union Finance Minister Nirmala Sitharaman.
- Boost to Electronic Vehicle System
- Sitharaman highlighted that the government will expand and strengthen the electric vehicle ecosystem by supporting manufacturing and charging infrastructure.
- Payment Security Mechanisms will encourage the adoption of E-buses for public transport networks.
- 2 Crore additional houses to be built under PM Awas Yojana
The implementation of PM Awas Yojana Rural has continued smoothly despite the hurdles posed due to the Covid 19. Under the Yojana, almost 3 crore houses have been built. Construction of 2 crore more houses will be taken up in the next 5 years to meet the requirement arising from the increasing number of families.
- Next 5 years to be of unprecedented growth: FM Sitharaman
While giving her speech FM Sithraman assured that the next five years under the leadership of PM Modi will bring unprecedented growth. She stressed how Bharat while playing the host at the G20, showed the world the way forward and built consensus for solutions being faced.
Finance Minister Nirmala Sitharaman began by stressing the profound transformation witnessed in the Bharatiya Economy in the last 10 years and the trust the people of Bharat have shown to the government. The country was facing enormous challenges in 2014, but govt overcame those challenges via structural reforms and other policies. The finance minister stressed how “Secularism in action reduces corruption” and owing to a fair distribution of resources the “Country moved ahead with Sabka Sath, Sabka Vikas”.
- Direct Benefit Transfer: Direct Benefit Transfer of Rs 34 lakh crore from govt using PM Jan Dhan accounts has led to savings of up to Rs 2.7 lakh crore for the govt. This saving has been realised through the avoidance of leakages prevalent earlier
- Stress on Farmer Welfare: Farmers are our annadata. Every year under PM Kisan Samman Yojana, direct finance assistance is provided to 11.8 crore farmers. Crop insurance given to 4 crore farmers under PM Fasal Bima Yojana
- Special Focus on Women’s Empowerment
- Women now represent 43% of the total enrollments in STEM subjects.
- 30 crore MUDRA Yojana loans have been given to woman entrepreneurs
- Female enrollment in higher education has gone up by 28% in 10 years. All these are reflected in the increasing participation of women in the workforce.
- Nirmala Sitharaman, the Finance Minister, delivers the budget speech in the Lok Sabha
In a significant move ahead of the 2024 Lok Sabha elections, Union Finance Minister Nirmala Sitharaman is set to present the Interim Budget today. This budget marks the final financial plan of Prime Minister Narendra Modi’s second term in office. It is important to note that the Interim Budget is temporary and will cover the government’s expenses and revenues until the formation of a new government after the general elections.
- FM Nirmala Sitharaman arrives at Parliament to Present Budget
Finance Minister Nirmala Sitharaman and her budget team adopted a paperless approach with the use of a ‘bahi katha’ at North Block. This budget is crucial for managing the government’s financial obligations during the transitional period. The Interim Budget outlines estimates for expenditures, revenues, fiscal deficit, financial performance, and projections for the next few months.
President Droupadi Murmu’s Optimistic View
Ahead of the Interim Budget, President Droupadi Murmu emphasized Bharat’s resilient economic position. Despite global challenges, she stated that Bharat achieved historic growth in 2023, growing at about 7.5% for two consecutive quarters. This reaffirms Bharat’s status as the fastest-growing major economy among its global counterparts.
- Utkal Chamber of Commerce Calls for Ambitious Budget to Propel Bharat Towards a $5 Trillion Economy by 2027
President of Utkal Chamber of Commerce and Industry, Brahmananda Mishra says, “All of us expect a very good budget. This budget will give India a direction to become a $5 trillion economy by 2027, $7 trillion by 2030, and $10 trillion by 2035. This budget should be the roadmap for our country as well as the world. Since this is the election year, people will expect a lot of relief.” “They need to lay emphasis on the youth, the largest population in the world, and work for the expansion of infrastructure and also on the MSME sector. The MSME sector can provide a lot of employment opportunities. The startup ecosystem has to be encouraged. Subsidies given for renewable energy for a trade deficit need to be minimized… Since India is emerging as the largest economy with the largest population and is the largest democracy, the entire world is looking at how the budget is going to be presented,” Mishra added.
Understanding the Interim Budget
During an election year, the incumbent government is restricted from presenting a full budget. Consequently, the Interim Budget serves as a crucial financial plan, covering the government’s expenses and revenues for a short period until the new government is formed after the general elections.
- What’s Included in the Interim Budget?
The Interim Budget includes detailed estimates of the government’s expenditure, revenue, fiscal deficit, financial performance, and projections. These projections are specifically designed to address the financial needs and responsibilities of the government during the transitional period.
Looking Forward: The Union Budget Post-Elections
After the Lok Sabha elections, the newly formed government will present the comprehensive Union Budget. This annual financial statement will provide detailed estimates of costs and expenses for the upcoming financial year, outlining the economic priorities and strategies of the new administration.
In summary, the Interim Budget presented by Finance Minister Nirmala Sitharaman offers a snapshot of the government’s financial outlook during the transition between administrations, with the full Union Budget to follow post the 2024 Lok Sabha elections.
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