The Interim Union Budget 2024-25, based on the ideas of “Sabka Saath, Sabka Vikas, and Sabka Vishwas,” was recently introduced in Parliament by Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs.
Part A: Social Justice Initiatives
The Union budget’s first segment places a lot of focus on social justice with the goal of uplifting the underprivileged:
Initiatives for Upliftment
- ‘Garib’ (the Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth), and ‘Annadata’ (Farmers) continue to be the government’s key priorities.
- Direct Benefit Transfers (DBT) have helped 25 crore people escape multidimensional poverty over the last ten years, saving the government Rs. 2.7 lakh crore.
- Of the 78 lakh street vendors who have gotten credit assistance under the PM-SVANidhi scheme, 2.3 lakh have received credit for the third time in an effort to promote entrepreneurship among the urban poor. Furthermore, vulnerable tribal communities have benefited from targeted developmental assistance under the PM-JANMAN Yojana; 11.8 crore farmers have received direct cash support under the PM-KISAN SAMMAN Yojana.
Women Empowerment
- Female entrepreneurs have received 30 crore Mudra Yojana loans, allowing them to achieve financial independence. A notable increase of 28% in the number of women enrolled in higher education, particularly in STEM professions, indicates progress made towards gender parity.
- To improve housing security, women now own over 70% of rural homes under PM Awas Yojana (Grameen).
Part B: Economic Growth and Infrastructure Development
Infrastructure Development
- To improve infrastructure and jobs, the budget allots Rs. 11,11,111 Crore for capital expenditures, an increase of 11.1%.
- Improvements in port connectivity and high-traffic density corridors are among the key projects under PM Gati Shakti. The number of airports has doubled to 149, indicating a considerable rise in the aviation sector that is supporting increasing passenger flow and economic linkages.
Initiatives for Green Energy
- As part of a major push towards sustainable development, plans call for establishing a 100 MT coal liquefaction and gasification capability by 2030.
- Compressed biogas (CBG) blending is required in PNG and CNG, which is expected to lower carbon emissions. It is encourage the use of cleaner energy sources.
Healthcare and Agriculture
- All ASHA employees, Anganwadi workers, and Helpers are now covered by the Ayushman Bharat initiative. It improving access to healthcare in both urban and rural locations.
Part C: Tax Laws and Financial Reforms
Fiscal Policies
- The projected gross and net market borrowings for 2024–2025 are expected to be Rs. 14.13 lakh crore and Rs. 11.75 lakh crore, respectively. As a result, the fiscal deficit is estimated to be 5.1% of GDP.
- Reducing the fiscal deficit to less than 4.5% by 2025–2026 is a top aim for the budget in order to promote sustainable economic growth.
Reforms to Tax Laws
- The budget keeps taxes at their current levels, guaranteeing stability for both direct and indirect taxes.
- To encourage industrial expansion, corporate tax rates are still set at 22% for domestic companies that are already in operation and 15% for new manufacturing enterprises.
- Under the new tax framework, tax breaks for new businesses and extensions for specific income categories are intended to encourage investment and economic activity.
Conclusion
The Interim Budget 2024–25 reflects India’s commitment to inclusive growth, economic resilience. It will make sustainable development in the face of both domestic and international issues. The union budget strategically emphasizes social justice, infrastructure development, green energy, healthcare, and fiscal reforms to set the stage for a robust economic trajectory. This interim budget sets the stage for a future marked by progress, fairness, and prosperity as the nation negotiates possibilities and difficulties.