INDIAN BUDGET 2024 — 2025
The 2024–2025 Budget Speech of India, delivered by Finance Minister Nirmala Sitharaman, outlines the government’s priorities, policies, and financial allocations. Key highlights from the speech are summarized below:
Introduction
- The budget reflects the government’s commitment to inclusive growth under Prime Minister Narendra Modi’s leadership.
- India’s economy continues to grow despite global uncertainties.
Budget Theme and Priorities
- Focuses on employment, skilling, MSMEs, and the middle class.
- Key priorities include agriculture productivity, employment and skilling, human resource development, manufacturing, urban development, energy security, infrastructure, innovation, and next-generation reforms.
Key Provisions and Initiatives
- Agriculture:
— Comprehensive review of agricultural research.
— Release of 109 new high-yielding and climate-resilient crop varieties.
— Promotion of natural farming and establishment of bio-input resource centers.
— Strengthening production and marketing of pulses and oilseeds.
2. Employment and Skilling:
— Introduction of Employment Linked Incentive schemes targeting first-time employees and job creation in manufacturing.
— Launch of a new centrally sponsored skilling scheme in collaboration with state governments and industry.
— Enhancement of the Model Skill Loan Scheme and provision of education loans.
3. Human Resource Development and Social Justice:
— Adoption of a saturation approach to cover all eligible individuals through various development programs.
— Launch of Purvodaya for the development of eastern states.
— Financial support for the Polavaram Irrigation Project in Andhra Pradesh.
4. Manufacturing and Services:
— Credit guarantee scheme for MSMEs and enhanced Mudra loans.
— Setting up e-commerce export hubs and financial support for food irradiation units.
— Launch of internship opportunities in top companies for one crore youth.
5. Urban Development:
— Development of ‘Cities as Growth Hubs’ and creative redevelopment of existing cities.
— Launch of PM Awas Yojana Urban 2.0 to address housing needs.
— Promotion of water supply, sewage treatment, and solid waste management projects.
6. Energy Security:
— Launch of PM Surya Ghar Muft Bijli Yojana for free electricity through rooftop solar installations.
— Development of small and modular nuclear reactors and advanced ultra-supercritical thermal power plants.
— Formulation of a roadmap for ‘hard to abate’ industries to transition to emission targets.
7. Infrastructure:
— Significant investment in infrastructure with a provision of ₹11.11 lakh crore for capital expenditure.
— Encouragement of state and private sector investment in infrastructure.
8. Innovation, Research & Development:
— Operationalization of the Anusandhan National Research Fund.
— Expansion of the space economy with a venture capital fund.
9. Next Generation Reforms:
— Formulation of an Economic Policy Framework to facilitate high growth and employment opportunities.
— Implementation of land, labor, capital, and entrepreneurship-related reforms.
Financial Allocations
The total receipts other than borrowings are estimated at ₹32.07 lakh crore, and the total expenditure is estimated at ₹48.21 lakh crore.
The fiscal deficit is estimated at 4.9% of GDP.
- - Specific budget allocations include ₹1.48 lakh crore for education, employment, and skilling; ₹1.52 lakh crore for agriculture and allied sectors; and ₹2.66 lakh crore for rural development.
Tax Provisions
- Proposals for indirect and direct taxes aim to simplify the tax structure, enhance compliance, and reduce litigation.
- - Various customs duty changes to support domestic manufacturing and export competitiveness.
- - Simplification of capital gains taxation and other tax benefits for individuals and businesses.
This summary captures the essence of the Budget Speech, reflecting the government’s focus on inclusive growth, infrastructure development, and economic reforms to ensure long-term prosperity for India.
