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Empowering India: A Vision for Inclusive Growth and Sustainable Development

Interim Budget 2024: Key Highlights and Initiatives for a Prosperous and Inclusive India

The Interim Budget 2024, presented by Hon’ble Finance Minister Smt Nirmala Sitharaman, outlines a comprehensive vision for the development and empowerment of India across various sectors. From welfare and youth empowerment to women’s empowerment, healthcare, agriculture, infrastructure, and green energy, the budget encompasses a wide range of initiatives aimed at fostering inclusive growth and sustainable development. With a focus on innovation, research, and strategic investments, the budget sets the stage for a transformative journey towards a prosperous and harmonious India.

The Interim Budget 2024 presented by Hon’ble Finance Minister Smt Nirmala Sitharaman covers a wide range of sectors and initiatives.

Let’s break down the key highlights across various sectors:

Welfare

Multi-dimensional Poverty: The government has assisted 25 Cr people in getting freedom from multi-dimensional poverty over the past 10 years.

Direct Benefit Transfer: A total of 34 Lakh Cr has been transferred using PM-Jan Dhan accounts, leading to savings of 2.7 Lakh Cr for the Government.

PM-SVANidhi: This initiative has provided credit assistance to 78 Lakh street vendors, with 2.3 Lakh receiving credit for the third time.

PM-JANMAN Yojana: This program reaches out to particularly vulnerable tribal groups who have remained outside the realm of development.

PM-Vishwakarma Yojana: Provides end-to-end support to artisans and craftspeople engaged in 18 trades.

PM-KISAN SAMMAN Yojana: Direct financial assistance is provided to 11.8 Cr farmers, including marginal and small farmers, and crop insurance is given to 4 Cr farmers under PM Fasal Bima Yojana.

Electronic National Agriculture Market: Integrated 1361 mandis, providing services to 1.8 Cr farmers with a trading volume of INR 3 Lakh Cr.

Empowering Youth

National Education Policy 2020: Ushering in transformational reforms.

Skill India Mission: Has trained 1.4 Cr youth, upskilled and reskilled 54 Lakh youth, and established 3000 new ITIs.

Establishment of New Institutions: Including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities.

Women's Empowerment

Mudra Yojana: Thirty Cr loans have been given to women entrepreneurs.

Female Enrolment in Higher Education: Has gone up by twenty-eight per cent in ten years, with girls and women constituting forty-three per cent of enrolment in STEM courses.

Geopolitics

The recently announced India-Middle East-Europe Economic Corridor is highlighted as a strategic and economic game changer for India and others.

Vision for Viksit Bharat

The vision for ‘Viksit Bharat’ is described as that of “Prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential”.

Strategy for ‘Amrit Kaal’

The government will adopt economic policies that foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunities for all, and contribute to the generation of resources to power investments and fulfill aspirations.

Aspirational Districts Programme

The government stands ready to assist the states in the faster development of aspirational districts and blocks, including the generation of ample economic opportunities.

Development of the East

The government will pay utmost attention to making the eastern region and its people a powerful driver of India’s growth.

PM Awas Yojana (Grameen)

India is close to achieving the target of three crore houses, with plans to take up two crore more houses in the next five years to meet the requirement arising from an increase in the number of families.

Rooftop Solarization and Muft Bijli

Through rooftop solarization, one crore households will be enabled to obtain up to 300 units of free electricity every month, with various benefits expected.

Housing for Middle Class

The government will launch a scheme to help deserving sections of the middle class to buy or build their own houses.

Health

Expansion of Medical Colleges: The government plans to set up more medical colleges by utilizing the existing hospital infrastructure under various departments. A committee will be set up to examine the issues and make relevant recommendations.

Encouragement of Vaccination: The government will encourage vaccination for girls in the age group of 9 to 14 years for the prevention of cervical cancer.

Maternal and Child Care: Various schemes for maternal and child care will be brought under one comprehensive programme for synergy in implementation.

Upgradation of anganwadi centres under “Saksham Anganwadi and Poshan 2.0” will be expedited for improved nutrition delivery, early childhood care, and development.

U-WIN Platform: The newly designed U-WIN platform for managing immunization and intensified efforts of Mission Indradhanush will be rolled out expeditiously throughout the country.

Ayushman Bharat Scheme: Healthcare cover under the Ayushman Bharat scheme will be extended to all ASHA workers, Anganwadi Workers, and Helpers.

Agriculture and Food Processing

Value Addition and Farmers’ Income: Efforts for value addition in the agricultural sector and boosting farmers’ income will be stepped up. Pradhan Mantri Kisan Sampada Yojana: This initiative has benefitted 38 Lakh farmers and generated 10 Lakh employment.

Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana:

This scheme has assisted 2.4 Lakh SHGs and sixty thousand individuals with credit linkages.

Promotion of Private and Public Investment: For ensuring faster growth of the sector, the government will further promote private and public investment in post-harvest activities including aggregation, modern storage, efficient supply chains, primary and secondary processing, and marketing and branding.

Research and Innovation

Corpus for Research and Innovation: A corpus of INR 1 Lakh Cr will be established with a fifty-year interest-free loan to encourage the private sector to scale up research and innovation significantly in sunrise domains. Deep-Tech Technologies for Defence: A new scheme will be launched for strengthening deep-tech technologies for defence purposes and expediting ‘Atmanirbharta’.

Infrastructure

Increased Outlay: The outlay for the next year is being increased by 11.1% to eleven lakh, eleven thousand, one hundred and eleven crore rupees (INR 11,11,111 Cr), which would be 3.4% of the GDP.

Railways

Economic Railway Corridor Programmes: Three major economic railway corridor programmes will be implemented, including energy, mineral and cement corridors, port connectivity corridors, and high-traffic density corridors. Improvement of Logistics Efficiency: These programs will improve logistics efficiency and reduce costs.

Aviation

Expansion of Airports: The expansion of existing airports and development of new airports will continue expeditiously.

Green Energy

Measures for ‘Net-Zero’ by 2070: Various measures will be taken towards meeting the commitment for ‘net-zero’ by 2070, including viability gap funding for harnessing offshore wind energy potential and coal gasification and liquefaction capacity.

Electric Vehicle

Strengthening the E-Vehicle Ecosystem: The government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure.

Bio-manufacturing and Bio-foundry

Environment-Friendly Alternatives: A new scheme of bio-manufacturing and bio-foundry will be launched to provide environment-friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals, and bio-agri-inputs.

Blue Economy 2.0

Promoting Climate Resilient Activities: A scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with an integrated and multi-sectoral approach will be launched.

Tourism

Comprehensive Development of Tourist Centres: States will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at a global scale.

Promoting Investments

FDI Inflow: The FDI inflow during 2014-23 was $596 Bn, marking a golden era. Efforts will be made to encourage sustained foreign investment.

Reforms in the States for ‘Viksit Bharat’

A provision of INR 75,000 Cr as a fifty-year interest-free loan is proposed this year to support milestone-linked reforms by the State Governments.

Societal Changes

The government will form a high-powered committee for an extensive consideration of the challenges arising from fast population growth and demographic changes.

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The Interim Budget 2024 presented by Hon’ble Finance Minister Smt Nirmala Sitharaman covers a wide range of sectors and initiatives. Let’s break down the key highlights across various sectors: <h2>Welfare</h2>Multi-dimensional Poverty: The government has assisted 25 Cr people in getting freedom from multi-dimensional poverty over the past 10 years. Direct Benefit Transfer: A total of 34 Lakh Cr has been transferred using PM-Jan Dhan accounts, leading to savings of 2.7 Lakh Cr for the Government. PM-SVANidhi: This initiative has provided credit assistance to 78 Lakh street vendors, with 2.3 Lakh receiving credit for the third time. PM-JANMAN Yojana: This program reaches out to particularly vulnerable tribal groups who have remained outside the realm of development. PM-Vishwakarma Yojana: Provides end-to-end support to artisans and craftspeople engaged in 18 trades. PM-KISAN SAMMAN Yojana: Direct financial assistance is provided to 11.8 Cr farmers, including marginal and small farmers, and crop insurance is given to 4 Cr farmers under PM Fasal Bima Yojana. Electronic National Agriculture Market: Integrated 1361 mandis, providing services to 1.8 Cr farmers with a trading volume of INR 3 Lakh Cr. <h2>Empowering Youth</h2>National Education Policy 2020: Ushering in transformational reforms. Skill India Mission: Has trained 1.4 Cr youth, upskilled and reskilled 54 Lakh youth, and established 3000 new ITIs. Establishment of New Institutions: Including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities. <h2>Women's Empowerment</h2>Mudra Yojana: Thirty Cr loans have been given to women entrepreneurs. Female Enrolment in Higher Education: Has gone up by twenty-eight per cent in ten years, with girls and women constituting forty-three per cent of enrolment in STEM courses. <h2>Geopolitics</h2>The recently announced India-Middle East-Europe Economic Corridor is highlighted as a strategic and economic game changer for India and others. <h2>Vision for Viksit Bharat</h2>The vision for ‘Viksit Bharat’ is described as that of “Prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential”. <h2>Strategy for ‘Amrit Kaal’</h2>The government will adopt economic policies that foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunities for all, and contribute to the generation of resources to power investments and fulfill aspirations. <h2>Aspirational Districts Programme</h2>The government stands ready to assist the states in the faster development of aspirational districts and blocks, including the generation of ample economic opportunities. <h2>Development of the East</h2>The government will pay utmost attention to making the eastern region and its people a powerful driver of India’s growth. <h2>PM Awas Yojana (Grameen)</h2>India is close to achieving the target of three crore houses, with plans to take up two crore more houses in the next five years to meet the requirement arising from an increase in the number of families. <h2>Rooftop Solarization and Muft Bijli</h2>Through rooftop solarization, one crore households will be enabled to obtain up to 300 units of free electricity every month, with various benefits expected. <h2>Housing for Middle Class</h2>The government will launch a scheme to help deserving sections of the middle class to buy or build their own houses. <h2>Health</h2>Expansion of Medical Colleges: The government plans to set up more medical colleges by utilizing the existing hospital infrastructure under various departments. A committee will be set up to examine the issues and make relevant recommendations. Encouragement of Vaccination: The government will encourage vaccination for girls in the age group of 9 to 14 years for the prevention of cervical cancer. Maternal and Child Care: Various schemes for maternal and child care will be brought under one comprehensive programme for synergy in implementation. Upgradation of anganwadi centres under “Saksham Anganwadi and Poshan 2.0” will be expedited for improved nutrition delivery, early childhood care, and development. U-WIN Platform: The newly designed U-WIN platform for managing immunization and intensified efforts of Mission Indradhanush will be rolled out expeditiously throughout the country. Ayushman Bharat Scheme: Healthcare cover under the Ayushman Bharat scheme will be extended to all ASHA workers, Anganwadi Workers, and Helpers. <h2>Agriculture and Food Processing</h2>Value Addition and Farmers’ Income: Efforts for value addition in the agricultural sector and boosting farmers’ income will be stepped up.
Pradhan Mantri Kisan Sampada Yojana: This initiative has benefitted 38 Lakh farmers and generated 10 Lakh employment. Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana:This scheme has assisted 2.4 Lakh SHGs and sixty thousand individuals with credit linkages. Promotion of Private and Public Investment: For ensuring faster growth of the sector, the government will further promote private and public investment in post-harvest activities including aggregation, modern storage, efficient supply chains, primary and secondary processing, and marketing and branding. <h2>Research and Innovation</h2>Corpus for Research and Innovation: A corpus of INR 1 Lakh Cr will be established with a fifty-year interest-free loan to encourage the private sector to scale up research and innovation significantly in sunrise domains.
Deep-Tech Technologies for Defence: A new scheme will be launched for strengthening deep-tech technologies for defence purposes and expediting ‘Atmanirbharta’. <h2>Infrastructure</h2>Increased Outlay: The outlay for the next year is being increased by 11.1% to eleven lakh, eleven thousand, one hundred and eleven crore rupees (INR 11,11,111 Cr), which would be 3.4% of the GDP. <h2>Railways</h2>Economic Railway Corridor Programmes: Three major economic railway corridor programmes will be implemented, including energy, mineral and cement corridors, port connectivity corridors, and high-traffic density corridors.
Improvement of Logistics Efficiency: These programs will improve logistics efficiency and reduce costs. <h2>Aviation</h2>Expansion of Airports: The expansion of existing airports and development of new airports will continue expeditiously. <h2>Green Energy</h2>Measures for ‘Net-Zero’ by 2070: Various measures will be taken towards meeting the commitment for ‘net-zero’ by 2070, including viability gap funding for harnessing offshore wind energy potential and coal gasification and liquefaction capacity. <h2>Electric Vehicle</h2>Strengthening the E-Vehicle Ecosystem: The government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure. <h2>Bio-manufacturing and Bio-foundry</h2>Environment-Friendly Alternatives: A new scheme of bio-manufacturing and bio-foundry will be launched to provide environment-friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals, and bio-agri-inputs. <h2>Blue Economy 2.0</h2>Promoting Climate Resilient Activities: A scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with an integrated and multi-sectoral approach will be launched. <h2>Tourism</h2>Comprehensive Development of Tourist Centres: States will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at a global scale. <h2>Promoting Investments</h2>FDI Inflow: The FDI inflow during 2014-23 was $596 Bn, marking a golden era. Efforts will be made to encourage sustained foreign investment. <h2>Reforms in the States for ‘Viksit Bharat’</h2>A provision of INR 75,000 Cr as a fifty-year interest-free loan is proposed this year to support milestone-linked reforms by the State Governments. <h2>Societal Changes</h2>The government will form a high-powered committee for an extensive consideration of the challenges arising from fast population growth and demographic changes.

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