Budget 2024 represents the dreams | PM Modi praises Nirmala
Prime Minister Narendra Modi stated: “There are two important decision in this Budget– for research and innovation, a fund of Rs 1 lakh crore has been announced, the an extension for the tax exemption given to start-ups has also been announced”
Prime Minister Narendra Modi praised Finance Minister Nirmala Sitharaman’s team for the interim budget, saying it “reflects the aspirations of young India,” shortly after Sitharaman’s presentation of the Union Budget 2024.
“This Budget includes a commitment to fortify the groundwork for Viksit Bharat in 2047. I commend the team of Niramala Sitharaman. This budget is a reflection of young India’s ambitions. This budget includes two significant announcements, according to Prime Minister Modi: first, a Rs. 1 lakh crore fund for research and innovation; second, an extension of the tax exemption granted to startups.
“The capital expenditure has been kept at 11.11 lakh crore in this budget, keeping the fiscal deficit in check,” PM Modi continued.
Sitharaman stated in her Budget speech that the fiscal deficit has decreased to a level of 5.8%. Additionally, she established a lofty goal to reduce the fiscal deficit to 4.5% of GDP by FY26 and 5.1% of GDP by 2024–25 (FY25–26).
As predicted, income tax slabs remained unchanged. However, the government declared that it would remove outstanding direct tax demands up to Rs 25,000 for the period up to financial year 2009–10 and up to Rs 10,000 for the financial years 2010–11 to 2014–15, providing a sense of comfort for those who were struggling with unpaid tax demands.
Calling the interim budget a “roadmap to achieve PM Modi’s vision of a Developed Bharat by 2047,” Union Home Minister Amit Shah took to X.
Meanwhile, the Budget speech was deemed “disappointing” by the Congress. “I found the budget address to be both brief and unsatisfactory. Congress MP Shashi Tharoor observed, “There was very little of substance, major omissions, and lots of issues were not even touched upon.”
Manish Tewari, a prominent member of the Congress party, too voiced his concerns, saying, “The budget deficit of Rs 18 lakh crores is concerning.” This indicates that the government is taking out loans to pay for its expenses. This figure will only rise in the upcoming year.
Prioritizing Health and Well-being
The budget recognizes the importance of a robust healthcare system and focuses on various aspects to improve the health and well-being of the citizens. One of the key highlights is the vaccination drive for girls aged 9 to 14 years to prevent cervical cancer. This preventive measure aims to reduce the burden of this disease and safeguard the health of young girls.
To strengthen the healthcare infrastructure, the government plans to set up more medical colleges by utilizing existing hospital facilities. This move will not only enhance the availability of quality healthcare but also create employment opportunities in the healthcare sector. Additionally, the budget emphasizes the upgradation of anganwadi centers under the “Saksham Anganwadi and Poshan 2.0” program, expedite the U-WIN platform for managing immunization, and extend healthcare cover under the Ayushman Bharat scheme to ASHA workers, Anganwadi workers, and helpers.
Revolutionizing Agriculture and Related Sectors
The budget emphasizes the importance of agriculture and related sectors in India’s economic growth. The application of Nano DAP on various crops will be expanded across all agro-climatic zones. This technological intervention aims to enhance agricultural productivity and ensure food security in the country. The government also plans to formulate a strategy for achieving ‘atmanirbharta’ (self-reliance) in oilseeds, with a focus on mustard, groundnut, sesame, soybean, and sunflower.
To support dairy farmers, a comprehensive program will be formulated, building upon the success of existing schemes such as Rashtriya Gokul Mission and National Livestock Mission. The budget also highlights the implementation of the Pradhan Mantri Matsya Sampada Yojana (PMMSY), which aims to enhance aquaculture productivity, double exports, and generate employment opportunities in the fisheries sector. Furthermore, the establishment of five integrated aquaparks will further boost the growth of the fisheries industry.
Empowering Women and Youth
The budget recognizes the significant role played by women and the youth in India’s development journey. It acknowledges the transformative impact of self-help groups (SHGs) in empowering rural women. The government aims to enhance the target for ‘Lakhpati Didi’ from two crore to three crore, providing more opportunities for women to become financially independent.
In a digital age, the budget acknowledges the importance of technology and its impact on the youth. A corpus of one lakh crore rupees will be established with a fifty-year interest-free loan to support the aspirations of the tech-savvy youth. This corpus will provide long-term financing and promote the development of deep-tech technologies for defense purposes. By nurturing technological innovation, the government aims to create a conducive environment for India’s youth to thrive.
Conclusion
The Budget 2024 reflects the government’s commitment to empowering the youth and driving India’s growth. From housing and healthcare to agriculture, infrastructure, and green energy, the budget encompasses a wide range of initiatives aimed at inclusive development. By prioritizing the aspirations of young India and focusing on key sectors, the government aims to create a strong foundation for a prosperous future. With the implementation of these measures, India is poised to achieve sustainable growth and become a global economic powerhouse.
