The India Union Budget 2024 includes several significant highlights for everyone here are few
Key Highlights of India Union Budget 2024
The India Union Budget 2024 has introduced several significant measures across various sectors to boost economic growth, improve infrastructure, and enhance social welfare. Here are ten important highlights from the budget:
1. Economic Growth and Fiscal Policy
The government has focused on maintaining a balance between growth and fiscal prudence. The fiscal deficit is targeted to be reduced to 5.9% of GDP, showcasing a commitment to fiscal consolidation while fostering economic growth.
2. Tax Reforms
Significant changes have been made in the tax structure:
A substantial allocation has been made for infrastructure development, with a focus on:
The budget aims to double farmers' income and promote sustainable agriculture:
Increased funding for healthcare to strengthen the infrastructure and improve accessibility:
Emphasis on quality education and skill development to build a future-ready workforce:
Programs aimed at improving the social safety net for the underprivileged:
Focus on sustainable development and reducing carbon footprint:
Promotion of digital infrastructure and innovation to drive growth:
Strengthening defence capabilities and ensuring national security:
The India Union Budget 2024 is a balanced effort to promote economic growth while ensuring fiscal prudence. With substantial investments in infrastructure, healthcare, education, and renewable energy, the budget aims to create a more resilient and inclusive economy. The focus on the digital economy, start-up support, and defence modernization reflects the government's commitment to building a strong and innovative nation.
Key Highlights of India Union Budget 2024
The India Union Budget 2024 has introduced several significant measures across various sectors to boost economic growth, improve infrastructure, and enhance social welfare. Here are ten important highlights from the budget:
1. Economic Growth and Fiscal Policy
The government has focused on maintaining a balance between growth and fiscal prudence. The fiscal deficit is targeted to be reduced to 5.9% of GDP, showcasing a commitment to fiscal consolidation while fostering economic growth.
2. Tax Reforms
Significant changes have been made in the tax structure:
- Personal Income Tax: Introduction of a simplified tax regime with lower tax rates for individuals earning up to INR 15 lakh.
- Corporate Tax: Reduction in corporate tax rates for domestic companies to 22%, and for manufacturing companies to 15%, to boost investment and economic activity.
A substantial allocation has been made for infrastructure development, with a focus on:
- National Highways: An allocation of INR 1.3 lakh crore for expanding and maintaining national highways.
- Railways: INR 2.4 lakh crore allocated to modernize railway infrastructure, introduce new trains, and enhance safety measures.
The budget aims to double farmers' income and promote sustainable agriculture:
- MSP Hike: Increased Minimum Support Prices (MSP) for various crops to ensure farmers get remunerative prices.
- PM-KISAN: Enhanced allocation for the PM-KISAN scheme, providing direct income support to farmers.
Increased funding for healthcare to strengthen the infrastructure and improve accessibility:
- Ayushman Bharat: Expansion of the Ayushman Bharat scheme to cover more beneficiaries and improve health insurance coverage.
- Healthcare Infrastructure: INR 89,155 crore was allocated for developing healthcare infrastructure, including new AIIMS and medical colleges.
Emphasis on quality education and skill development to build a future-ready workforce:
- National Education Policy (NEP) 2020 Implementation: Significant funding to implement NEP 2020, focusing on holistic education.
- Skill Development: Enhanced allocation for skill development programs and vocational training to increase employability.
Programs aimed at improving the social safety net for the underprivileged:
- Women Empowerment: Increased funding for schemes supporting women entrepreneurs and self-help groups.
- Social Security: Enhanced pension schemes and social security benefits for senior citizens and the differently-abled.
Focus on sustainable development and reducing carbon footprint:
- Green Energy Projects: INR 35,000 crore allocated for renewable energy projects, including solar, wind, and bioenergy.
- Clean Air: INR 2,217 crore was allocated for initiatives to improve air quality in major urban centres.
Promotion of digital infrastructure and innovation to drive growth:
- Digital India: Increased funding for the Digital India initiative to expand internet connectivity and digital literacy.
- Start-up Ecosystem: Tax incentives and funding support for start-ups to foster innovation and entrepreneurship.
Strengthening defence capabilities and ensuring national security:
- Defense Budget: INR 5.93 lakh crore allocated to modernize defence forces, procure advanced weaponry, and enhance border security.
- Research and Development: Increased investment in defence research and development to build Indigenous capabilities.
The India Union Budget 2024 is a balanced effort to promote economic growth while ensuring fiscal prudence. With substantial investments in infrastructure, healthcare, education, and renewable energy, the budget aims to create a more resilient and inclusive economy. The focus on the digital economy, start-up support, and defence modernization reflects the government's commitment to building a strong and innovative nation.
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