Finance Minister Nirmala Sitharaman recently presented the Interim Budget ahead of the 2024 Lok Sabha elections. This interim budget 2024 outlines expenses and revenues until the formation of a new government, helping manage financial obligations during the transitional period.
What is an Interim Budget?
In an election year, the existing government can’t present a full budget. Instead, they present an Interim Budget, covering expenses and revenues for a short period until the new government is formed.
The Interim Budget includes estimates for the government’s expenditure, revenue, fiscal deficit, financial performance and projections for just a few months.
What is the Union Budget?
The Union Budget is the annual financial statement with the estimated costs and expenses of the government for the financial year.
After the Lok Sabha elections, the new government presents a full Budget.
Highlights of 2024 budget
- 40,000 normal train bogies will be converted to vande bharat standards.
- The government will launch a scheme to help deserving sections of the middle class “living in rented houses or slum or chawl and unauthorized colonies to buy or build their own houses.
- 2 crore more houses will be taken up in the next five years to meet the requirement arising from an increase in the number of families.
- States will get long term tourism loans as boost to locals.
- Fy25 infra outlay increase to 11.11L cr.
- Scheme to strengthen defence tech
- 1 lakh crore corpus, 50 year interest free loan for private sector research and innovaton.
- Govt. to expand EV ecosystem.
- Free vaccines of cervical cancer to girls between the age of 9-14.
- 3 new corridors announced for the railway- energy, minerals, and cement corridor, port connectivity corridor and a high traffic density corridor.
- New platform – U-Win platform to be launched for managing immunization.
- NAMO trains AND Metro Rail services will be introduced in more cities.
- 1 lakh cr. Allocated for interest free loans to boost innovation, with more focus on private sector involvement in innovation and research sector.
- Women, youth, farmers and poor are main focus.
- 50 years interest free loans to states for development of various sectors.
- Benefit of tourist hubs will benefit employees claiming LTA (leave travel allowances)
- 300 million mudra loans given to women.
- 70% houses under PM Awas Yojana in rural areas given to women.
- 5 integrated aqua parks to be set up
- PM Matsaya Sampada Scheme to be stepped up for aquaculture productivity.
- Crop insurance schemes benefits to 40 million farmers.
- Ayushman Bharat scheme extended to all ASHA & Anganwadi workers
- Enhancing target of lakhpati didi to 3 crore women.
- To promote green growth a new scheme of biomanufacturing will be launched.
- Free ration provided to 80 crore people.
- 157 new nursing colleges will be established
- To eliminate sickle cell anemia by 2047 will be launched. It will entail awareness creation, universal screening of 7 crore people, in the age group of 0-14 years.
- Scheme for the Empowerment of Divyang (Persons with Disabilities) and transgender people.
Positive Takeaway:
From boosting infrastructure to supporting innovation and empowering various sections of society, the budget reflects a commitment to inclusive development. The emphasis on housing schemes for the middle class, advancements in defense technology, and support for sectors like tourism and aquaculture indicates a holistic vision for a resilient and thriving nation.
Moreover, the allocation of funds for the well-being of women, farmers, and the poor, along with initiatives like free vaccinations and interest-free loans, underlines a dedication to social welfare.
This Interim Budget 2024, with its comprehensive and forward-looking measures, instills optimism for a future where every citizen can benefit from a growing and equitable economy.
