Budget 2024, presented with a vision for a prosperous India, brings forth a comprehensive strategy for socio-economic development. The government’s commitment to inclusive growth and transformative reforms reflects in the various sectors addressed. Let’s delve into the key highlights and announcements that define the financial roadmap for the coming fiscal year.
Welfare Initiatives:
The budget highlights the government’s commitment to ‘Sabka Saath’ and has a profound effect on reducing poverty. Through Direct Benefit Transfer in PM-Jan Dhan accounts, 25 Crore people have not only escaped multi-dimensional poverty but have also led to significant government savings of 2.7 Lakh Cr. Additionally, PM-SVANidhi has provided credit assistance to 78 Lakh street vendors, demonstrating a dedicated effort to uplift marginalized sections of society.
Empowering Youth:
The National Education Policy 2020 is leading significant changes in education. Additionally, initiatives such as PM Schools for Rising India and the Skill India Mission are contributing to this transformation. Notably, the government’s emphasis on holistic development is evident in the establishment of new IITs, IIITs, IIMs, AIIMS, and universities.
Furthermore, the PM Mudra Yojana, Fund of Funds, Start-Up India, and Start-Up Credit Guarantee schemes play a crucial role. They establish a strong foundation for youth entrepreneurship. Together, these efforts form a comprehensive approach to foster positive changes in education and promote entrepreneurial endeavors among the youth.
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Women Empowerment:
Budget 2024 acknowledges the pivotal role of women in advancing India. Achievements such as Mudra Yojana loans, an increase in female enrollment in higher education, and specialized programs for maternal and child care underscore this recognition. The government intends to sustain this positive trend by raising the target for ‘Lakhpati Didi’ and acknowledging the achievements of Self Help Groups led by women.
Geopolitics and Global Economic Corridor:
The introduction of the India-Middle East-Europe Economic Corridor strategically places India on the global economic map. This corridor is expected to be a game-changer, creating opportunities for enhanced economic connections with substantial implications for the nation’s growth.
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Vision for Viksit Bharat in Budget 2024:
The vision for a ‘Viksit Bharat’ underscores a prosperous India coexisting harmoniously with nature, featuring modern infrastructure and providing opportunities for all citizens. The comprehensive plan for realizing this vision will be outlined in the full budget set to be presented in July.
Strategy for ‘Amrit Kaal’ in the Budget 2024:
The government’s economic strategy for ‘Amrit Kaal’ centers on promoting growth, inclusive development, enhancing productivity, and generating opportunities. Following the principle of ‘Reform, Perform, and Transform,’ upcoming reforms are set to be forward-looking. Special emphasis will be placed on supporting MSMEs, ensuring they receive timely finances, access relevant technologies, and receive appropriate training.
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Aspirational Districts Programme and Development of the East:
The government is dedicated to accelerating the development of aspirational districts and blocks, creating economic opportunities. There will be a particular focus on the eastern region with the goal of transforming it into a robust driver of India’s overall growth.
Housing and Rooftop Solarization:
PM Awas Yojana (Grameen) strives to ensure housing for everyone, planning to construct an additional two crore houses in the next five years. The initiative also includes rooftop solarization, benefiting one crore households by offering free electricity and creating opportunities for employment and entrepreneurship.
Healthcare Initiatives in Budget 2024:
The budget addresses healthcare through various measures, including establishing more medical colleges, promoting vaccination for cervical cancer prevention, and streamlining maternal and child care schemes. Ensuring a comprehensive approach, it extends healthcare coverage under the Ayushman Bharat scheme to ASHA workers, Anganwadi Workers, and Helpers.
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Agriculture and Food Processing:
Initiatives to enhance farmers’ income include schemes such as Pradhan Mantri Kisan Sampada Yojana and Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana. The emphasis on minimizing post-harvest losses, enhancing productivity, and encouraging both private and public investment in the sector is evident.
Research and Innovation:
The government will establish a fund of INR 1 Lakh Cr to promote research and innovation in the private sector. Additionally, it is working on a forthcoming scheme for deep-tech technologies geared towards defense purposes.
Infrastructure Development in Budget 2024:
The government’s commitment to infrastructure development is evident in the substantial 11.1% increase in the outlay for the next year, reaching INR 11,11,111 Cr. It highlights a holistic approach through major railway corridor programs, aviation expansion, and emphasis on green energy.
Budget 2024, Promoting Investments and Societal Changes:
The budget recognizes the golden era of FDI inflow and strives to maintain foreign investment through bilateral investment treaties. The allocation of an interest-free loan of INR 75,000 Cr for fifty years, linked to milestone-based reforms by State Governments, underscores the commitment to reforms for building a ‘Viksit Bharat.’
In conclusion, Budget 2024 lays the foundation for an inclusive and prosperous India, also covering a spectrum of sectors vital for the nation’s growth. As we move forward, the emphasis on welfare, empowerment, and sustainable development sets the tone for a brighter future. For more insights into the astrological aspects of this budget or to explore how it aligns with your life path, feel free to connect with AstroPush, where you can chat with astrologers and avail services like horoscopes, numerology, panchang, and much more.
