FM Nirmala Sitharaman delivered the interim budget to the Lok Sabha today. Earlier yesterday, the Union Cabinet convened and accepted the budget.
Ms. Sitharaman’s Budget address highlighted the Centre’s many projects for women, youth, and the disadvantaged. She highlighted that the Indian economy has undergone a “profound” transition and that the government has implemented fundamental reforms. She stated that the government focuses on four key ‘castes’: women, youth, the impoverished, and farmers. “The country grows when they progress,” she went on to say.
Here are the highlights:
- FM Sitharaman stated that the government lifted 25 crore individuals out of poverty in ten years. She mentioned that the government provides free meals to 80 crore individuals via various initiatives.
- Direct Benefit Transfers of Rs. 34 lakh crore via PM Jan Dhan Yojana accounts resulted in savings of ₹2.7 lakh crore.
- The PM Vishwakarma Yojana plan offers comprehensive support to craftsmen. The government gave financing support to 78 lakh marketplace vendors via the PM-SVANidhi project. Mudra Yojana loans of 30 crore have been issued to women entrepreneurs.
- The administration prioritized upskilling and reskilling, with nearly 1.4 crore youngsters trained via the Skill India Mission. PM Mudra Yojana sanctioned 43 crore loans. The authorities will also extend the ‘Lakhpati Didi’ project, which seeks to strengthen rural women and develop rural economies.
- The government emphasized the significance that the India-Middle East-Europe Economic Corridor may have in global commerce.
- The government will focus more on building the East to drive India’s growth.
- Inflation has eased and is now within the target range (2% to 6%).
- Economic development has stepped up, and people’s average real incomes have climbed by 50%.
- The government would fund the development of 30 million inexpensive homes in rural regions.
- The Centre will promote cervical cancer vaccination and consolidate mother and child health care initiatives into a single comprehensive campaign.
- The Ayushman Bharat plan will be broadened to include all ASHA employees, Anganwadi workers, and assistants.
- The government will promote ‘Nano DAP’ for a variety of crops and extend its use across all agro-climatic zones.
- It will also develop strategies to help dairy producers and combat Foot and Mouth Illnesses.
- The government will develop a strategy to attain AtmaNirbharta (self-reliance) in oilseeds. This will include research into high-yielding cultivars, procurement, value addition, and crop insurance.
- A fresh department — Matsya Sampada — will be established to meet the requirements of fishermen.
- 40,000 regular rail bogeys are going to be upgraded to Vande Bharat specifications. The government will improve the safety, convenience, and security of travelers. The government will concentrate on metros in an effort to offer transit-oriented development.
- The government has outlined numerous initiatives to achieve Net Zero by 2070. This includes funding for coastal wind energy generation with a starting capacity of 1 gigawatt, purchasing biomass aggregation technology, and developing the e-vehicle industry by promoting additional production and charging infrastructure.
- Capital spending has been raised to ₹11.11 lakh crore in 2024-25. The authorities will continue on the road of fiscal consolidation, aiming to lower the budget shortfall to 4.5% in 2025-26.
- The government suggested keeping the current tax rates for both direct and indirect taxes, notably import charges.
- The government’s gross and net borrowings for 2024-25 are Rs. 14.13 lakh crore and Rs. 11.75 lakh crore, respectively, which are lower than in 2023-24.