Main Highlights of Union Budget:Details are here

Main highlights of Union budget 2024

Key Themes and Vision

1. Economic Growth and Stability:

• GDP Growth Target: The government has set a GDP growth target of 6.5% for the upcoming fiscal year.
• Fiscal Deficit: The fiscal deficit is targeted to be reduced to 4.5% of GDP by FY2025-26.

1. Inclusive Development:

• Social Welfare Spending: Allocations for various social welfare schemes have been increased by 15% to ensure inclusive growth.

1. Digital Transformation:

• Digital Infrastructure: Rs 10,000 crore has been allocated for expanding digital infrastructure and promoting digital inclusion.

Fiscal Measures

1. Tax Reforms:

• Income Tax: New tax slabs have been introduced, providing relief to middle-class taxpayers. The basic exemption limit has been raised to Rs 5 lakh.
• Corporate Tax: The corporate tax rate for small businesses with turnover up to Rs 400 crore has been reduced to 25%.

1. GST Reforms:

• GST Compliance: Measures to simplify GST compliance and reduce the litigation have been introduced. The GST Council will oversee the implementation of these reforms.

Infrastructure and Development

1. Transportation:

• Roads and Highways: Rs 1.5 lakh crore has been allocated for the development of national highways and road infrastructure.
• Railways: Rs 75,000 crore allocated for the modernization and expansion of the railway network.
• Airports: Rs 20,000 crore for the development of regional airports under the UDAN scheme.

1. Urban Development:

• Smart Cities: Rs 50,000 crore allocated for the Smart Cities Mission, aimed at developing 100 smart cities.
• Urban Infrastructure: Rs 40,000 crore for improving urban infrastructure, including waste management and water supply.

1. Rural Development:

• Rural Roads: Rs 30,000 crore allocated for the Pradhan Mantri Gram Sadak Yojana (PMGSY).
• Rural Housing: Rs 25,000 crore for the Pradhan Mantri Awas Yojana (Gramin) to achieve the target of ‘Housing for All’.

Agriculture and Allied Sectors

1. Farmers’ Welfare:

• MSPs: Minimum Support Prices (MSPs) for various crops have been increased by 10-15%.
• Subsidies: Rs 1.2 lakh crore allocated for subsidies on fertilizers, seeds, and other agricultural inputs.

1. Agritech:

• Digital Platforms: Rs 5,000 crore allocated for developing digital platforms to support agritech startups.

1. Water Resources:

• Irrigation Projects: Rs 10,000 crore for new irrigation schemes and water conservation projects.

Social Welfare and Healthcare

1. Healthcare:

• Healthcare Infrastructure: Rs 80,000 crore allocated for healthcare infrastructure, including new hospitals and medical colleges.
• Vaccination Programs: Rs 5,000 crore for national vaccination programs, including COVID-19 and other diseases.

1. Education:

• Digital Education: Rs 10,000 crore allocated for digital education initiatives.
• Skill Development: Rs 15,000 crore for skill development programs aimed at enhancing employability.

1. Social Security:

• Senior Citizens: Rs 10,000 crore for enhanced social security measures for senior citizens.
• Differently-Abled: Rs 5,000 crore for welfare schemes for differently-abled individuals.

Environment and Sustainability

1. Green Initiatives:

• Renewable Energy: Rs 20,000 crore allocated for renewable energy projects.
• Electric Vehicles (EVs): Rs 5,000 crore for promoting electric vehicles and related infrastructure.

1. Climate Resilience:

• Agricultural Resilience: Rs 7,000 crore for building climate resilience in agriculture.
• Urban Planning: Rs 10,000 crore for climate-resilient urban planning and disaster management.

Technology and Innovation

1. Digital India:

• Digital Health Mission: Rs 5,000 crore allocated for the national digital health mission.
• Tech Startups: Rs 3,000 crore for supporting tech startups and innovation.

1. Research and Development:

• R&D Funding: Rs 20,000 crore for research and development in biotechnology, pharmaceuticals, and IT.

Defence and Internal Security

1. Defence Budget:

• Defence Spending: Rs 3.5 lakh crore allocated for defence, focusing on modernization and indigenization of equipment.

1. Internal Security:

• Police Modernization: Rs 10,000 crore for police modernization and counter-terrorism measures.

Key Announcements

1. Disinvestment:

• Public Sector Enterprises: The government aims to raise Rs 1.75 lakh crore through strategic disinvestment in public sector enterprises.

1. Banking and Finance:

• Bank Recapitalization: Rs 25,000 crore allocated for the recapitalization of public sector banks.
• Fintech Support: Rs 5,000 crore for promoting fintech innovations and improving financial inclusion.

Conclusion

The Union Budget aimed to balance economic growth with social welfare, focusing on infrastructure development, digital transformation, and inclusive growth. The emphasis on fiscal prudence, coupled with targeted initiatives for various sectors, is intended to steer the economy towards sustained growth and stability.