Indian Finance Minister Presents Union Budget 2024
The Indian Finance Minister, Nirmala Sitharaman, presented the Union Budget 2024 in Parliament. She emphasized the government’s proactive management of inflation and its efforts to keep it within the desired range. This interim budget was presented ahead of the Lok Sabha elections scheduled for later in 2024, with a full-fledged budget to be presented by the new government after the elections.
Achievements of the Government
Sitharaman began her budget speech by highlighting the government’s achievements over the past decade. She mentioned that the Skill India Mission has successfully trained 1.4 crore youth and upskilled and reskilled 54 lakh youth. The government has also established numerous institutions of higher learning, including IITs, IIITs, IIMs, and AIIMs. Additionally, she noted that the number of airports in the country has doubled to 149 in the last decade.
Incentives Announced for Various Sectors
The government announced several incentives in the budget to support different sectors. A corpus of Rs 1 lakh crore will be provided as interest-free loans for long-term financing in sunrise sectors. This will enable the private sector to scale up research activities at low or no interest rates. The Aspirational Districts Programme was also introduced to assist states in faster development and generate economic opportunities. Furthermore, there will be an increase in the number of medical colleges and a consolidation of maternal and child healthcare schemes into one comprehensive program.
Towards a Sustainable Future
The finance minister emphasized the government’s commitment to sustainability by announcing incentives for solar power adoption. Through a rooftop solarization initiative, 1 crore households will receive 300 units of free electricity per month. The government also plans to strengthen the electric vehicle charging infrastructure, which will create employment opportunities for both technical and skilled workers. Additionally, a new scheme for bio manufacturing will be launched to promote green growth.
Hot Take: Budget 2024 Focuses on Growth and Sustainability
The Union Budget 2024 presented by Indian Finance Minister Nirmala Sitharaman aims to foster inclusive and sustainable development. The budget highlights the government’s achievements in various sectors over the past decade and introduces incentives to support further growth. It emphasizes the importance of skill development, education, healthcare, and renewable energy. The government’s focus on expanding the electric vehicle charging infrastructure and promoting green manufacturing demonstrates its commitment to sustainability. Overall, this budget sets the stage for economic growth, job creation, and a more environmentally friendly future.
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