The Budget for the financial year 2024-2025, declared in February 2024, is centered on accomplishing the vision of a harmonious and prosperous Bharat by 2047, with a present-day foundation and openings for all. The improvement mantra for this budget is “Sabka Saath, Sabka Vikas” which interprets comprehensive advancement for all, based on the standards of demography, democracy, vote-based system, and differing qualities, and upheld by the collective actions of all citizens.
Previously, we discussed the key focus of the Union budget on mainly 4 sector-related campaigns. Which were focused on poverty, farmers, women empowerment, and youth development. In this particular part of the article, let us continue with the Focus areas of Amrit Kaal Strategies of the 2024-25 Union Budget.
Focus Areas
Garib Kalyan, Desh ka Kalyan
Direct Benefit Transfer (DBT) has been instrumental in generating savings of ₹2.7 lakh crore.
A significant milestone is the movement of 25 crore people out of multidimensional poverty.
Credit assistance has been provided to 78 lakh street vendors under the PM-SVANidhi scheme.
Empowering the Youth
Over 1.4 crore youth have been trained under the Skill India Mission.
Youth entrepreneurship has been encouraged with the sanctioning of 43 crore loans.
Welfare of Farmers – Annadata
Direct financial assistance has been provided to 11.8 crore farmers under PM-KISAN.
Crop insurance coverage has been extended to 4 crore farmers under PM Fasal Bima Yojana.
The integration of 1,361 mandis under eNAM has facilitated trading volume of ₹3 lakh crore.
The welfare of farmers, also known as “Annadata,” remains a foundation of India’s development motivation. Coordinating financial help through schemes like PM-KISAN YOJANA, insurance for crops, and the integration of farmer markets through eNAM have supported rural supportability and jobs.
Nari Shakti
Women entrepreneurs have been supported with 30 crore Mudra Yojana loans.
Female enrolment in higher education has increased by 28% in the last decade.
Notably, 43% of female enrolment is in STEM courses, indicating a positive trend towards gender parity.
Additionally, 1 crore women have been assisted by 83 lakh Self-Help Groups (SHGs) to become financially independent.
Women’s strengthening activities, symbolized under “Nari Shakti,” have seen momentous advancement. From disbursing Mudra Yojana advances to women-owned businesses to expanding female enrollment in higher instruction and STEM courses, India is opening the complete potential of its female workforce.
Strategies for Amrit Kaal
Sustainable Development
The government has committed to achieving ‘Net Zero’ emissions by 2070.
Various initiatives such as rooftop solarization, adoption of e-vehicles, and promotion of environment-friendly alternatives are underway to support this goal.
Additionally, schemes like Viability Gap Funding for wind energy and financial assistance for biomass procurement machinery aim to boost renewable energy adoption.
Infrastructure and Investment
Major railway corridor programs under PM Gati Shakti and promotion of foreign investment are set to improve logistics efficiency and attract investment.
Expansion and development of airports under the UDAN scheme, along with urban transformation projects, are prioritized for infrastructural growth.
Inclusive Development
The government’s concentration on comprehensive advancement is clear through schemes like the Aspirational District Programme, healthcare reforms, and housing schemes like Pradhan Mantri Awas Yojana. These endeavors point to bridging territorial aberrations, upgrading healthcare access, and providing housing to all citizens:
The Aspirational District Programme aims to accelerate development, focusing on employment generation and healthcare.
Health initiatives include encouraging cervical cancer vaccination, nutrition delivery improvements, and extending health coverage under the Ayushman Bharat scheme.
Housing schemes like Pradhan Mantri Awas Yojana (Grameen) and Housing for Middle Class are pivotal for ensuring shelter for all sections of society.
Tourism development initiatives aim to boost local entrepreneurship and attract global visitors.
Agriculture and Food Processing:
Post-harvest Investment progression, development of Nano-DAP application, and a comprehensive dairy advancement program are adapted towards upgrading agrarian productivity. The execution of Pradhan Mantri Matsya Sampada Yojana is set to upgrade aquaculture efficiency and produce work openings.
Allocation for Specific Ministries
Significant allocations have been made for multiple ministries of multiple sectors reflecting the government’s focus on these key sectors. Here is the data of Allocations to specific ministries:
Taxation Reforms and Proposals
Taxation reforms have not only streamlined processes but have also benefitted consumers and businesses alike. The reduction in import release time and positive industry sentiment towards GST reflect the success of these reforms. Additionally, tax proposals ensuring continuity and relief for taxpayers underscore the government’s commitment to ease compliance and promote investment. Taxation reforms in the current budget signify:
Continuity in taxation benefits for startups and investments is ensured.
Withdrawal of outstanding direct tax demands is expected to benefit approximately 1 crore taxpayers.
Tax rates remain unchanged for various categories, promoting stability and predictability.
Achievements of Taxation Reforms:
Direct tax collections have more than tripled in the last decade.
Faster refunds and reduction in processing time have streamlined tax administration.
GST collections have doubled, leading to a decline in logistics costs and consumer prices.
Positive industry sentiment and improvements in import release times underscore the success of GST implementation.
Conclusion
The comprehensive activities and accomplishments laid out by the government reflect a concerted exertion towards comprehensive development and maintainable advancement. By tending to assorted segments and locales, the government points to guarantee that all parts of the nation effectively take an interest in and advantage of financial advances. As the country moves forward, supported commitment to these standards will be pivotal for realizing the vision of an affluent and impartial society.
Written by – Kaavyaa Trivedi
Edited by – Shamonnita Banerjee
