Modi's GYAN in election year
Garib, Yuva, Annadata, Narishakti
that is Poor
Youth, Farmers and Women power identified as key pillars to drive development
Nominal GDP growth seen at 10.5%
The Union government has assumed a nominal GDP growth of 10.5 percent for 2024-25, the interim Budget presented by Finance Minister Nirmala Sitharaman showed.
No change in taxes, push for infra in interim budget ahead of polls
FM Nirmala Sitharaman’s 6th Budget sets tone for Viksit Bharat roadmap
Capital expenditure outlay increased by a whooping 11.1 percent to Rs 11.1 lakh crore.
Fiscal deficit for FY 25 pegged at 5.1 percent of GDP
Around 40,000 trains currently running as part of the Indian Railways will be upgraded to Vande Bharat train standards.
"Pradhan Mantri Kisan Sampada Yojana has benefited 38 lakh farmers and generated 10 lakh employment", FM claimed in her sixth Budget.
FM Nirmala Sitharaman links God Ram to Budget 2024-25.
She said that as per PM Narendra Modi's resolve for 'solarisation' on the day of Ram Temple consecration in Ayodhya, the Budget is introducing a new scheme for rooftop solarisation, under which one crore households would be able to use up to 300 units free electricity every month.
Ms Sitharaman presented the Interim Budget for the fiscal year 2024-25. This was her sixth budget, and the last one for the Narendra Modi government (Modi Sarkar-2..0) just on the eve of general elections.
In the vote on account Budget 2024-25, Finance Minister Nirmala Sitharaman says, "For our tech-savvy youth, this will be a golden era. A corpus of Rs 1 lakh crore will be established with 50-year interest-free loan provided. It will be for long-term financing or re-financing with low or nil interest rates."
FM Sitharaman says, "Our government plans to set up more medical colleges by utilising the existing hospital infrastructure under various departments. A committee for this purpose will be set up to examine the issues and make relevant recomendations."
"Healthcare cover under Ayushman Bharat Scheme will be extended to all Asha workers, all Anganwadi workers and helpers. Agriculture and Food Processing: The efforts of value addition in agriculture sector and boosting farmers' incomes will be stepped up.
Pradhanmantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment," FM says
Ms Nirmala Sitharaman also said that the global situation is becoming more complex and challenging due to wars and conflicts in different parts of the world. The Russia-Ukraine conflict and the Israel-Hamas war have disrupted the global supply chains, impacting trade.
The minister, while presenting the interim Budget, said that the new world order is emerging and India has successfully navigated the global challenges in fuel and fertiliser price spike.
‘The Finance Bill, 2024’ introduced in Lok Sabha.
The Interim Budget gives the government spending rights for first quarter of the new fiscal.
She said: "Goods and Services Tax (GST) has enabled one nation, one market, one tax. Tax reforms have led to deepening and widening of tax base. Strengthening of the financial sector has helped in making savings, credit and investments more efficient".
"The efforts of value addition in agriculture sector and boosting farmers' incomes will be stepped up," FM said.
Budget 2024-25 proposes 3 major railway corridors, upgrading 40,000 trains to Vande Bharat status
"Three corridors, including a corridor for energy, mineral, and cement, another to enhance port connectivity corridor, and a third to decongest the high traffic density corridors will be set up," the finance minister said in her Interim Budget speech on February 1.
The projects have been identified under the PM Gati Shakti for enabling multimodal connectivity. They will improve logistics efficiency and reduce costs, Sitharaman added.
Finance Minister Nirmala Sitharaman said
“We are working to make India a Viksit Bharat by 2047. For our social justice is an effective and necessary governance model. This is secularism in action. It reduces corruption and prevents nepotism. There is transparency. The resources are distributed fairly. We are addressing systemic inequalities".
She remained steadfast on fiscal discipline while staying the course on social welfare, striking a fine balance in the interim budget 2024-25 on February 1, trying to reach out to the largest possible sets of voters.
The Budget, the last of the Modi government ahead of the Lok Sabha election due in April-May, retained the income tax slabs and rates.
Reiterating the government’s commitment to make India a developed country by 2047, the centenary year of independence, Sitharaman put in place a macroeconomic framework. GYAN, an acronym for four key segments — poor (Garib), Youth (Yuva), farmers (Annadata), and women (Narishakti) — will be central to the plan.
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