This is certainly a Vote on Account and the new government under the leadership of Prime Minister Shri Narendra Modi ji will present the new Budget by July-August probably when the new Parliament will meet after elections.
We are certainly confident of returning to power with an enhanced mandate in favour of our leader and his government. Since 2014 in terms of econopolic policies and reforms, several key strategy decisions have been taken. During the tenure of Finance Minister Arun Jaitley, we had the revolutionary GST.
Madam Nirmala Sitharaman also started on a very positive note as India's finance minister in 2019-20.
Prior to her, India did not have any 'full-fledged woman' Finance Minister. Indira Gandhi held the portfolio but that was rather as only the Prime Minister. On Feb 1, 2024, she presented her 6th Budget proposals. We ought to congratulate her for right balancing and keeping an eye on Viksit Bharat as envisioned for the year 2047 by our Prime Minister Shri Modi.
I find that she has tried reach out to the largest possible sets of people and that is politically crucial at this juncture. FM Ms Sitharaman has remained steadfast on fiscal discipline. There is a measured emphasis on social welfare.
The Budget 2024-25 also makes it clear that our party's focus will be on GYAN -- that is four key pillars poor (Garib), Youth (Yuva), Farmers (Annadata), and Women power (Narishakti).
I can add here that in 2019, as the Finance Minister, Ms Nirmala Sitharaman first abolished corporate tax and secondly removed many ticklish issues vis-a-vis her chair deciding on behalf of the GST council. The announcements made in the Budget proposals on Feb 1, 2024 that around 40,000 trains currently running as part of the Indian Railways will be upgraded to Vande Bharat train standards also needs to be highlighted.
At the same time, we must all appreciate the fact that with focus on 'Yuva Shakti' (Youths) and marching towards the goal of Viksit Bharat - Developed India - by 2047, the Finance Minister has proposed setting up of more medical colleges.
The new Medical Colleges will be set up by utilizing the existing hospital infrastructure under various departments. This is a much needed and welcome initiative.
A Committee will be set up for this purpose to examine the issues and make relevant recommendations. Ms Sitharaman also proposed that ASHA workers, Anganwadi workers and helpers will also be covered under the Ayushman Bharat Scheme. Overall it's a pro-people Budget.
It is a matter of utter satisfaction that our Budget 2024-25 reflects efficiency in delivery and in the implementation of multiple schemes that will take India to a newer heights.
Record over Rs 6.21 lakh crore allocation to Ministry of Defence in Interim Budget
--- 4.72% more than FY 2023-24
In the current geopolitical scenario and with the twin objective of promoting self reliance and exports, the Defence Budget has touched Rs 6,21,540.85 crore in the Financial Year 2024-25.
This comes out to be 13.04% of total Union Budget, which was presented by Finance Minister Smt Nirmala Sitharaman in Parliament on February 01, 2024.
The Ministry of Defence (MoD) continues to receive the highest allocation among the Ministries. The budgetary allocation to Defence for FY 24-25 is higher by approx. one lakh crore (18.35%) over the allocation for the FY 2022-23 and 4.72% more than allocation of FY 23-24.
Of this, a major share of 27.67% goes to capital, 14.82% for revenue expenditure on sustenance and operational preparedness, 30.68% for Pay and allowances, 22.72% for defence pensions and 4.11% for civil organisations under MoD.
Upward trend continues in Defence Capital Expenditure promoting ‘Aatmanirbharta’
Budgetary allocation for capital expenditure in Defence for FY 24-25 is Rs 1.72 lakh crore which is 20.33% higher than the actual expenditure of FY 22-23 and 9.40 % more than the Revised Allocation of FY 23-24.
The allocation is in line with the Long Term Integrated Perspective Plan (LTIPP) of the three Services aimed to fill the critical capability gaps through modernisation of the Armed Forces by materialising some big ticket acquisitions in FY 2024-25.
The enhanced budgetary allocation will facilitate in equipping the Armed Forces with state-of-the-art, niche technology lethal weapons, Fighter Aircraft, Ships, Platforms, Unmanned Aerial Vehicles, Drones, Specialist Vehicles etc.
Planned modernisation of existing Su-30 fleet along with additional procurement of aircraft, acquisition of advanced engines for existing MiG-29, acquisition of transport aircraft C-295 and missile systems will be funded out of the budget being allocated. Apart from this, to take the initiative of ‘Make in India’ further the LCA MK–I IOC/FOC configuration will be additionally funded to ensure state-of-the-art technology in domestic production.
The Indian Navy projects such as acquisition of Deck-based fighter aircraft, Submarines, Next generation survey vessels etc. will all materialise through this allocation.
The sizeable allocation under capital is centered around promoting ‘Aatmanirbharta’ in Defence.
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