The Indian Budget 2024 prioritizes infrastructure development (physical, digital, social) and financial sector reforms. These are 10 Highlights of the Indian Budget 2024:
Indian Budget 2024
- Infrastructure Push: The budget prioritizes substantial development across physical, digital, and social infrastructure. This includes a focus on Digital Public Infrastructure (DPI) to promote formalization and financial inclusion.
- Tax Base Expansion: The government plans to widen and deepen the Goods and Services Tax (GST) base, aiming to increase tax revenue without significantly impacting individual tax brackets.
- Financial Sector Strengthening: Efforts are underway to strengthen the financial sector, aiming to bring stability and growth to savings, credit, and investments. This could involve initiatives like a robust “GIFT IFSC” gateway for global financial services.
- Inflation Management: Proactive measures to manage inflation are expected, potentially including policies to control rising prices of essential goods and services.
- Focus on Agriculture: The budget aims to promote private and public investment in post-harvest activities within the agriculture sector. Additionally, initiatives like expanding Nano-DAP application and formulating an “Atmanirbhar Oilseeds Abhiyaan” strategy are on the agenda.
- Blue Revolution Boost: Increased allocation is expected for the “PM Matsya Sampada Yojana” to enhance fish production, double exports, and generate more employment in the fisheries sector.
- Micro Food Processing: The budget proposes a comprehensive program for dairy development and the formalization of micro food processing enterprises. This could create new opportunities for small-scale food producers.
- Tourism Development: States will be encouraged to develop iconic tourist centers to attract business and create opportunities for local entrepreneurs. Additionally, projects for improved port connectivity, tourism infrastructure, and amenities in islands like Lakshadweep are on the horizon.
- Middle Class Housing Scheme: A new scheme is expected to be launched to help the middle class buy or build their own homes. Details regarding eligibility and benefits are likely to be unveiled soon.
- G20 Legacy: With the successful hosting of G20 meetings across 60 locations, the budget might highlight the positive impact on showcasing India’s diversity to a global audience.
The Indian Budget 2024 prioritizes infrastructure, financial stability, and growth across various sectors. From strengthening agriculture and fisheries to promoting tourism and micro-businesses, the budget aims to create new opportunities and improve lives. Measures to manage inflation and expand the tax base are likely to be addressed. A middle-class housing scheme and the successful G20 meetings might also find mention. Overall, the budget seeks to lay the foundation for a stronger, more inclusive Indian economy.
I’m Pradeep Ahalawat, the founder and chief writer of this blog. (Holding the degree of M.Sc. IT with more than 15 years of expereince in IT sector) With a passion for storytelling and a keen interest in current affairs, I started this platform to share my perspectives.