Union Budget 2024-2025: Unveiling India’s Path to Economic Resilience.
New Delhi:
In a significant policy address today, Union Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2024-25, outlining a slew of measures aimed at fortifying India’s economic growth and social welfare amidst global uncertainties.
Economic Highlights:
– India maintains low and stable inflation, moving towards the targeted 4% mark, demonstrating robust economic resilience despite global challenges.
Key Budgetary Themes and Initiatives:
– Employment and Skilling: A landmark Rs. 2 lakh crore package was introduced to bolster employment and skill development for 4.1 crore youth over the next five years. This includes the modernization of 1,000 Industrial Training Institutes and the launch of comprehensive internship schemes in partnership with top companies.
Agricultural Revitalization: The budget prioritizes enhancing productivity and resilience in agriculture through the introduction of 109 new high-yielding crop varieties and initiatives promoting natural farming. A significant Rs. 1.52 lakh crore has been allocated for the agriculture and allied sectors.
Infrastructure Development: The government allocated Rs. 11,11,111 crore for capital expenditure, emphasizing the launch of PMGSY Phase IV to enhance all-weather connectivity to 25,000 rural habitations. Furthermore, substantial investments are earmarked for irrigation and flood mitigation projects across various states.
Tax Reforms: In a bid to simplify and rationalize tax structures, the budget increases standard deductions and exemption limits, benefiting salaried individuals and pensioners. Corporate tax reforms aim to enhance ease of compliance and stimulate economic growth, while reductions in custom duties on critical imports aim to boost domestic manufacturing.
Social Development and Welfare:
The budget earmarks Rs. 3 lakh crore for schemes promoting women-led development, including PM Awas Yojana Urban 2.0 to address housing needs of urban poor and middle-class families. Enhanced funding for education and healthcare initiatives underscores the government’s commitment to inclusive growth.
Key Takeaways:
The Union Budget 2024-25 charts a comprehensive roadmap towards economic revitalization, focusing on employment generation, agricultural modernization, infrastructure expansion, and tax reforms. It reflects the government’s proactive stance in steering India towards sustained growth amidst global economic uncertainties.
