Finance Minister Nirmala Sitharaman unveiled the Union Budget 2024, a plan that addresses economic issues while emphasizing inclusivity, sustainability, and empowerment for all societal groups as the country anxiously anticipated its release.
Encouraging the Poor : Garib Kalyan, Desh ka Kalyan
Direct Benefit Transfer (DBT) has had a profoundly revolutionary effect, saving an astounding ₹2.7 lakh crore in savings. A remarkable 25 crore people have been lifted out of multidimensional poverty as a result of this success story, which represents a major advancement in guaranteeing the economic well-being of the disadvantaged.
Credit Support for Street Vendors : Under the PM-SVANidhi program, the budgetary allocations provided credit support to a sizable 78 lakh street vendors. This acknowledges the crucial role performed by small businesses in the unorganized sector and promotes economic inclusion in addition to providing financial support.
Youth Empowerment : The government has successfully trained 1.4 crore youth under the Skill India Mission, making a significant contribution to the development of India’s human capital. Furthermore, the deliberate growth of establishments like AIIMS facilities, universities, and IITs highlights a dedication to supporting the infrastructure of education for upcoming generations.
Entrepreneurial Support : The PM Mudra Yojana has been a significant source of support, having approved loans totaling an amazing 43 crore, which has fostered entrepreneurial dreams in a variety of industries. Moreover, a clear emphasis on empowering women entrepreneurs is demonstrated by the disbursement of 30 crore loans under the Mudra Yojana.
Farmers’ well-being
Immediate financial support : Aiming to safeguard farmers’ welfare, PM-KISAN provided direct cash aid to 11.8 crore of them. In addition to this direct financial infusion into the agriculture sector, 4 crore farmers now have access to crop insurance thanks to the PM Fasal Bima Yojana.
Market Integration : The e-NAM initiative’s integration of 1,361 mandis is a noteworthy move that supports trade volumes of ₹3 lakh crore and allows for smooth trading. This action is in line with the goal of developing a cohesive and effective agricultural market.
Nari Shakti
Women Empowerment : The budget gives women’s empowerment a lot of attention, as seen by the 30 crore Mudra Yojana loans that are given to female entrepreneurs. Notable progress has been made in closing the gender gap in education, as seen by the 28% rise in female enrollment in higher education over the last ten years.
Financial Inclusion : With 43% of female students enrolled in STEM programs, the budget recognizes the critical role that women play in economic development. The assistance given to 83 lakh Self-Help Groups, which has helped one crore women achieve financial independence, highlights the dedication to inclusive growth.
Sustainable Development
Achieving “Net Zero” Status by 2070 : Securing ‘Net Zero’ status by 2070 is a bold move in the direction of environmental sustainability. In order to highlight the significance of renewable energy sources in the country’s energy mix, the budget allots funds for viability gaps in wind energy projects.
Initiatives for Renewable Energy : The rooftop solarization project is the flagship project for renewable energy. One crore families are expected to benefit from this project, which would provide up to 300 units of free electricity each month. The goal of a greener future is further aligned with the use of e-buses for public transportation and the promotion of the e-vehicle ecosystem.
Infrastructure and Investment : Growth in Capital Expenditure: Under PM Gati Shakti, three significant railway corridor projects are being implemented, placing a strong emphasis on infrastructure development. Strong increases in capital spending relative to GDP indicate a deliberate attempt to improve the country’s infrastructure.
Promotion of Foreign Investment : Through the negotiation of bilateral investment treaties, the budget actively supports foreign investment, acknowledging its significance. By establishing an atmosphere that welcomes foreign investments, this strategy hopes to promote stability and economic expansion.
Health Initiatives
Immunization Against Cervical Cancer : Regarding health, the budget strongly promotes the cervical cancer vaccine for females between the ages of 9 and 14, highlighting the significance of preventative healthcare. Making sure that the next generation is healthier is the goal of this project.
Immunization and Health Coverage : One of the most important steps in improving immunization efforts is the launch of the U-WIN platform for Mission Indradhanush. ASHA, Anganwadi staff, and assistance are now covered by Ayushman Bharat, demonstrating the government’s commitment to providing universal healthcare.
Conclusion
To sum up, the Union Budget 2024 takes a comprehensive approach to nation-building in place of the conventional budgetary framework. The thoughtful distribution of resources embodies a vision for an empowered, sustainable, and inclusive India.