Interim Budget 2024: Socio-economic Overview
Words Praveen Karn
In the realm of economic policy, every budget carries the weight of expectations. The Interim Budget 2024, presented by Honaourable Finance Minister Smt. Nirmala Sitaraman, discloses many initiatives aimed at steering India towards holistic growth and development. The budget 2024 is inclined and focused on new comprehensive GDP nomenclature, which is Governance, Development, Performance and not just gross domestic product, reflecting a shift towards a more inclusive and multifaceted approach to economic spending or diverting the funds for development of India.
Skill India Initiative: Empowering Youth for Socio-Economic Growth
India’s development depends on its youth and the Skill India programme stands as a testament to the government’s commitment to nurturing the potential of its youth. With 1.4 crore youths benefiting from Skill India initiative, the effects on the country’s socio-economic landscape are bound to be strong, fostering a skilled workforce ready to face the challenges of the modern economy. Proposed establishment of 3,000 ITs will open up avenues for technology foundation and customization to market needs. Provisioning interest free allocation of loans for start-ups is another milestone.
Agricultural Development: The Core of India’s Economic Strategy
Agriculture, the backbone of India’s economy, has a balanced attention in the budget. Measures such as expanded crop insurance coverage and increased minimum support prices for various crops which are government’s responsibility to safeguard the interests of farmers and enhance agricultural productivity were taken. The introduction of Nano DAP further enhances the government’s efforts to leverage technological innovations for enhancing agricultural output across diverse agro-climatic zones. This will immensely benefit farmers from rural areas. Honourable Finance Minister of India also talked about the oil seeds and dairy development strategy which will be formulated to achieve the Atmanirbharta for oil seeds like sesame, sunflower and mustard and others.
Advancing Dairy and Fisheries: Strategies for Enhanced Productivity
She also added a “comprehensive programme to support dairy farmers” which will be formulated. Through the PDS system, worries about food have been eliminated with free rations for 80 crore people. Electronic agriMandi has connected every 1051 mandis, transacting 2 lakh crore. The integration of 1361 mandis was also talked about with the expected 3 lakh croretrading volume. While initiatives like MatsayaSampada shows the government’s dedication to harnessing the potential of India’s vast marine resources.This scheme will be stepped up for aqua culture productivity and will aim to double seafood exports to 1 lakh crore. A new department for fisheries is also proposed.
Rural and Lower Middle-Income Housing: Aiming for Inclusive Growth
The Honourable Finance Minister, also talked about achieving the target of 3 crore under Rural Housing scheme and 2 core more houses to be constructed in next five years for lower middle income groups. Average real income has increased by 50% which will impact a lot to the socio-economic and cultural lifestyles of Indians. To ensure housing for middle class,it was discussed that the government will launch scheme to help the deserving sections of middle class living in rented houses, slums, or unauthorized colonies to buy or build their own houses.
Environmental Sustainability and Technological Advancements
The budgetary provision extends to the environmental sustainability and technological innovations as well. Rooftop solarisation which will allow 1 crore houses to claim 300 units of free electricity every month and the promotion of electric vehicles along with support to EV manufacturing, charging infrastructure which is a greener and more sustainable initiative was also talked about. During the meeting, it was also mentioned that the government will expand and strengthen the EV ecosystem. There will be special attention on Panchamrit targets for 2030.
Empowering Women: Economic and Political Advancements
Women empowerment emerges as an important point, with initiatives such as the Mudra Yojana loans which has been given to women entrepreneurs and reservations for women in LokSabha and state assemblies will empower women economically and politically. Furthermore, the commitment to outlaw triple talaq and enhance housing opportunities for women shows the government’s commitment to gender equality and social justice which will enhance women’s dignity. One of the major attraction of the budget was the Lakhpati Didi scheme which targets to enhance from 2 crore to 3 crore.
Vision of Inclusive Growth in the Interim Budget 2024
In conclusion, the Interim Budget 2024 embodies a vision of inclusive growth, where economic prosperity merges with social welfare and environmental aspect. As Honourable Prime Minister Shri Narendra Modi mentioned that there is no dearth of opportunities, the country is capable of creating more opportunities and sky is the limit for it.
About the Author
Praveen Karn, Head Group Sustainability & CSR, Spark Minda Group
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