New Delhi/Shimla: Finance Minister Nirmala Sitharaman today presented the Interim Budget, giving a detailed account of the Modi government's achievements over the past 10 years.

 As the nation gears up for the 2024 Lok Sabha elections, the budget focused on addressing the needs of key demographics – Garib (poor), Yuva (youth), Nari Shakti (women empowerment), and Kisan (farmers).

Garib Kalyan, Desh ka Kalyan - Decline in Headcount Ratio: 

With the pursuit of #SabkaSaath, Government has assisted 25 crore people to get rid of multi-dimensional poverty in the last 10 years.

Government to lay White Paper on Economy - Then & Now.

The crisis of those years has been overcome, and the economy has been put firmly on a high sustainable growth path with all-round development,” said the Union Finance Minister while tabling the #InterimBudget2024 in Parliament .

India's economy remains resilient amidst geopolitical uncertainties, projecting a 7.3% GDP growth for FY 2023-24.

The government aims to reduce fiscal deficit below 4.5% by 2025-26, with an 11.1% increase in capital expenditure to Rs. 11,11,111 crore. The Finance Minister notes the golden era for FDI inflows and pledges continued fiscal consolidation.Railways

Three major railway corridor programs will be implemented:

1) Energy, mineral and cement corridor

2) Port-connectivity corridor

3) High-traffic density corridor

The projects have been identified under the #PMGhatiShakti for enabling multi modal connectivity. They will improve logistics efficiency and reduce cost. 

The fiscal strategy for 2024-25 focuses on inclusivity, sustainable development, and efficient cash management, aligning with PM Gati Shakti principles for integrated infrastructure projects.

She announced Rs one Lakh crore for the research and development setting stage for the economic growth for the 2047 year- adding to the slogan, Jai Jawan, Jai Kisan, Jai Vigyan,Jai Anusandhan.

She announced the solarization of one Crore households in the country that will give them 300 units of free power and income of Rs 15 k to 18 k every year.    

Reforms in the states for Viksit Bharat:

Many growth and development enabling reforms are needed in states.

A provision of Rs 75,000 crore as 50-year interest-free loan is proposed this year to support those milestone linked reforms by the state governments, she said.

Blue Economy 2.0: 

For promoting Climate resilient activities for Blue Economy 2.0, a scheme for restoration & adaptation measures & coastal aquaculture & mariculture with an integrated multi-sectoral approach will be launched, she said.

Sabka Saath Sabka Vikas Legacy:
Sitharaman commenced her speech by acknowledging the challenges faced by the government in 2014.

She emphasized the mantra of "Sabka Saath Sabka Vikas," which has guided the government's efforts, resulting in a series of structural reforms and people-centric programs.

A Framework for rating iconic Tourist Centres based on quality of facilities and services to be established.

Long-Term interest free loans to be provided to states for financing development of iconic Tourist Centres

Projects for port connectivity, tourism infrastructure, and amenities to be taken up on our islands, including Lakshadweep.

🔸A corpus of ₹1 lakh crore to be established with fifty-year interest free loan for boosting private investment in sunrise technologies

🔸A new scheme to be launched for strengthening deep-tech technologies for defence purposes.

Structural Reforms and Inclusive Development:
The Finance Minister highlighted the impactful structural reforms and the implementation of people-centric programs.

Initiatives like "Housing for All," "Electricity for All," "Cooking Gas for All," and "Financial Services for All" have shown tangible results, contributing to inclusive development.

Economic Development and Employment Generation:
The budget underscored the positive impact of initiatives in generating new employment opportunities and bringing development to a larger scale.

Over the last decade, the country has experienced a significant rise in employment rates and economic growth, she claimed.

Garib, Yuva, Nari Shakti, and Kisan:
A central theme of the budget was the government's commitment to addressing the needs of key demographics. Concrete data was presented to showcase the success of various schemes in empowering these sections.

Viksit Bharat by 2047: Garib Kalyan, Desh ka Kalyan

🔸DBT of ₹34 lakh crore using #PMJanDhan accounts; 2.7 lakh crore saved due to avoidanace of leakages

🔸Credit assistance to 78 lakh street vendors under #PMSVANidhi, out of which 2.3 lakh received credit for the third time.

For instance, the Mudra Yojana has sanctioned 43 crore loans aggregating to 22.5 lakh crores, directly benefitting the entrepreneurial aspirations of the Garib.

Pandemic Response and Atmanirbhar Bharat:
Sitharaman praised the government's successful handling of the challenges posed by the COVID-19 pandemic. Data highlighted the impact of Atmanirbhar Bharat initiatives, showcasing the resilience of the Indian economy in the face of global disruptions.

Empowering Women and Youth:
The Finance Minister detailed initiatives like Mudra Yojana, an increase in female enrollment in higher education, and the empowerment of women through entrepreneurship.

The data showcased a significant rise in female enrollment, reflecting the success of policies aimed at empowering women.

Agriculture and Rural Development:
The budget delved into measures to boost farmers' incomes, reduce post-harvest losses, and improve productivity.

Data highlighted the success of Pradhan Mantri Kisan Sampada Yojana, with a twofold increase in seafood exports since 2013-14.

Tax Reforms and Good Governance:
Concrete data was presented to highlight tax reforms, including the exemption of individuals with income up to Rs 7 Lakh, reduction in corporate tax rates, and improvements in taxpayer services.

She announced interest free loans to the youth for empowering them. 

The data showcased a substantial increase in direct tax collections and a reduction in processing time for tax returns.#GST has reduced compliance burden on trade and industry.

Tax base of GST has more than doubled and average monthly gross GST collection has almost doubled to Rs. 1.66 lakh crores this year  

States too have benefited, states' SGST revenue including compensation released to them in post GST period has achieved buoyancy of 1.22

Biggest beneficiaries are consumers due to reduction in logistics costs and reduced prices of most goods and services

Tech Innovation and Environment:
Acknowledging the transformative impact of data and technology, the budget allocated a corpus of Rs 1,00,000 crore to support research and innovation.

Concrete measures to address environmental concerns, including green energy initiatives and bio manufacturing, were outlined with projected outcomes.

Future Outlook and Aspirations:
As Sitharaman concluded the budget presentation, she expressed confidence in the country's future growth.

The government's vision for Vikasith Bharat and the next five years aiming for unprecedented development were highlighted, setting the stage for future economic reforms and sustainable growth.

The interim budget, supported by detailed data, not only reflects the achievements and aspirations of the Modi government but also positions it strategically for the upcoming Lok Sabha elections in 2024.