Nirmala Sitharaman Budget 2024
Nirmala Sitharaman presented the Union Budget for 2024 on February 1, 2024. Since it is an interim budget, major changes in taxation or spending were not announced. However, the budget did outline the government's priorities for the coming year, which include:
- Boosting infrastructure spending: The government allocated ₹11.11 lakh crore for capital expenditure, which is an increase of 11.1% over the previous year. This is expected to create jobs and boost economic growth.
- Supporting agriculture: The government announced several measures to support farmers, such as increasing the allocation for the PM Kisan Samman Nidhi scheme and launching a new scheme to provide interest-free loans for agriculture.
- Promoting social welfare: The government allocated ₹14,225.47 crore to the Ministry of Social Justice and Empowerment, which is an increase of 28.4% over the previous year. This will be used to fund various schemes for the welfare of Scheduled Castes, Scheduled Tribes, Other Backward Classes, and minorities.
- Fiscal consolidation: The government is committed to reducing the fiscal deficit to 4.5% of GDP by 2025-26. The fiscal deficit in 2024-25 is estimated to be 5.1% of GDP.
Here are some of the key highlights of the budget:
- Increased allocation for infrastructure: The government allocated ₹11.11 lakh crore for capital expenditure, which is an increase of 11.1% over the previous year.
- Support for farmers: The government announced several measures to support farmers, such as increasing the allocation for the PM Kisan Samman Nidhi scheme and launching a new scheme to provide interest-free loans for agriculture.
- Promoting social welfare: The government allocated ₹14,225.47 crore to the Ministry of Social Justice and Empowerment, which is an increase of 28.4% over the previous year.
- Fiscal consolidation: The government is committed to reducing the fiscal deficit to 4.5% of GDP by 2025-26. The fiscal deficit in 2024-25 is estimated to be 5.1% of GDP.
The budget has been met with mixed reactions. Some experts have praised the government for its focus on infrastructure and agriculture, while others have criticized the lack of major reforms.
Overall, the Union Budget for 2024 is a cautious one that focuses on maintaining stability and growth. It remains to be seen how effective the budget will be in achieving its objectives.
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