A momentous Live Budget Session, featuring the eloquent presentation by the Honorable Finance Minister, Nirmala Sitharaman, unfolded at the prestigious Indore Institute of Management and Research, Indore, on the 1st of February, 2024. The event was organized with the primary objective of enlightening the students about the intricate dynamics of the government’s estimated receipts and expenditures, offering them a unique opportunity to comprehend the intricacies of fiscal policies and economic strategies.
The platform served as a bridge between academia and real-world governance, allowing the students to witness firsthand the decision-making processes that shape the economic landscape of the nation. As the Finance Minister delved into the details of the budget, the audience, comprising students, faculty, and distinguished guests, gained valuable insights into the government’s priorities, allocations, and the overarching vision for the fiscal year.
The key highlights of the budgetary proposals presented during this live session reflect the government’s commitment to addressing critical issues, fostering growth, and steering the country towards a more sustainable and inclusive future. The students, in particular, had the opportunity to engage with the complexities of economic governance, providing them with a holistic understanding of the nation’s financial trajectory.
Key Highlights of Interim Budget Announcements – 2024
The Live Budget Session on February 1, 2024, held at the Indore Institute of Management and Research, saw several significant announcements by the government, reflecting a mix of progressive policies and strategic allocations across various sectors.
- Solar Power Schemes for Household Savings:
- Prime Minister Modi recently launched new solar power schemes aiming to save INR 15,000-18,000 annually per household installing rooftop solar panels.
- One crore households will benefit by receiving 300 units per month completely free, fostering a move towards sustainable energy.
- PM Awas Yojana Grameen:
- The government is close to achieving its target of 3 crore homes under the PM Awas Yojana Grameen.
- An additional 2 crore homes are planned to address the growing housing needs across the country.
- Expansion of Ayushmaan Bharat:
- Ayushmaan Bharat is set to cover all workers under the ASHA scheme, providing comprehensive healthcare benefits to a broader segment of the population.
- Housing Scheme for Middle Class:
- A new scheme is in the pipeline to assist the middle class in rented houses, slums, chawls, and unauthorized colonies to purchase or build their own houses.
- Expected positive impacts on the steel, cement, and building material sectors.
- Financial Boost for Sunrise Domains:
- A corpus of INR 1 lakh crore will be established, offering 50-year interest-free loans for sunrise domains, fostering innovation and growth in emerging sectors.
- Railway Corridor-Port Connectivity:
- The government plans to set up more than 2 railway corridor-port connectivity under DFC (Dedicated Freight Corridor).
- Additionally, 3 new rail corridors for energy, cement, and minerals are proposed, along with the conversion of 40,000 rail bogies to Vande Bharat standards.
- Capex Target for FY25:
- The capital expenditure (capex) target for FY25 has been set at INR 11.1 lakh crore, representing an 11.1% increase.
- The FY25 capex outlay constitutes 3.4% of the GDP, indicating a substantial allocation for infrastructure development.
- Expansion of Medical Colleges:
- The government aims to establish more medical colleges by utilizing existing hospital infrastructure.
- A committee will be formed to examine and provide necessary recommendations for the expansion of medical education.
- Tourist Centre Development:
- States will be encouraged to take up the development of tourist centers, supported by long-term interest-free loans.
- Metro and Namo Bharat Trains Expansion:
- Plans to expand metro trains and Namo Bharat trains to more cities, enhancing urban connectivity and transportation infrastructure.
The Live Budget Session showcased a comprehensive approach to address various sectors, emphasizing sustainable development, social welfare, and economic growth. The announced initiatives are expected to have far-reaching implications, positively impacting different segments of the population and contributing to the overall progress of the nation.
