The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, has set the stage for India’s continued economic growth and social development. With a focus on infrastructure, healthcare, education, and sustainability, this budget aims to strengthen India’s position as a global economic powerhouse while addressing the needs of its citizens. Here’s a detailed breakdown of the key highlights and allocations:
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Table of Contents
1. Economic Growth and Employment**
2. Infrastructure Development
3. Healthcare and Education
4. Agriculture and Rural Development
5. Green Economy and Sustainability
6. Tax Reforms and Relief
7.Conclusion
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**1. Economic Growth and Employment**
The 2024 budget emphasizes boosting economic growth and creating employment opportunities. Key initiatives include:
– **Increased allocation for MSMEs**: ₹22,000 crore to support small businesses and startups.
– **Skill development programs**: ₹5,000 crore allocated to train youth in emerging technologies like AI and robotics.
– **Export promotion**: Incentives for sectors like textiles, pharmaceuticals, and IT to enhance global trade.
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**2. Infrastructure Development**
Infrastructure remains a cornerstone of this budget, with significant investments in:
– **Roads and highways**: ₹2.5 lakh crore allocated for the construction of new highways and expressways.
– **Railways**: ₹1.8 lakh crore for modernization, including the introduction of 400 new Vande Bharat trains.
– **Urban development**: ₹15,000 crore for smart cities and metro rail projects.
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**3. Healthcare and Education**
The budget prioritizes improving healthcare and education systems:
– **Healthcare**: ₹80,000 crore allocated for the Ayushman Bharat scheme, expanding coverage to 10 crore more families.
– **Education**: ₹50,000 crore for the National Education Policy (NEP) implementation, focusing on digital learning and skill development.
– **Research and innovation**: ₹10,000 crore for setting up new research institutions and promoting STEM education.
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**4. Agriculture and Rural Development**
To support farmers and rural communities, the budget includes:
– **Increased MSP**: Higher Minimum Support Price (MSP) for crops like wheat, rice, and pulses.
– **Irrigation projects**: ₹12,000 crore for micro-irrigation and water conservation projects.
– **Rural employment**: ₹60,000 crore allocated for MGNREGA to boost rural employment.
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**5. Green Economy and Sustainability**
The 2024 budget highlights India’s commitment to a green economy:
– **Renewable energy**: ₹20,000 crore for solar and wind energy projects.
– **Electric vehicles**: Subsidies and incentives for EV manufacturers and buyers.
– **Waste management**: ₹5,000 crore for sustainable waste management systems in urban areas.
6. Tax Reforms and Relief
The budget introduces several tax reforms to benefit individuals and businesses:
– **Income tax relief**: Increased tax exemption limit for individuals earning up to ₹7.5 lakh annually.
– **GST simplification**: Measures to streamline GST processes for small businesses.
– **Corporate tax**: Reduced tax rates for startups and MSMEs to encourage investment.
**7. Conclusion**
The 2024 Union Budget is a balanced and forward-looking financial plan that addresses both economic growth and social welfare. By focusing on infrastructure, healthcare, education, and sustainability, the government aims to create a more inclusive and resilient economy. While the budget has been widely appreciated for its progressive measures, effective implementation will be key to achieving its goals.
