Summary of the Budget 2024-2025 Speech

Introduction

The Budget for 2024-2025 was presented by Finance Minister Nirmala Sitharaman. The government, led by Prime Minister Narendra Modi, has been re-elected for a historic third term. The budget aims to ensure that all Indians, irrespective of religion, caste, gender, or age, can achieve their life goals and aspirations.

Global Context

The global economy, despite performing better than expected, faces policy uncertainties. Elevated asset prices, political uncertainties, and shipping disruptions pose risks to growth and inflation. However, India continues to show strong economic growth with stable and low inflation, moving towards a 4% target. Core inflation is currently at 3.1%.

Interim Budget Highlights

The interim budget focused on four major groups: the poor (Garib), women (Mahilayen), youth (Yuva), and farmers (Annadata). Key measures included higher Minimum Support Prices for crops and the extension of the Pradhan Mantri Garib Kalyan Anna Yojana for five years, benefitting over 80 crore people. Administrative actions for various schemes are well underway.

Budget Theme

The 2024-2025 budget emphasizes employment, skilling, MSMEs, and the middle class. The Prime Minister's package includes five schemes and initiatives to create opportunities for 4.1 crore youth over five years with a central outlay of ₹2 lakh crore. An allocation of ₹1.48 lakh crore is made for education, employment, and skilling.

Budget Priorities

The budget outlines nine key priorities:

1. Productivity and Resilience in Agriculture: Focus on agriculture research, releasing high-yielding crop varieties, promoting natural farming, and strengthening production of pulses and oilseeds.
2. Employment & Skilling: Central outlay of ₹2 lakh crore for youth employment and skilling over five years.
3. Inclusive Human Resource Development and Social Justice: Allocation of over ₹3 lakh crore for women-led development and schemes benefiting women and girls.
4. Manufacturing & Services: Support for MSMEs with financing, regulatory changes, and technology support.
5. Urban Development: Focus on infrastructure development in urban areas.
6. Energy Security: Policy for energy transition, PM Surya Ghar Muft Bijli Yojana for free electricity, and promotion of nuclear energy.
7. Infrastructure: Significant investment in infrastructure with ₹11,11,111 crore allocated for capital expenditure, constituting 3.4% of GDP.
8. Innovation, Research & Development: Funding for research and development in agriculture and energy sectors.
9. Next Generation Reforms: Continued efforts for economic reforms to achieve 'Viksit Bharat' (Developed India).

Budget Estimates 2024-25

The budget provides detailed estimates and allocations for various sectors and priorities to drive India's development.

Indirect and Direct Taxes

Revisions and updates in indirect and direct taxes are included, aimed at boosting economic activities and providing relief to various segments of the population.

This budget sets the foundation for India's journey towards becoming a developed nation, with a focus on inclusive growth, sustainable development, and economic stability.