FM’s GDP Budget to Focus on Women, Poor, Youth, Farmers

Besides, the government also announced several measures to enhance the skill, capacity and regulatory framework with a special focus on the massive infrastructure spend to boost the sector and generate employment in the country for the next financial year. The government also hinted that there will be unprecedented development in the next five years.

While tabling a vote on account, or an interim Budget, for 2024-25 in Parliament, Sitharaman announced Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in the Narendra Modi government’s last Budget before the general election, instead choosing to stay on the path of cutting the deficit while bolstering measures for focus groups. “No changes in income-tax rates for individuals and corporates, as well as import duty, but offered amnesty for disputed income tax demands of the period prior to 2014-15 as a relief to small taxpayers,” she proposed in her speech.

Briefing the media, Sitharaman said this interim Budget was presented just before just the elections and called it as GDP — governance, development and performance. “G is for governance, where the Budget speaks from a position where we’ve delivered on development. We managed the economy with correct intentions, correct policies and correct decisions, so it’s governance with care. D stands for people living better, earning better and having high aspirations for the future, and if I move to the ‘P’ the performance three consecutive years of 7 per cent growth faster-growing economy in G20 all parts of the country participating in the growth” she told reporters.

In her close to an hour-long Budget speech in the Lok Sabha, she also exuded confidence in the Indian economy and detailed the last 10 years of achievements of the government, saying that there would be unprecedented development in the next five years. Giving a sneak preview of what will be the Narendra Modi government’s priority in a third term, if re-elected, she said economic policies that foster and sustain growth, facilitate inclusive development and contribute to generation of resources to power investments will be adopted towards making India a developed country by 2047.

Sitharaman also announced that the government will be launching a scheme to help the deserving sections of the middle class, as quoted by Modi “living in rented houses, slums or chawls or unauthorised colonies”, which will help them to buy or build their own houses. Among several announcements for the youth, poor, women and farmers, the minister also highlighted that the healthcare cover under Ayushman Bharat will be extended to all Asha and Anganwadi workers and helpers.

Sitharaman’s Budget proposes to cut food, fertiliser and fuel subsidies by 8 per cent in 2024-25 over last year while keeping the allocation for the rural employment scheme MGNREGA unchanged. Spending on infrastructure such as roads, ports and airports has been raised by 11 per cent to Rs 11.1 lakh crore in a bid to sustain the current world-record beating economic growth and create more jobs. The government will also provide Rs 1.3 lakh crore long-term loans to states to spend on infrastructure. Besides, the government will build two crore affordable houses in the next five years and will launch a scheme for housing for the middle class.