Key Highlights of India’s Union Budget 2024-25
The Union Budget of India is a significant annual event that outlines the government’s financial plans and priorities for the upcoming fiscal year. The budget for 2024-25, presented by the Finance Minister, has introduced several key initiatives aimed at boosting economic growth, enhancing infrastructure, and improving the overall welfare of citizens.
Here are the ten key highlights from the Union Budget 2024-25:
- Increased Allocation for Infrastructure Development
The government has earmarked a substantial increase in infrastructure spending, targeting ₹10 lakh crore for infrastructure projects. This investment aims to enhance connectivity, boost manufacturing, and create jobs across various sectors.
- Focus on Green Energy
In line with India’s commitment to sustainability, the budget allocates ₹25,000 crore for renewable energy projects. This includes projects for solar and wind energy initiatives, aiming to increase the share of renewable energy in the country’s energy mix.
- Enhanced Healthcare Funding
The healthcare sector received a significant boost, with an allocation of ₹2.5 lakh crore to improve healthcare facilities and services. This funding will support the expansion of health infrastructure, increase the number of hospitals, and enhance access to essential health services.
- Support for Agriculture
Recognizing the importance of agriculture in the Indian economy, the budget includes ₹1.5 lakh crore for agricultural development. This funding will focus on improving irrigation facilities, providing subsidies for fertilizers, and promoting sustainable farming practices.
- Tax Reforms for Middle-Class Families
To provide relief to middle-class families, the budget proposes an increase in the tax exemption limit to ₹3 lakh. This change aims to enhance disposable income and stimulate consumer spending, contributing to economic growth.
- Investment in Education and Skill Development
The budget allocates ₹1 lakh crore for education and skill development programs. This funding will support the establishment of new educational institutions, enhance vocational training, and promote digital literacy among the youth.
- Digital India Initiative
The government continues to push for a digital economy with an allocation of ₹15,000 crore for the Digital India initiative. This funding will enhance digital infrastructure, promote e-governance, and support the development of digital skills among citizens.
- Women Empowerment Programs
The budget emphasizes women empowerment by allocating ₹20,000 crore for various initiatives aimed at improving women’s health, education, and employment opportunities. This includes support for women entrepreneurs and programs to enhance their participation in the workforce.
- Focus on Startups and Innovation
To foster innovation and entrepreneurship, the budget includes provisions for ₹10,000 crore in funding for startups. This initiative aims to provide financial support, mentorship, and resources to budding entrepreneurs, encouraging them to contribute to the economy.
- Strengthening Social Security
The government has introduced measures to strengthen social security programs, with an allocation of ₹50,000 crore for welfare schemes. This funding will enhance support for the elderly, disabled, and economically disadvantaged sections of society, ensuring a safety net for all citizens.
The Union Budget of India for 2024-25 reflects the government’s commitment to fostering economic growth, enhancing infrastructure, and improving the quality of life for citizens. With significant allocations in key sectors such as healthcare, education, and agriculture, the budget aims to create a robust framework for sustainable development. As these initiatives unfold, they hold the potential to transform the Indian economy and empower its citizens for a brighter future.
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