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Financial Express Online brings you a comprehensive analysis of the policies and their impact on various profiles and sectors. The page aims to offer both expected forecasts and real data to help you grasp all the nuances of the Budget 2024.
BUDGET 2024 FOR CONSUMERS
- No changes in direct and indirect taxes
- No Change in tax regime, same tax slabs to continue
- The National Education Policy 2020 is ushering the transformation of reforms
- Upskill and reskilled 54 lakh youth
- 7 IITs, 16 IIITs, 390 Universities, set up
- FM Niramala Sitharaman did not specify anything related to Senior Citizens during Interim Budget 2024 speech.
- The government will encourage the vaccination against cervical cancer of girls in the age group of 9-14 years for the prevention of the disease.
- The health cover under the Ayushman Bharat scheme will be extended to all ASHA and Anganwadi workers and helpers.
- All maternal and child healthcare schemes will be brought under one comprehensive programme for synergy in implementation.
- Empowerment of women through entrepreneurship, ease of living
- 30 crore mudra yojana loans given to women entrepreneurs
- Stem courses, girls and women constitute 43 % of enrolment
- Increasing participation of women in workforce
- Over 70 per cent houses under PM awas yojana in rural areas given to women as sole or joint owners
- 1.4 crore youth trained under Skill India mission
- Employment opportunities for the youth with technical skills in manufacturing, installation and maintenance
- Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment.
- Charging of electric vehicles offers entrepreneurship opportunities for vendors for supply and installation employment opportunities for youth with technical skills in manufacturing, installation and maintenance.
- Farmers are our ‘Annadata’. Every year, under PM-KISAN SAMMAN Yojana, direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers.
- Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana.
- Electronic National Agriculture Market has integrated 1361 mandis, and is providing services to 1.8 crore farmers with trading volume of ` 3 lakh crore.
- Threshold for professionals eligible for presumptive taxation was increased from ₹ 50 lakh -75 Lakh.
- Corporate tax rate was decreased from 30 per cent to 22 per cent for existing domestic companies and to 15 per cent for certain new manufacturing companies.
- Capex goal has been established at Rs 11.1 lakh crore, reflecting an 11.1% increase.
- ‘Housing for all’, ‘har ghar jal’, electricity for all, cooking gas for all, bank accounts and financial services for all
- Minimum support prices for the produce of ‘Annadata’ are periodically increased
- ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer) key schemes to address needs, aspirations and welfare
- Government has assisted 25 crore people to get freedom from multi-dimensional poverty.
- ‘Direct Benefit Transfer’ of Rs 34 lakh crores PM-Jan Dhan accounts has led to savings of Rs 2.7 lakh crore for the Government.
- Free ration for 80 crore people
- Constant hike in MSP for farmers
- The government has assisted 25 crore people to get freedom from poverty
- Additional construction of two crore houses as part of the Pradhan Mantri Awas Yojana – Gramin (PMAY-G).
BUDGET 2024 FOR SECTORS
- The government will encourage the vaccination against cervical cancer of girls in the age group of 9-14 years for the prevention of the disease.
- The health cover under the Ayushman Bharat scheme will be extended to all ASHA and Anganwadi workers and helpers.
- The government plans to set up more medical colleges by utilising the existing hospital infrastructure under various departments. A committee for this purpose will be set up to examine the issues and make relevant recommendations.
- All maternal and child healthcare schemes will be brought under one comprehensive programme for synergy in implementation.
- Upgradation of Anganwadi centres under ‘Saksham Anganwadi’ and Poshan 2.0 will be expedited to improve nutrition delivery, early childhood care, and development.
- The newly designed ‘U-Win’ platform for managing immunisation and intensification of Mission Indradhanush will be rolled expeditiously throughout the country.
- A new scheme will be launched for strengthening deep-tech technologies for defence purposes and expediting ‘atmanirbharta’.
- FM Niramala Sitharaman did not specify anything related to telecom industry during Interim Budget 2024 speech.
- Government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure.
- For promoting green growth, a new scheme of bio-manufacturing and bio-foundry will be launched.
- EV ecosystem will be expanded and strengthened by expanding manufacturing and charging infrastructure
- Support for electric buses via price safety mechanism
- Charging of electric vehicles offers entrepreneurship opportunities for vendors for supply and installation employment opportunities for youth with technical skills in manufacturing, installation and maintenance.
- Towards meeting our commitment for ‘net-zero’ by 2070, the following measures will be taken.
- Viability gap funding will be provided for harnessing offshore wind energy potential for initial capacity of one giga-watt.
- Coal gasification and liquefaction capacity of 100 MT will be set up by 2030. This will also help in reducing imports of natural gas, methanol, and ammonia.
- Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes will be mandated.
- Financial assistance will be provided for procurement of biomass aggregation machinery to support collection.
- Sitharaman noted the significant advancements in the aviation sector over the past decade, highlighting that the number of airports has doubled to 149.
- FM emphasised the substantial progress of the UDAN scheme, with 517 operational routes.
- The Finance Minister underscored the ongoing expansion of existing airports and the rapid development of new ones.
- The infrastructure budget receives an 11% boost, now standing at Rs 11.11 lakh crore.
- Continuing the Gati Shakti master plan, state governments are offered an extension of 50-year interest-free loans for another year.
- Three major economic railway corridor programmes will be implemented. These are: (1) energy, mineral and cement corridors, (2) port connectivity corridors, and (3) high traffic density corridors.
- Key rail infrastructure projects including Metro Rail and Namo Bharat will be expanded to more cities.
- 40,000 normal rail bogies will be converted to the Vande Bharat standards to enhance safety, convenience and comfort of passengers.
- Tourism including spiritual tourism has tremendous opportunities for local entrepreneurs.
- Projects for port connectivity, tourism infrastructure and amenities will be taken up “on our islands, including Lakshadweep” to address the “emerging fervour” for domestic tourism in the country.
- FM also said “our economic strength has made the country an attractive destination for business and conference tourism”.
- -Govt will launch a scheme for deserving sections of middle class to buy or build their own houses
- Over 70 per cent houses under PM awas yojana in rural areas given to women as sole or joint owners
- FM Niramala Sitharaman did not specify anything related to the retail/FMCG industry during the Interim Budget 2024 speech.
- FM Niramala Sitharaman did not specify anything related to the Artifical Intelligence industry during the Interim Budget 2024 speech.
- Development programmes, in the last ten years, have targeted each and every household and individual, through ‘housing for all’, ‘har ghar jal’, electricity for 3 all, cooking gas for all, bank accounts and financial services for all, in record time.
- GIFT IFSC and the unified regulatory authority, IFSCA are creating a robust gateway for global capital and financial services for the economy.
- For meeting the investment needs our Government will prepare the financial sector in terms of size, capacity, skills and regulatory framework.
- Financial assistance will be provided for procurement of biomass aggregation machinery to support collection.
- Development programmes, in the last ten years, have targeted each and every household and individual, through ‘housing for all’, ‘har ghar jal’, electricity for 3 all, cooking gas for all, bank accounts and financial services for all, in record time.
- EV ecosystem will be expanded and strengthened by expanding manufacturing and charging infrastructure
- The biggest beneficiaries are the consumers, as reduction in logistics costs and taxes have brought down prices of most goods and services.
- FM Niramala Sitharaman did not specify anything related to the Space industry during the Interim Budget 2024 speech.
- Proposal for long-term financing for the sunrise sectors to scale up on research and innovation will be beneficial
- Female enrolment in higher education has gone up by twenty-eight per cent in ten years.
- The National Education Policy 2020 is ushering in transformational reforms.
- PM ScHools for Rising India (PM SHRI) are delivering quality teaching, and nurturing holistic and well-rounded individuals.
- Funds for 11.8 crore farmers including marginal and small farmers
- Crop Insurance- 4 crore farmers under PM Fasal Yojna
- 38 lakh farmers Schemes have been created to reduce post-harvest losses
- A strategy will be formulated- Aatmanirbharta for oil seeds
- Comprehensive program for supporting dairy farmers will be launched National Gokul Mission, national livestock mission
Budget Expectation for Profile & Sectors
With the Lok Sabha Polls 2024 lined up this year, the Budget in February will be an Interim Budget. This will be a temporary one to take care of the interim expenses. After the new Government is sworn in, the main Budget will be presented in July 2024 after the establishment of the new government following the General Elections later this year.
The Interim Budget usually reflects past trends and does not make any big or populist announcements because of the uncertainty over the in-principle power transition due in the form of General Elections. The government will most likely continue with its growth-oriented measures focusing on infrastructure development and enhancing the manufacturing industry. It is also anticipated that the government will introduce a pro-investment budget.
Schemes centered around welfare for women are also expected in the 2024 Budget, similar to that of ‘Ladli Behna Yojana’. The Union Budget is pivotal for the economy, impacting citizens, analysts, and the government. It not only outlines expenses and revenues but also maintains financial stability, oversees government finances, ensures transparency, and aids in policymaking for India’s development goals. It allows people to track government spending, plan personal finances, and anticipate macroeconomic shifts.