Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2024-25 in the Lok Sabha today. Among other things, the budget greatly focuses on Productivity and resilience in Agriculture
New Delhi, India – On July 23, 2024, Finance Minister of India, Nirmala Sitharaman presented the first budget of the third term of the Modi Government. The budget outlined the government’s economic priorities and fiscal roadmap for the year.
FM Nirmala Sitharaman highlighted the focus of this budget as being on sustainable growth, job creation, and inclusive development. In her speech, she began by recognizing the challenges posed by the COVID-19 pandemic. Sitharaman emphasised how we are in the middle of a recovering but still fragile global economy.
Union Budget 2024: Priorities outlined in the budget
The priorities of the Union Budget 2024 presented by Nirmala Sitharaman were Productivity and resilience in Agriculture, Employment and skilling, Inclusive HRD and social justice, Manufacturing & Services, Urban Development, Energy security, Infrastructure, Innovation, Research & Development, and Next-generation reforms.
Union Budget 2024 highlights
Sitharaman talked about focusing on helping businesses grow and creating more jobs. She highlighted that it is crucial to keep our economy strong in the dynamic world conditions we are facing. The budget also focused on increasing investment in infrastructure healthcare, education, and technology.
The Finance Minister talked about how healthcare played a critical role in the pandemic. Keeping that in mind the government has decided to avail significant allocations for the healthcare sector. She announced plans on enhancing healthcare infrastructure and strengthening healthcare research and development. Sitharaman also brought to everyone’s attention that healthcare is a human right and the government plans to expand access to affordable healthcare.
The budget also focuses on assigning more resources for improving the quality of education. Apart from that, this year there will be a conscious effort to promote vocational training and enhance digital literacy by the government. She mentioned significant investment will be made towards educational infrastructure and initiatives to promote innovation and entrepreneurship among the youth of our nation.
The budget also focused on the need for strengthening the agricultural sector and rural economy. Various schemes and programs will be greenlit to promote farmer welfare.The budget included provisions for enhancing agricultural productivity and rural infrastructure development.The Finance Minister spoke about recognizing the urgency of climate change and announced plans to invest in clean energy sources like solar and wind power to reduce pollution and protect our planet. She also mentioned initiatives to promote sustainable development, renewable energy, and environmental conservation.
Budget 2024 also focuses on utilising the potential of digital technologies and innovation, to create more employment opportunities and add momentum to the economic growth. She mentioned initiatives to promote digital connectivity, e-governance, and digital payments. Sitharaman also announced that the tax regime will be simplified and taxation transparency will be promoted. She talked about improving tax administration and reducing the compliance burden on taxpayers.The Finance Minister brought to everyone’s attention that the government will be focusing on infrastructure development, including roads, railways, ports, and airports as it boosts economic activity and creates employment opportunities.
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