The Budget 2024 has introduced several key highlights aimed at economic growth, social welfare, and infrastructure development. 

Here’s a detailed overview:

Economic Growth and Fiscal Policy

GDP Growth Target: The government has set an ambitious target for GDP growth, aiming for a growth rate of around 7-8% for the fiscal year.

Fiscal Deficit: The fiscal deficit has been targeted at 4.5% of GDP, reflecting efforts to balance economic growth with fiscal discipline.

Tax Reforms: Introduction of simplified tax slabs for individuals and corporate entities to encourage compliance and investment.

Infrastructure Development

Transport Sector: Significant investments in road, rail, and air infrastructure. The allocation for the National Infrastructure Pipeline has been increased to boost connectivity and logistics.

Urban Development: Enhanced focus on smart cities and sustainable urban planning, with increased funding for urban infrastructure projects.

Social Welfare and Public Services

Healthcare: Expanded health insurance coverage under the Ayushman Bharat scheme, with a focus on increasing the number of hospitals and primary healthcare centers.

Education: Increased budget for the education sector, with special emphasis on digital education and skill development programs.

Social Security: Improved pension schemes and unemployment benefits, along with new schemes to support vulnerable populations.

Agriculture and Rural Development

Farm Support: Increased subsidies for farmers and investments in agricultural infrastructure, including irrigation and cold storage facilities.

Rural Employment: Expansion of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) with enhanced funding to provide more job opportunities in rural areas.

Environmental Sustainability

Green Energy: Investments in renewable energy projects, including solar and wind power, to promote clean energy and reduce carbon emissions.

Conservation Efforts: Initiatives to conserve water and protect natural resources, including increased funding for forest conservation and pollution control.

Technology and Innovation

Digital Economy: Support for digital infrastructure, including investments in 5G technology and cybersecurity measures.

Innovation Hubs: Establishment of new research and innovation centers to foster technological advancements and support startups.

Defense and National Security

Defense Budget: Increased allocation for defense and national security, focusing on modernizing military equipment and enhancing border security.

Taxation and Compliance

GST Reforms: Simplification of Goods and Services Tax (GST) with reduced compliance burden for small and medium enterprises.

Tax Incentives: Introduction of new tax incentives for businesses investing in research and development, and for sectors contributing to employment generation.

Housing and Urban Development

Affordable Housing: Increased funding for the Pradhan Mantri Awas Yojana (PMAY) to accelerate the construction of affordable housing units.

Public Sector Reforms

Disinvestment: Continuation of the disinvestment strategy with a focus on privatizing certain public sector enterprises to improve efficiency and raise revenue.

These highlights reflect a broad and inclusive approach aimed at driving economic growth while addressing key social and environmental issues.

Economic Reforms

Startup Ecosystem: Enhanced support for startups, including easier access to funding, reduced regulatory burdens, and tax benefits to foster innovation and entrepreneurship.

Banking Sector Reforms: Measures to strengthen the banking sector, including increased capital requirements and improved regulatory oversight to ensure financial stability.

Taxation Details

Personal Income Tax: Increased rebate limits and introduction of tax benefits for specific investments, such as those in green energy and healthcare.

Corporate Tax: Reduction in corporate tax rates for small and medium enterprises (SMEs) and introduction of performance-linked tax incentives for larger corporations.

Digital Transactions: Incentives for digital payments, including tax benefits for businesses that promote cashless transactions.

Health Sector Investments

Mental Health: Increased funding for mental health services and initiatives aimed at reducing stigma and improving access to care.

Vaccination Programs: Expansion of vaccination programs to cover a broader range of diseases and improve immunization rates.

Education and Skill Development

Higher Education: Increased funding for universities and research institutions, including grants for research and development projects.

Vocational Training: Expansion of vocational training programs and partnerships with industry to improve job readiness among graduates.

Rural Development

Water Resources: Investment in rural water supply projects and sanitation facilities to improve living conditions and health outcomes.

Rural Electrification: Accelerated efforts to provide electricity to remote and underserved rural areas.

Environment and Sustainability

Circular Economy: Support for initiatives promoting recycling and waste management to encourage a circular economy.

Climate Action: Funding for climate resilience projects, including measures to protect coastal areas and disaster-prone regions.

Technology and Innovation

Artificial Intelligence: Support for AI research and development, including grants and incentives for businesses implementing AI technologies.

Digital Infrastructure: Investment in expanding digital infrastructure to improve internet connectivity in rural and underserved areas.

Defense and National Security

Cybersecurity: Increased budget for enhancing cybersecurity measures to protect critical infrastructure and data.

Veterans’ Welfare: Improved benefits and support services for military veterans and their families.

Public Sector and Governance

Governance Reforms: Introduction of measures to improve transparency and efficiency in public sector operations, including e-governance initiatives.

Anti-Corruption Measures: Strengthened anti-corruption frameworks and increased funding for investigative agencies.

International Trade and Relations

Trade Agreements: Efforts to negotiate and strengthen trade agreements with key international partners to boost exports and attract foreign investment.

Foreign Direct Investment (FDI): Measures to simplify FDI regulations and attract investment in strategic sectors.

These additional details illustrate a comprehensive approach to addressing various aspects of the economy, society, and environment, with a focus on sustainable growth and development.

Small and Medium Enterprises (SMEs)

Financial Assistance: Introduction of low-interest loans and grants for SMEs to help them recover from economic disruptions and expand their operations.

Export Incentives: Support for SMEs engaged in exports, including subsidies and assistance in navigating international markets.

Digital Economy and Fintech

Blockchain Technology: Funding for research and development in blockchain technology to support secure transactions and improve transparency.

Fintech Innovations: Support for financial technology startups and innovations that enhance financial inclusion and efficiency.

Social Welfare Programs

Women’s Empowerment: Increased funding for programs aimed at women’s health, education, and entrepreneurship, including targeted financial assistance.

Child Welfare: Expansion of child welfare programs, including increased funding for nutrition, education, and protection services.

Housing and Real Estate

Real Estate Reforms: Measures to streamline real estate regulations and reduce paperwork to accelerate housing development and transactions.

Green Building Incentives: Tax benefits and subsidies for green building practices and energy-efficient homes.

Agriculture and Food Security

Crop Insurance: Expansion of crop insurance schemes to protect farmers from losses due to natural disasters and market fluctuations.

Agri-Tech Investments: Support for technology adoption in agriculture to improve productivity and sustainability, including smart farming techniques.

Transportation and Logistics

Public Transport: Increased investment in public transport infrastructure, including new metro lines, bus rapid transit systems, and urban rail networks.

Logistics Parks: Development of integrated logistics parks to streamline cargo movement and reduce logistics costs.

Tourism and Culture

Tourism Promotion: Funding for tourism infrastructure and marketing campaigns to boost domestic and international tourism.

Cultural Heritage: Support for preserving and promoting cultural heritage sites and initiatives to encourage cultural tourism.

Energy Sector

Energy Efficiency: Incentives for energy-efficient appliances and industrial processes to reduce energy consumption and lower carbon emissions.

Nuclear Energy: Investment in nuclear energy research and development as part of a diversified energy strategy.

Employment and Labor

Job Creation Programs: Initiatives to create new job opportunities, particularly in emerging industries and regions with high unemployment rates.

Labor Market Reforms: Reforms to improve labor market flexibility, including updates to labor laws to enhance worker protections and employer adaptability.

Financial Sector Stability

Insurance Sector Reforms: Measures to strengthen the insurance sector, including increased regulation and support for insurance penetration in underserved areas.

Pension System: Reforms to enhance the sustainability and inclusiveness of the pension system, including increased coverage for informal sector workers.

Public Health and Safety

Disaster Preparedness: Enhanced funding for disaster preparedness and response, including improved early warning systems and emergency response capabilities.

Public Safety: Investments in public safety infrastructure and services to ensure community safety and emergency preparedness.

Innovation and Research

R&D Grants: Increased grants and funding for research and development in critical areas such as health, technology, and environmental science.

Innovation Centers: Establishment of innovation centers and hubs to support research collaboration between academia, industry, and government.

These additional highlights reflect a comprehensive strategy to foster growth, support various sectors, and address key challenges facing the country.