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The Union Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman, includes several key initiatives and highlights aimed at fostering economic growth, social welfare, and infrastructural development.

Union Budget 2024: Social Welfare Initiatives:

The Union Budget 2024 focuses on key themes aimed at driving India’s growth and development.

• Social Justice: The government focuses on uplifting the poor, women, youth, and farmers. Programs such as PM-SVANidhi for street vendors, PM-JANMAN for vulnerable tribal groups, and PM-Vishwakarma for artisans provide targeted support.
• Welfare of Farmers: Financial assistance continues through PM-KISAN SAMMAN Yojana and crop insurance under PM Fasal Bima Yojana. The e-NAM platform facilitates better market access for farmers.
• Women’s Empowerment: Initiatives like the Mudra Yojana have granted 30 crore loans to women entrepreneurs, and the Lakhpati Didi scheme aims to economically uplift rural women through self-help groups.

Union Budget 2024: Economic and Taxation Measures:

• Taxation: The budget maintains the current tax regime with no changes in direct or indirect tax rates. Significant achievements include a doubling of tax collections over the past decade and a reduction in the average processing time for tax returns to 10 days.
• Presumptive Taxation: Thresholds for retail businesses and professionals have been increased to Rs. 3 crore and Rs. 75 lakh, respectively, facilitating easier compliance.

Union Budget 2024: Infrastructure and Development:

• Infrastructure Investment: The capital expenditure outlay is increased by 11.1% to Rs. 11.11 lakh crore, which is 3.4% of GDP, to boost economic growth and employment.
• Railways: The budget includes the conversion of 40,000 normal rail bogies to Vande Bharat coaches and the development of three major railway corridors to enhance freight and passenger services.

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Fiscal Responsibility:

• Fiscal Deficit: The budget sets a fiscal deficit target of 5.1% of GDP for FY25, with a long-term goal of reducing it to 4.5% by FY26. This approach aims to attract foreign investment and improve India’s financial stability.

Green Initiatives:

• Sustainable Energy: Investments continue in rooftop solarization and green energy projects to promote sustainable development.

Union Budget 2024-25 Overall, the aims to balance growth and fiscal prudence, with substantial investments in infrastructure, social welfare, and economic reforms to drive India’s progress towards becoming a developed nation by 2047​ (Press Information Bureau)​​ (mint)​.