India’s Finance Minister, Nirmala Sitharaman, has unveiled the Budget for 2024, which includes populist measures designed to stimulate economic growth and enhance social welfare. A key feature of this Budget is the ambitious ‘Viksit Bharat’ (Developed India) roadmap, aimed at transforming India into a developed and independent nation by 2047.
The ‘Viksit Bharat roadmap outlines a comprehensive strategy focusing on infrastructure, education, healthcare, and overall economic development. Significant investments are planned in infrastructure projects to improve connectivity and logistics across the country, which is expected to boost economic activities and create job opportunities.
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Education and healthcare receive substantial attention in this Budget. There are allocations for improving the quality of education at all levels, focusing on skill development to prepare the youth for future challenges. The healthcare sector sees increased funding to expand healthcare facilities, ensure better medical services, and make healthcare more accessible and affordable.
The ‘Viksit Bharat’ Impacts
The Budget introduces several tax reliefs and subsidies to support the middle and lower-income groups. These measures are designed to increase the purchasing power of these groups, thereby stimulating domestic consumption and supporting what is planned for 2024. Tax reliefs include adjustments in income tax slabs and the introduction of new deductions, while subsidies target essential commodities and services to reduce the financial burden on the common people.
The Budget also emphasizes the importance of sustainable and inclusive growth. Initiatives to promote green energy, reduce carbon emissions, and enhance environmental sustainability are prominently featured. Additionally, the Budget aims to support small and medium-sized enterprises (SMEs) through various schemes and incentives, recognizing their crucial role in the economy.
Overall, FM Nirmala Sitharaman’s Budget 2024 is a blend of populist measures and visionary plans under the Viksit Bharat roadmap. It aims to foster economic growth, improve social welfare, and set India on a path towards becoming a developed nation by 2047. The Budget’s emphasis on infrastructure, education, healthcare, tax reliefs, and digital transformation reflects a comprehensive approach to addressing the nation’s current needs and future aspirations.
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