India’s Interim Budget 2024 Pledges Inclusive Development with “Sabka Saath, Sabka Vikas, Sabka Vishwas” Approach
The interim budget, presented last week by Indian Finance Minister Nirmala Sitharaman, encapsulated the guiding principle of “Sabka Saath, Sabka Vikas, Sabka Vishwas,” underscored by the approach of Sabka Prayas. Diverging from the Union budget, the Interim budget is tailored for short-term financial planning, especially crucial during election periods, emphasizing immediate expenditure and revenue collection until the newly formed government unveils a comprehensive budget. The government’s assertion that the budget aligns with ‘Viksit Bharat,’ aimed at fostering inclusive development, economic growth, and the creation of more job opportunities to be realized by 2047, resonated throughout the presentation. Notably, the interim budget retains its efficacy only until March 31, 2024.
Key focal points of the interim budget include GYAN (Gareeb, Yuva, Annadata, Nari Shakti), emphasizing Garib Kalyan and Desh Ka Kalyan by spotlighting the government’s efforts in uplifting 25 crore people from multidimensional poverty in the last decade. Additionally, initiatives such as PM-SVANindhi, providing credit assistance to 78 lakh street vendors, and PM-Vishwakarma Yojana, supporting artisans and craftsmen, alongside the effective implementation of Direct Benefit Transfer (DBT) resulting in savings of 2.7 lakh crore, were highlighted. The focus on YUVA entailed empowering youth, nurturing their entrepreneurial aspirations through the sanction of 43 crore loans under PM Mudra Yojana and aiming to train 1.4 crore youth under the Skill India Mission. ANNADATA, centered on the welfare of farmers, directed financial assistance to 11.8 crore farmers under PM-KISAN, coupled with crop insurance for 4 crore farmers. Lastly, NARI SHAKTI saw a rise in women’s participation, with initiatives like providing 30 crore Mudra Yojana loans to women entrepreneurs, assisting 83 lakh self-help groups to empower women as ‘Lakhpati Didis,’ and augmenting women’s representation in higher education by 28 percent.
The interim budget placed a significant emphasis on the tourism sector, urging states to undertake the comprehensive development of tourist centers by leveraging branding and marketing strategies at a global scale. To facilitate this, the government proposed the provision of long-term interest-free loans to states to finance such developmental endeavors. Notably, expenditure on tourism was notably highest in Lakshadweep, underscoring the importance of bolstering this sector in the region. Under the ambit of housing schemes, the interim budget allocated resources towards affordable housing projects with special emphasis on marginalized and economically disadvantaged communities. The budget allocates significant resources towards strengthening access to quality healthcare services and enhancing pandemic preparedness with healthcare cover Ayushman Bharat scheme to be extended to all ASHA workers, Anganwadi workers and helpers.
People-centric inclusive development is prioritized to ensure the development of all forms of physical, digital, and social infrastructure, coupled with proactive inflation management, alongside the deepening and widening of the tax base through GST, with no changes in corporate tax. No tax liability on families with income upto 7 lakh and no changes in personal income tax slabs. A new scheme to be launched for strengthening deep-tech technologies for defense purposes and “Atmanirbharta”. 40,000 normal rail bogies to be converted to Vande Bharat standards with 517 new routes and doubled airports in the aviation sector.
The interim budget 2024 embodies a more holistic approach to inclusive development, harmonizing economic growth with social welfare imperatives. The Budget lays the groundwork for equitable and progress cultivating a business friendly environment while navigating the uncertainties of an election year.
By – Kashish Jain
