Viksit Bharat By 2047: 10 Key Points Announced By FM Nirmala Sitharaman In Interim Budget

Viksit Bharat By 2047, this was the main agenda when Finance Minister Nirmala Sitharaman announced policies and measures for strengthening the growth of India going ahead. It was broadly a vote-on-account budget ahead of the Lok Sabha elections. But still, FM declared some key reforms that are going to drive infrastructure which will also mean sectors like agriculture, railway, power, and energy are among key beneficials.

FM announced three mantras for Viksit Bharat. Firstly, Sabka Saath, Sabka Vikas: Comprehensive development of all. Second would be -- Sabka Saath, Sabka Vikas, Sabka Vishwas: Trinity of demography, democracy and diversity, backed by 'Sabka Prayas'. And the third mantra would be - Developed India By 2047.

The vision is of a prosperous Bharat in harmony with nature, modern infrastructure and opportunities for all.

That being said, here are 10 key points to know about the Interim Budget 2024:

1. Budget Estimates 2024-25:

The total receipts other than borrowings and the total expenditure are estimated at Rs 30.80 and 47.66 lakh crore respectively. The tax receipts are estimated at Rs 26.02 lakh crore. The scheme of fifty-year interest-free loans for capital expenditure to states will be continued this year with a total outlay of Rs 1.3 lakh crore.

Continuation on the path of fiscal consolidation, as announced in my Budget Speech for 2021-22, to reduce fiscal deficit below 4.5 per cent by 2025-26. The fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP, adhering to that path. The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.13 and Rs 11.75 lakh crore respectively. Both will be less than that in 2023-24.

2. Revised Estimates 2023-24:

The Revised Estimate of the total receipts other than borrowings is Rs 27.56 lakh crore, of which the tax receipts are Rs 23.24 lakh crore. The Revised Estimate of the total expenditure is Rs 44.90 lakh crore.

The revenue receipts at Rs 30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalization in the economy. The Revised Estimate of the fiscal deficit is 5.8 per cent of GDP, improving on the Budget Estimate, notwithstanding moderation in the nominal growth estimates.

3. People-Centric Inclusive Development:

- Substantive development of all forms of infrastructure-Physical, Digital and Social.

- Digital Public Infrastructure (DPI)-Promoted formalisation and financial inclusion.

- Deepening and widening of tax base via GST.

- Strengthened financial sector brought savings, credit and Investment back on track.

- GIFT IFSC- A robust gateway for global capital and financial services for the economy.

- All parts of the country become active participants in economic growth.

4. Sustainable Development:

- Commitment to meet 'Net Zero' by 2070: Viability gap funding for wind energy; Setting up of coal gasification and liquefaction capacity; Phased mandatory blending of CNG, PNG and compressed biogas; Financial assistance for procurement of biomass aggregation machinery.

Rooftop solarization: 1 crore households will be enabled to obtain up to 300 units of free electricity per month. Also, the adoption of e-buses for public transport networks; and strengthening of the e-vehicle ecosystem by supporting manufacturing and charging.

- New scheme of biomanufacturing and bio-foundry to be launched to support environment-friendly alternatives.

5. Infrastructure and Investment:

- Implementation of 3 major railway corridor programmes under PM Gati Shakti to improve logistics efficiency and reduce cost.

- Promotion of foreign investment via bilateral investment treaties to be negotiated.

- Expansion of existing airports and comprehensive development of new airports under the UDAN scheme.

- Promotion of urban transformation via Metro Rail and NaMo Bharat.

6. Health:

- Encourage Cervical Cancer Vaccination for girls (9-14 years).

- Saksham Anganwadi and Poshan 2.0 to be expedited for improved nutrition delivery, early childhood care and development.

- U-WIN platform for immunisation efforts of Mission Indradhanush to be rolled out.

- Health cover under the Ayushman Bharat scheme to be extended to all ASHA, Anganwadi workers and helpers.

7. Housing:

- Pradhan Mantri Awas Yojana (Grameen) is close to achieving the target of 3 crore houses, an additional 2 crore targeted for the next 5 years.

-Housing for Middle-Class scheme to be launched to encourage the middle class to buy/build their own houses.

8. Tourism:

- States will be encouraged to undertake the development of iconic tourist centres to attract business and promote opportunities for local entrepreneurship.

- Long-term interest-free loans to be provided to States to encourage development.

9. Agriculture and Food Processing:

- The government will promote private and public investment in post-harvest activities.

- Application of Nano-DAP to be expanded in all agro-climatic zones.

- Atmanirbhar Oilseeds Abhiyaan-Strategy to be formulated to achieve Atmanirbharta for oilseeds.

- Comprehensive programme for dairy development to be formulated.

- Implementation of Pradhan Mantri Matsaya Sampada Yojana to be stepped up to enhance aquaculture productivity, double
exports and generate more employment opportunities.

- Five Integrated Aquaparks to be set up.

10. Tax Proposals

- Continuity in taxation: Certain tax benefits to Start-ups and investments made by sovereign wealth funds/pension funds, tax exemption of some IFSC units earlier expiring on 31.03.2024 extended up to March 31, 2025.

- Withdrawal of outstanding direct tax demand: Up to ₹25,000 pertaining up to FY10; and Up to ₹10,000 for FY11-FY15. Expected to benefit approximately 1 crore taxpayers.