Indian Budget 2024: Key Highlights and Reactions

The Indian Budget 2024, presented by Finance Minister Nirmala Sitharaman, outlines a strategic approach to economic growth, focusing heavily on capital expenditure while aiming to reduce the fiscal deficit to 4.5% by 2026. This year’s budget includes significant investments in infrastructure, health, and education, with a notable push towards enhancing the country’s economic resilience and growth trajectory.

Major Highlights:

  1. Capital Expenditure: The government has prioritized infrastructure investment, increasing capital expenditure to a record level. This move aims to stimulate economic growth by enhancing transportation, urban development, and connectivity.
  2. Health Initiatives: Significant allocations have been made for healthcare, including a campaign to vaccinate girls aged 9-14 against cervical cancer and extending health cover for ASHA and Anganwadi workers.
  3. Employment and Youth: The budget includes measures to generate 55 lakh jobs, focusing on skill development and employment opportunities for the youth.
  4. Women and Farmers: Various schemes are introduced to support women entrepreneurs and farmers, including subsidies and financial assistance to improve agricultural productivity and economic independence.

Reactions:

  • Positive Feedback: Former NITI Aayog CEO Amitabh Kant praised the budget as “all-inclusive,” highlighting its benefits for women, young people, and farmers. He emphasized that the budget’s inclusive approach is essential for national growth.
  • Criticism from Opposition: Delhi Minister Atishi and Congress’s Supriya Shrinate criticized the budget, calling it a “jumla” and accusing the government of failing to address inflation and unemployment effectively. They argued that the budget lacked substantial measures to alleviate the common people’s economic struggles.
  • Industry Approval: Adar Poonawalla, CEO of the Serum Institute of India, commended the government’s health initiatives, especially the vaccination program for young girls and the support for health workers. This reflects the industry’s recognition of the government’s commitment to improving public health.

The Budget 2024 is seen as a balancing act between fiscal prudence and growth-oriented spending, aiming to set a robust foundation for India’s economic future while addressing key social sectors.

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