“Is this a budget to provide employment to the unemployed?”, “Saw arrogance when they said that they would present the Budget in July,” is how the Opposition has reacted to the interim Budget 2024 that Union Finance Minister Nirmala Sitharaman announced on Thursday. One would have expected measures to woo the common man ahead of the Lok Sabha elections in 2024. Not only were there no policy announcements, but Nirmala Sitharaman also delivered her shortest speech of 58 minutes.
The Budget 2024 address predominantly indicated the central government’s commitment to existing schemes, highlighting its dedication to work towards the progress of every citizen and how the Prime Minister Narendra Modi-led government is in no hurry to appeal to the people as the Lok Sabha elections approach.
In her speech, Nirmala Sitharaman focused on how the country has witnessed a transformation in the past 10 years with several pro-people reforms and stressed that the government was working towards development which is “all round, all inclusive and all pervasive, covering all castes and people at all levels” to make India a “Viksit Bharat by 2047”, indicating a vision for continued growth in the years to come.
“Our government will adopt economic policies that foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunities for all, help them enhance their capabilities, and contribute to generation of resources to power investments and fulfil aspirations,” Nirmala Sitharaman said, adding, “the government will take up next-generation reforms, and build consensus with the states and stakeholders for effective implementation.”
Women also found a mention in the interim Budget 2024 speech through “increased female enrollment in higher education, the illegality of triple talaq and reservation of one-third seats for women in the Lok Sabha”.
Nirmala Sitharaman said, “The country overcame the challenges of once-in-a-century pandemic to clang stride towards Atmanirbhar Bharat committed to Panch Pran and laid solid foundations for the Amrit Kaal”. The finance minister highlighted free ration for 80 crore people, Mudra Yojana loans, impact of Direct Benefit Transfer (DBT), and achievements in skill development.
Contrary to the expectations of the common man, no alterations were announced in the Income Tax slabs or rates but Nirmala Sitharaman proposed to “withdraw outstanding direct tax demands up to ₹25,000 for the period up to financial year 2009-10 and up to ₹10,000 for financial years 2010-11 to 2014-15″. The allocation for the Pradhan Mantri Gram Sadak Yojna has also been cut down to ₹12,000 crore against ₹19,000 crore last time.
A few populist announcements that have been introduced include:
-Increase in the budget allocation for rural development ministry from ₹1.77 lakh crore for 2024-25
-Construction of two crore houses under the Pradhan Mantri Awas Yojana-Gramin in the next five years
-One crore increase in the target for creating ‘Lakhpati Didis’
Despite challenges such as inflation and unemployment and with a few populist budgetary announcements, the BJP’s recent triumphs in the Hindi belt and the near obliteration of the Congress underscore how the saffron party has solidified its stronghold in the forthcoming polls, without resorting to populist budgetary announcements.
Here’s your comprehensive 3-minute summary of all the things Finance Minister Nirmala Sitharaman said in her Budget speech: Click to download!
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Published: 01 Feb 2024, 06:24 PM IST