In her Union Budget 2024 presentation on February 1, Finance Minister Nirmala Sitharman highlighted a promising outlook for the tech-savvy youth, stating that "this will be a golden era" for them.
Sitharman said, "For our tech-savvy youth, this will be a golden era. A corpus of Rs 1 lakh crore will be established with a 50-year interest-free loan provided. It will be for long-term financing or re-financing with low or nil interest rates."
"We need to have programmes that combine the powers of our youth and technology," the minister noted.
Sitharaman also announced that a new scheme will be launched "for strengthening deep-tech technologies for defence purposes and expediting 'atmanirbharta'."
Speaking on new-age tech, Sitharaman said, "New-age technologies and data are changing the lives of people and businesses. They are also enabling new economic opportunities and facilitating provision of high-quality services at affordable prices for all, including those at the ‘bottom of the pyramid’."
The minister remarked that India is leading the way in "showing solutions through innovation and entrepreneurship of its people." She added that opportunities for India and its citizens are expanding at the global level.
Since this was the Interim Budget, the Finance Minister stayed true to convention and proposed not to make any changes to tax slabs.
Addressing the financial concerns of states, Sitharaman disclosed a substantial financial boost, indicating that states would be granted a loan amounting to 75,000 crores. This injection of funds is anticipated to address various state-specific needs and contribute to overall economic growth.
Furthermore, Sitharaman unveiled a comprehensive roadmap for the development of India, set to be detailed in the upcoming July budget. This strategic plan is expected to outline key initiatives aimed at fostering economic progress and ensuring a sustainable and inclusive development trajectory for the nation.
One notable initiative highlighted in the budget speech is the ambitious goal to empower 3 crore women as 'Lakhpati Didis.' This initiative, aimed at financial inclusion, seeks to elevate the economic status of a substantial number of women in the country.
In an effort to alleviate housing challenges faced by the impoverished, Sitharaman announced plans to provide housing for 2 crore individuals from economically disadvantaged backgrounds over the next five years. This initiative aligns with the government's commitment to addressing the housing needs of the most vulnerable sections of society.
In a move aimed at bolstering the nation's infrastructure, the Finance Minister declared an 11 per cent increase in infrastructure spending. This strategic allocation of funds is intended to enhance connectivity, stimulate economic activity, and create employment opportunities.
Another significant development highlighted in the budget is the decision to replace 40,000 rail coaches in the Vande Bharat project. This ambitious endeavour is expected to modernise and improve the efficiency of the country's railway network.
Acknowledging the unique challenges faced by Lakshadweep, Sitharaman unveiled special plans for the development of the region. These initiatives are designed to address the specific needs of Lakshadweep and contribute to its socio-economic progress.
The budget speech concluded with the announcement of the creation of three new rail corridors, signalling the government's commitment to expanding and modernising the country's railway infrastructure. These corridors are expected to enhance connectivity and facilitate the movement of goods and people across different regions.