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HomeNewsUnion Budget 2024-25: Key Highlights & Announcements by Finance Minister Nirmala Sitharaman

Union Budget 2024-25: Key Highlights & Announcements by Finance Minister Nirmala Sitharaman

The Union Budget for the fiscal year 2024-25 was presented by Finance Minister Nirmala Sitharaman, outlining a comprehensive roadmap for economic recovery, growth, and inclusive development. The budget, unveiled against the backdrop of global economic challenges and the need for sustainable practices, focuses on key sectors and initiatives. Here are the key highlights and announcements:

  1. Economic Recovery and Growth:
    The budget underscores a commitment to economic recovery through targeted stimulus measures and growth-oriented policies.
    Emphasis on infrastructure development, with increased allocations for key projects to boost employment and productivity.
    Provisions for attracting foreign direct investment (FDI) and promoting ease of doing business.
  2. Health and Education:
    Significant allocations to the health sector to enhance healthcare infrastructure, address pandemic challenges, and strengthen public health systems.
    Investments in education, with a focus on digital learning infrastructure, skill development, and research initiatives.
  3. Sustainable Development:
    Strong emphasis on sustainability and environmental conservation, with allocations for renewable energy projects, afforestation, and waste management.
    Incentives for industries adopting green practices and eco-friendly technologies.
  4. Social Welfare and Inclusive Growth:
    Increased allocations for social welfare programs, including schemes for poverty alleviation, women’s empowerment, and rural development.
    Measures to ensure inclusive growth, with a focus on marginalized communities and backward regions.
  5. Technology and Innovation:
    Promotion of digital technologies and innovation, with allocations for research and development in emerging sectors like artificial intelligence, blockchain, and biotechnology.
    Incentives for startups and measures to enhance the digital infrastructure.
  6. Tax Reforms:
    Rationalization of tax structures to encourage compliance and simplify the tax regime.
    Measures to boost revenue collection and reduce tax evasion, along with provisions to provide relief to individual taxpayers.
  7. Infrastructure and Connectivity:
    Significant investments in enhancing connectivity through road, rail, and air transport infrastructure.
    Special focus on the development of smart cities and urban infrastructure.
  8. Agriculture and Rural Development:
    Comprehensive measures to support the agricultural sector, including increased allocations for irrigation, crop insurance, and modern farming techniques.
    Initiatives to strengthen rural infrastructure and improve the livelihoods of farmers.
  9. Financial Sector Reforms:
    Reforms in the financial sector to enhance transparency, accountability, and stability.
    Measures to strengthen banking institutions and promote digital financial services.
  10. Global Engagement:
    Strategies to enhance India’s participation in global trade and collaborations, fostering international partnerships for mutual economic growth.

Initiatives to position India as a key player in the global economic landscape.
Finance Minister Nirmala Sitharaman’s budget for 2024-25 reflects a holistic approach to address the multifaceted challenges facing the country. The emphasis on sustainable development, social welfare, and economic growth positions the budget as a key driver for India’s journey towards becoming a resilient and inclusive economy. As the fiscal year progresses, the impact of these measures will be closely monitored to assess their effectiveness in achieving the outlined goals.

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