India's Union Finance Minister, Nirmala Sitharaman, presented the Interim Budget, which is viewed as both an election move and a five-year vision document. Although not specifically an election pitch, it conveys confidence in the government's return. The announcement included plans for a new budget in July 2024, outlining the government's vision until the post-2024 elections. The education sector is particularly eager to discover the Finance Ministry's plans. The presentation took place at 11 am, and President Murmu extended best wishes to the Finance Minister.
The FM begins with updates on the year thus far
In her introductory speech, Union Finance Minister Nirmala Sitharaman highlights the positive transformation of the Indian economy over the past decade. India's people are optimistic about their future.
She emphasized that the government's 'Sabka Saath, Sabka Vikas' mantra dealt with challenges through structured reforms. Pro-people programs were quickly implemented, resulting in more opportunities for employment and entrepreneurship. The economy accelerated, and widespread development benefits became apparent. This renewed sense of purpose and hope led to the government receiving a larger mandate. The National Education Policy (NEP) is driving transformative changes, with the Prime Minister's SHRI schools playing an important role in providing high-quality education and developing well-rounded students.
Welfare for the Farmers
Finance Minister Nirmala Sitharaman emphasized increasing value addition in agriculture to boost farmers' income. Finance Minister Nirmala Sitharaman says that With ‘Sabka Saath, Sabka Vikas’ as its ‘mantra’, the Government overcame those challenges in earnest.
The key proposals include the Pradhan Mantri Kisan Sampada Yojana benefiting 38 lakh farmers and generating 10 lakh jobs. The PM-KISAN SAMMAN Yojana provides direct financial assistance to 11.8 crore farmers, with crop insurance for 4 crore farmers. The Electronic National Agriculture Market integrates 1361 mandis, serving 1.8 crore farmers with a trading volume of ₹3 lakh crore. These initiatives aim for inclusive, balanced growth and productivity through farmer-centric policies and income support.
The economy got a new vigour. The fruits of development started reaching the people at scale. The country got a new sense of purpose and hope. Naturally, the people blessed the Government with a bigger mandate, says FM
Initiatives in Education and Sports
The Finance Minister stated that the country takes pride in its youth who are achieving new heights in sports. The high medal tally in both the Asian Games and Asian Para Games of 2023 is a reflection of their confidence. In the same year, our top-ranked chess player and prodigy, Praggnanandhaa, put up a strong fight against the reigning world champion, Magnus Carlsen. India now has over 80 chess grandmasters, compared to just over 20 in 2010.
The Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth, and established 3000 new ITIs. A large number of new institutions of higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities have been set up. According to Sitharaman, the government intends to establish more medical colleges by utilizing existing hospital infrastructure across various departments. A committee will be formed to examine the issues and make appropriate recommendations.
Women Empowerment
The empowerment of women through entrepreneurship, ease of living, and dignity for them has gained momentum in these ten years. 22. Thirty crore Mudra Yojana loans have been given to women entrepreneurs. Female enrolment in higher education has gone up by twenty-eight per cent in ten years. In STEM courses, girls and women constitute forty-three per cent of enrolment - one of the highest in the world. All these measures are reflected in the increasing participation of women in the workforce. 23. Making ‘Triple Talaq’ illegal, reservation of one-third of seats for women in the Lok Sabha and State legislative assemblies, and giving over seventy per cent of houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity
No announcement for TAX rates - direct or indirect
Finance Minister Nirmala Sitharaman said on Thursday that tax rates for direct and indirect taxes, including import duties, will remain unchanged. She also stated that the number of tax filers has increased 2.4 times and direct tax collection has tripled since 2014.
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