On February 1, 2024, the Honorable Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 in the Lok Sabha. The budget was short and precise, and it seemed like an election move, with the government appearing confident about returning to power in the upcoming elections. The budget did not have many new announcements, but it did set the tone for the full budget, which will be presented in July 2024.
Political Overtones
The Interim Budget 2024 was presented in an election year, and it had a clear political tone. The finance minister announced that the government will present a full budget in July 2024, indicating they are confident about returning to power. The budget did not have any major announcements, but it did focus on certain key areas such as women empowerment, skill development, and infrastructure.
Women Empowerment
The budget had a significant focus on women's empowerment, with the announcement of a 30,000 crore rupee fund for women entrepreneurs under the Mudra scheme. This is a welcome move, as it will help women access financing and start their businesses. The budget also announced the extension of the Aishwarya Bhat scheme to Anganwadi and Asha workers, providing them with free healthcare.
Skill Development
Skill development was another area that received attention in the budget. The finance minister announced the launch of the National Apprenticeship Promotion Scheme, which will train 50 lakh apprentices by 2026. The budget also proposed to set up 157 new nursing colleges and 19,000 Ayush hospitals to increase the number of healthcare professionals in the country.
Infrastructure
Infrastructure was a key focus area in the budget. The finance minister announced a significant increase in the allocation for highways, railways, and airports. The budget proposed to complete 2,000 km of national highways and 400 km of strategic highways. The budget also proposed to modernize 100 airports, heliports, and water aerodromes by the end of the year.
Sustainability
The budget had a significant focus on sustainability, with the finance minister announcing the National Hydrogen Mission, which aims to make India a global hub for green hydrogen production. The budget also proposed to set up a solar electricity policy to promote the use of renewable energy.
The budget focused on women's empowerment, skill development, infrastructure, and sustainability. While there were no major announcements, the budget set the tone for the full budget, which will be presented in July 2024. The budget showed that the government is confident of returning to power and is focused on key areas that will drive economic growth and development in the country.
In the run-up to the full budget in July, the government will need to ensure that the announced policies are effectively implemented. This will require a strong focus on enforcement and maturity in implementing budget policies. The government will also need to focus on creating job opportunities and strengthening digital infrastructure to empower the youth. By doing so, the government can ensure that the announced policies have a positive impact on the economy and various sectors.
The government will also need to focus on raising awareness and adaptability among the youth towards government policies and announcements. This will require the government to plug the gap between policy announcements and actual implementation. By doing so, the government can ensure that the announced policies are effectively implemented and contribute to the overall economic growth and development of the country.
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