Budget 2024 Highlights: From EVs, Tourism to FDI, Decoding Top Points of Nirmala Sitharaman's Speech

The Indian economy has witnessed a profound positive transformation in the last 10 years, Finance Minister Nirmala Sitharaman said on Thursday in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget. Sitharaman said people of India are looking ahead to the future with hope and options. She further said the government under the leadership of Prime Minister Narendra Modi covered all aspects of inclusivity.

Structural reforms, pro-people programmes and employment opportunities helped the economy get new vigour, the finance minister said. After contracting by 5.8 per cent in 2020-21, the economy recorded a growth of 9.1 per cent in 2021-22.

Expressing hope that the BJP-led government will be blessed again by the people with a resounding mandate in the forthcoming general elections, the minister said: “Based on stupendous work, we expect our government will be blessed again by the people with a resounding mandate.” She also said India overcame challenges of Covid-19, created foundations for self-reliant India. India was facing enormous challenges when the Modi government took office in 2014, and it overcame those in right earnest, Sitharaman said.

Here are the top highlights from the Interim Budget 2024:

• As many as 11.8 crore farmers were provided financial assistance under the PM KISAN Yojana, Sitharaman said. Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) is one of the world’s largest Direct Benefit Transfer (DBT) schemes. Under the PM-KISAN scheme, the government provides a financial benefit of Rs 6,000 per year in three equal four-monthly instalments. The money is transferred into the bank accounts of farmers’ families across the country through DBT mode.

• As many as 1.4 crore youth were trained and upskilled under the Skill India Mission, the finance minister said while presenting the interim Budget on Thursday. The mission focuses on skilling, re-skilling and upskilling through short-term and long-term training programmes.

• The government, under the leadership of Prime Minister Narendra Modi, is addressing systematic inequalities, which have plagued society, Sitharaman said. Presenting the interim Budget 2024-25, Sitharaman said economic management over the past decade has complemented people-centric inclusive development. STEM (Science, Technology, Engineering, and Mathematics) courses have seen enrolment of 43 per cent women, the highest in the world, she added.

• Proactive inflation management has helped keep the country’s inflation within the manageable range, the finance minister said, adding that inflation has moderated.

• The government will take up next-generation reforms to facilitate growth and the next five years will be of unprecedented development and golden moments to realise the dream of developed India by 2047, Finance Minister Nirmala Sitharaman said on Thursday. She outlined the strategy for ‘Amrit Kaal’ while presenting the interim Budget 2024-25. The finance minister also said the recently announced India Middle East Europe Economic Corridor will be a game changer for India. She noted that the International Financial Services Centres Authority (IFSCA) has created a robust gateway for flow of overseas capital.

• Sitharaman said the global situation is becoming more complex and challenging due to wars and conflicts in different parts of the world. The Russia-Ukraine conflict and the Israel-Hamas war have disrupted the global supply chains, impacting trade. The minister, while presenting the interim Budget, said that the new world order is emerging and India has successfully navigated the global challenges in fuel and fertiliser price spike. She also said that strengthening the financial sector in the country has helped make savings, credit and investments more efficient.

• Coal gasification and liquefaction of 100 metric tonne will be set up by 2030, Sitharaman said. The government has also approved setting up of a coal-to-SNG (Synthetic Natural Gas) project through a joint venture between Coal India and GAIL at an investment of Rs 13,052.81 crore and coal-to-ammonium nitrate project through a joint venture between CIL and BHEL for Rs 11,782.05 crore.

• Sitharaman said India has received Foreign Direct Investment (FDI) inflow of $596 billion since 2014, which is double the inflow between 2004 and 2014. She added that the government has launched Blue Economy 2.0 to promote aquaculture in the country.

• The government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged, the finance minister said on Thursday. Sitharaman, in her pre-election Budget, also said the blending of compressed biogas into compressed natural gas for transport and piped natural gas will be mandatory.

• A new scheme will be launched to strengthen deep tech for the defence sector, Sitharaman said on Thursday. She also said the government will promote public and private investment in post-harvesting agriculture activities.