Budget 2024 Live Updates: Recently announced India Middle East Europe Economic Corridor will be game changer for India, says FM Sitharaman
Budget 2024 India | Empowering diverse communities: Scheme for divyang and transgender individuals
Emphasizing inclusivity, Sitharaman announced the Scheme for the Empowerment of Divyang (Persons with Disabilities) and transgender people. This initiative reflects the government’s resolve to leave no one behind and addresses the unique challenges faced by these communities. The scheme aims to empower Divyang and transgender individuals by creating opportunities for education, employment, and overall societal integration.
PM Vishakarma Yojana: End-to-End support for artisans
The finance minister also highlighted the PM Vishakarma Yojana, designed to offer end-to-end support to artisans and craftspeople. This initiative recognizes the importance of preserving and promoting traditional crafts, contributing to the overall growth and sustenance of the artisan community.
PM JANMAN Yojana: Targeting particularly vulnerable tribal groups
Sitharaman shed light on PM JANMAN Yojana, a targeted initiative addressing Particularly Vulnerable Tribal Groups (PVTGs). This specific program aims to uplift marginalized communities by providing tailored support and opportunities for socio-economic development, reflecting the government’s commitment to inclusive growth
‘2.3 lakh street vendors receive third-time credit’
Remarkably, out of the total beneficiaries, Sitharaman noted that 2.3 lakh street vendors have received credit for the third time, showcasing the success and sustainability of the PM SVANIDHI scheme. The repeated credit assistance emphasizes the continued positive impact on the livelihoods of street vendors.
PM SVANIDHi empowers street vendors: Credit assistance to 78 lakh, success evident
Union finance minister Nirmala Sitharaman announced a resounding success for PM SVANIDHI, a flagship initiative focusing on street vendors, revealing that credit assistance has been extended to 78 lakh street vendors nationwide. During the interim Budget presentation for 2024-25, Sitharaman highlighted the impact of PM SVANIDHI, underscoring its role in providing financial support to the street vending community and fostering their sustainable growth
Quoting US President Joe Biden’s endorsement of IMEC during the 78th UNGA session, Sitharaman highlighted the project’s potential to spur investment opportunities across two continents.
The Finance Minister recalled the historic announcement of the India-Middle East-Europe Economic Corridor on the sidelines of the G20 summit in New Delhi. Prime Minister Narendra Modi, alongside global leaders, announced this first-of-its-kind initiative involving India, UAE, Saudi Arabia, EU, France, Italy, Germany, and the US. The corridor aims to establish reliable and cost-effective cross-border ship-to-rail transit networks, enhancing transhipment of goods and services across continents
Reiterating the significance of IMEC, Sitharaman emphasized its role as a strategic and economic game changer.
She highlighted its potential to encourage economic development through enhanced connectivity and integration between Asia, West Asia, the Middle East, and Europe. The Finance Minister underscored the visionary nature of this initiative, quoting support from global leaders, including US President Joe Biden
Budget 2024 Live Updates: Finance minister Nirmala Sitharaman on Thursday made history by presenting her sixth consecutive budget, matching the record set by former Prime Minister Morarji Desai, just ahead of the Parliamentary elections. The Indian economy has witnessed a profound positive transformation in the last 10 years, Sitharaman said. Presenting the interim Budget 2024-25, she said that the government is working to make India a developed country by 2047. Poor, women, youth and farmers are four castes for the government, she added.
India is the fastest growing major economy in the world and in the coming years will become the world’s third largest economy with a $5 trillion GDP. FM Nirmala Sitharaman’s Budget 2024 Vote On Account is expected to provide a path to that goal.
25 crore people freed from multi-dimensional poverty:
Sitharaman on Thursday said 25 crore people got freedom from multi-dimensional poverty in the last 10 years. Earlier approach of tackling poverty through entitlement resulted in very modest outcomes, she said while presenting the interim Budget in the Lok Sabha. There is transparency and assurance that benefits are transferred to all eligible citizens, she said.
Working to make India a developed nation by 2047:
The government is working to make India a developed country by 2047, Finance Minister Nirmala Sitharaman said on Thursday. Presenting the interim Budget 2024-25, Sitharaman also said minimum support prices for ‘annadata’ (farmers) have been increased periodically and appropriately. She asserted that for the government, social justice is an effective and necessary model. “We focus on outcomes and not outlays,” Sitharaman said.
Healthcare cover under Ayushman Bharat to be extended to ASHA workers:
The government on Thursday announced the extension of healthcare cover under Ayushman Bharat to all ASHA and anganwadi workers. Ayushman Bharat Pradhan Mantri-Jan Arogya Yojana (AB-PMJAY) is the largest publicly funded health insurance scheme in the world that provides coverage of Rs 5 lakh per family per year for secondary and tertiary care hospitalisation.
Track TOI Online for the Budget 2024 Live Updates
Budget 2024: No announcement for taxpayers
“I do not propose to make any changes to taxation and proposed to retain same tax rates for direct and indirect tax rates including import duties”
Budget 2024 analysis: CRISIL View
- The 11.1% higher capex budgeted for infrastructure is lower than what has been the run rate in the previous years. This implies the private sector will have to step in if the growth momentum has to be maintained
- India’s milch animal yield at 10-12 litres per day is around 50% lower than the global average. The investment in preventing foot and mouth diseases can help improve the yield
- Compressed biogas (CBG) blending mandate should accelerate blending, but availability and transport remains a challenge
- The development of commodity-specific economic rail corridors can de-congest existing lines, mostly in the eastern part of the country. This is supportive of faster freight movement and turnaround times and should help reduce the logistics cost for India from 12% of GDP, improving competitiveness, especially manufacturing, against peers.
- Having a focused approach to improve freight movement will help in achieving the National Rail Plan targets of 50% modal share over the medium term
Budget 2024: Sitharaman says ‘our government’ to present Full Budget in July
In the full Budget in July, our government will present a detailed roadmap for our pursuit of Viksit Bharat, says FM Sitharaman