Anil Sethi, Chairman, Pump Academy Private Limited
The Finance Minister’s Budget 2024 presentation has laid the foundation for fostering India’s growth trajectory, in an effort to solidifying India’s growing credibility in the global economy. This Interim Budget for 2024 is focused on reforms and stimulating investments, aligning with the vision of a ‘Viksit Bharat’ by 2047, marking the 100th year of independence and aspiring to attain a $30 trillion economy.
According to the International Monetary Fund (IMF), India is projected to secure the position of the third-largest economy by 2027. The IMF also estimates that India’s contribution to global growth will increase by 200 basis points within the next five years. This underscores the growing global confidence in India’s economic strength.
From uplifting the underprivileged to energizing the nation’s infrastructure development, the Government has outlined its vision to drive India’s progress towards a developed economy. This underscores the country’s capacity to pursue a high-growth trajectory, with a significant capital expenditure of INR 11.1 trillion towards infrastructure development, reflecting a 50% increase from FY23. The planned outlay on infrastructure is set at 3.4% of GDP, which includes new railway corridors and improving air connectivity, internal waterways, urban metro and rail networks, renewable energy, water and sanitation infrastructure.
Key highlights of Interim Budget 2024
- Under the interim budget 2024-25, the Ministry of Jal Shakti (MoJS) has received an allocation of INR 984.18 billion. The allocation is 1.93 per cent higher than the revised estimate of INR 965.48 billion for 2023-24. Of the total allocation, an outlay of INR 699.26 billion has been made for the Jal Jeevan Mission/ National Rural Drinking Water Mission while INR 71.92 billion has been earmarked under the Swachh Bharat Mission (Gramin).
- Under the interim budget 2024-25, the Ministry of Housing and Urban Affairs has received an allocation of INR 775.23 billion. The allocation is 11.91 per cent higher than the revised estimate of INR 692.70 billion for 2023-24. Of the total allocation, the outlay for Swachh Bharat Mission (Urban) is INR 50 billion, around 96.08 per cent higher than the revised estimate of INR 25.50 billion for 2023-24.
- An allocation of INR 104 billion has been earmarked for the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) for infrastructure development to provide assured supply of water and sewerage connection, developing greenery in cities, and to reduce pollution by to public transport system.
- An allocation of INR 104 billion has been assigned for the Smart Cities Mission to promote cities that provide core infrastructure, clean and sustainable environment, and decent quality of life.
- Allocation to Interlinking of Rivers increased to INR 35 billion from INR 14 billion in 2023-24.
- Total budgetary allocation for Information Technology increased to INR 214 billion in as compared with INR 144 billion in 2023-23.
- Allocation for the establishment of new technology centres (TCs) with allocation of INR 4.5 billion as compared with INR 0.2 billion last year.
There has been a thrust to enhance productivity and develop technology, enhanced focus on women empowerment in the budget underscores India’s commitment to inclusive and sustainable development with the theme of ‘Sabka Sath, Sabka Vikas, and Sabka Prayas’.
