Raman Suri
Union Finance Minister Nirmala Sitharaman presented the Interim Budget 2024, setting the stage for a transformative period in India’s economic landscape. With a focus on inclusivity and development, this budget not only emphasizes the nation’s progress but also highlights special provisions for regions like Jammu and Kashmir, signalling a commitment to holistic growth across the country. Under the leadership of Prime Minister Narendra Modi, the budget stands as a testament to the government’s dedication to “Sabka Saath, Sabka Vikas, Sabka Vishwas”, the trinity of demography, democracy, and diversity, embodying the ethos of collective progress, and backed by “Sabka Prayas”. It is evident that this budget, as described by many, is not a political move but a strategic roadmap aimed at propelling India to new heights of prosperity and bringing into reality the vision of “Developed India @ 2047”.
Empowering Jammu and Kashmir
A notable aspect of this budget is the significant allocation of resources to Jammu and Kashmir, underscoring the government’s commitment to the region’s development and integration. With the grant of Rs 37,277.74 crore, an increase from the previous fiscal year, Jammu and Kashmir is poised to witness substantial infrastructural growth and socio-economic upliftment.
The allocation includes provisions for key projects such as the Jhelum Tawi Flood Recovery Project and the Ratle hydroelectric project, demonstrating a comprehensive approach to addressing the region’s infrastructure and energy needs. Additionally, funds earmarked for disaster response highlight the Government’s proactive stance in safeguarding the region against potential challenges. As per the budget document, Rs 500 crore Revenue grants have been given to Jhelum Tawi Flood Recovery Project, Rs 476.44 crore to Ratle 800 MW hydroelectric project, Rs 171.23 crore to Kwar 540 MW hydroelectric project, and Rs 130 crore to 624 MW Kiru hydroelectric project.
All power projects are being constructed in Kishtwar district of Jammu region. Additionally, the Union Government is encouraging states and UTs to take up comprehensive development of iconic tourist centres and has promised to help in branding and marketing the locations world over. A tourism potential rich UT like Jammu and Kashmir will be benefited a lot under this scheme. To add to the incentives, the Union Government has assured to provide long-term interest free loans for financing such development projects on matching basis to promote tourism.
Visionary Initiatives for National Development
Unlike in the past, where development used to take ages or benefits of the Union Government’s scheme hardly reached the poor and the deserving, the Modi Government had reversed the trend which is a big achievement in itself. Records reveal that the schemes like Housing For All, Har Ghar Jal, Electricity For All, Cooking Gas For All, Bank Accounts or Financial Services For All, have reached the most deserving sections of the society, which is why every individual is proudly flaunting his Direct Benefit Transfer entries.
This all could be achieved in a record time of just ten years, only because the government was seriously pursuing development of the country and was bringing people out of quagmire. Ever since the COVID-19 pandemic struck the world, the Union Government has been providing free ration to over 80 crore people across the length and breadth of the country. This is for the first time in India that a good governance, that is free from nepotism, is ensuring complete transparency, which is why the benefits are reaching the deserving and eligible people rightfully. This has enabled the government to bring over 25 crore people out of their multi-dimensional poverty.
No pilferage
In a country where certain government heads used to claim that money sent from the Centre hardly reached the poor, Prime Minister Narendra Modi has ensured that under the Direct Benefit Transfer scheme, about Rs 34 lakh crore has reached directly into the accounts of the poor through PM Jan Dhan Yojana, hence enabling the government to save Rs 2.7 lakh crore, which otherwise could have been gone into pilferage.
A visionary Prime Minister like Narendra Modi has also come to the rescue of street vendors, who got credit assistance under the PM SVANidhi scheme. Over 78 lakh street vendors have benefited from this scheme and are now earning their bread and butter honourably. The Union Government Budget is commendably inclusive, as exemplified by initiatives like the PM JANMAN Yojana, which extends vital assistance to marginalized tribal communities, traditionally neglected by development efforts.
Similarly, the PM Vishwakarma Yojana underscores a commitment to supporting artisans and crafts people across 18 trades, ensuring holistic aid for their sustenance and growth. Furthermore, the dedicated schemes aimed at empowering Divyangs and Transgender individuals signify the resolute stance of the Government in ensuring that every citizen, regardless of the background or circumstance, is included in the journey towards progress and prosperity.
Farmers as Annadata
Farmers are the backbone of our nation, often referred to as our ‘Annadata’ or the providers of sustenance. Through initiatives like the PM Kisan Samman Nidhi Yojana, direct financial aid reaches an impressive 11.8 crore farmers annually, encompassing both marginal and small-scale agriculturalists. Additionally, the PM Fasal Bima Yojana extends crop insurance coverage to 4 crore farmers, offering crucial protection against unforeseen adversities. These programs, among others, stand as pillars of support, aiding our ‘Annadata’ in their vital role of nourishing not only our nation but also contributing to global food security.
Youth and women empowerment
Our nation’s prosperity hinges upon the empowerment of our youth, a vision championed through transformative reforms outlined in the National Education Policy 2020. Initiatives such as the PM Schools for Rising India (PM SHRI) are revolutionizing education by fostering holistic development and delivering quality teaching to shape all-rounder individuals. Moreover, the Skill India Mission has made significant strides, training 1.4 crore youth and upskilling 54 lakh individuals, while also establishing 3000 new ITIs.
The landscape of higher education has been enriched with the establishment of numerous new institutions since 2014, including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities, providing ample opportunities for intellectual growth and innovation. Complementing these endeavours, the PM Mudra Yojana has sanctioned about 43 crore loans totalling to Rs 22.5 lakh crore, nurturing the entrepreneurial aspirations of our youth, and paving the way for their economic empowerment.
The empowerment of women stands as a cornerstone of our developmental journey, with initiatives focused on entrepreneurship, ease of living, and dignity. The Mudra Yojana, in particular, has extended thirty crore loans to women entrepreneurs, catalysing their economic independence. Notably, female enrolment in higher education has surged by twenty-eight percent over the past decade, with women constituting forty-three percent of enrolment in STEM courses, showcasing their growing presence in traditionally male-dominated fields. Under PM Awas Yojana, over seventy percent of rural houses are owned by women as sole or joint owners, fostering their autonomy and dignity within the society.
Never in the history of medicine has any government cared to help girls survive cervical cancer, but the Union Government has ensured vaccination for girls in the age group of 9 to 14 years for prevention of cervical cancer. Upgradation of Anganwadi centres under “Saksham Anganwadi and Poshan 2.0” scheme, will also be expedited for improved nutrition delivery, early childhood care, and development.
Own a home policy
The Union Government, after building homes for the poor, has now started focussing on helping the deserving sections of the middle class “living in rented houses, or slums, or chawls and unauthorized colonies” to buy or build their own houses. This will be another milestone in bringing a considerable lot out of the big mess and helping them become self-sufficient so that they too can contribute to the development of the nation.
Major areas of development
The budget emphasizes the establishment of three Centres of Excellence for AI in health, agriculture, and sustainable cities. It also has sanctioned Rs 102.5 crore for BSNL and NIC, with Rs 110.24 crore sub-allocated to 26 High Courts for scanning, digitization, and other purposes. To strengthen various paramilitary forces, including CRPF, BSF, CISF, ITBP, SSB, and Assam Rifles, they have been allocated specific budgets for their operations. The CRPF, in particular, has been allocated Rs 32,809.65 crore for internal security duties.
Tax Reforms
The budget proposes to retain the same tax rates for both direct and indirect taxes. Noteworthy tax benefits and exemptions are provided for start-ups, investments by sovereign wealth funds/pension funds, and certain IFSC units. These are the key highlights based on the provided data. The budget reflects a comprehensive approach towards economic development, social justice, and sector-specific initiatives. With the ‘mantra’ of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the whole of nation approach of “Sabka Prayas”, the Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman had presented this Interim Union Budget 2024.
Development at its best
Infrastructure:
FM Sitharaman highlighted the role of dedicated freight corridors in GDP growth and logistics cost reduction. She announced the conversion of 40,000 normal rail bogies to Vande Bharat coaches for enhanced safety and comfort, while also aiming to create jobs and boost tourism. Key rail infrastructure projects including Metro Rail and Namo Bharat will expand to more cities. Three major railway corridor programmes under PM Gati Shakti were announced.
Expansion of existing airports and comprehensive development of new airports under the UDAN scheme is also aimed.
Lakhpati Didi scheme:
FM announced the enhancement of the ‘Lakhpati Didi’ scheme’s target to 3 crore from earlier 2 crore, citing the success of empowering rural women. The scheme has benefited 83 lakh self-help groups and 1 crore women, uplifting rural economies.
Electricity:
Through roof-top solarisation, 1 crore households will receive up to 300 units of free electricity monthly, aligning with the Prime Minister’s vision. This initiative aims to save households up to Rs 15,000-18,000 annually and stimulate solar energy adoption.
Technology:
FM announced a corpus of Rs 1 lakh crore for long-term financing of research and innovation in sunrise domains, encouraging private sector participation in technological advancements. As we reflect on the past decade, it is evident that India’s economy has undergone remarkable transformation, instilling hope, and optimism for the future.
Looking ahead, the next five years hold the promise of unprecedented economic growth, positioning India as the fastest-growing economy worldwide. With a focus on advanced technology for defence, affordable housing, and tourism development, the Government is poised to transform the lives of millions, providing opportunities for prosperity and progress. Tax stability and extended benefits for startups and investment sectors will further stimulate employment and economic activity, paving the way for India to realize its vision of ‘Viksit Bharat’ by 2047. Jai Hind!
(The writer is Bharatiya Janata Party J&K Executive Member)
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