On July 23, Union Finance Minister Nirmala Sitharaman presented the 2024 annual budget in the Lok Sabha, outlining the government’s priorities under the “Viksit Bharat” (Developed India) initiative. The budget underscores the BJP-led NDA government’s commitment to steering the country towards robust development and comprehensive prosperity.
Key Priorities for Viksit Bharat:
Urban Development: The government has called for states to reduce stamp duties on properties bought by women. It has introduced Transit Oriented Development plans for 14 large cities with populations exceeding 30 lakh. Investments totaling ₹10 lakh crore will address the needs of one crore urban poor and middle-class families, focusing on water supply, sewage treatment, and solid waste management in 100 large cities.
Infrastructure: With an allocation of ₹11.11 lakh crore (3.4% of GDP) for infrastructure, the government aims to enhance connectivity and resource distribution. This includes ₹1.5 lakh crore in long-term, interest-free loans to states. The new phase of the Pradhan Mantri Gram Sadak Yojana (PMGSY) will ensure all-weather connectivity to 25,000 rural habitations.
Tourism: The budget plans to develop the Vishnupad and Mahabodhi temple corridors, modeled after the Kashi Vishwanath temple corridor. Comprehensive development of Rajgir and the revival of Nalanda University are also priorities. Odisha will receive support to enhance its tourism potential, leveraging its scenic beauty, temples, monuments, and natural landscapes.
Land Management: The government will digitize urban land records with GIS mapping and establish unique land parcel identification numbers. Additionally, there will be a survey of map sub-divisions according to current ownership.
Agriculture Productivity and Resilience: Aimed at boosting agricultural productivity, the government plans to initiate one crore farmers into natural farming with certification and branding over the next two years. It will also establish 10,000 bio-input resource centres and facilitate financing for shrimp farming through NABARD.
Employment and Skilling: New entrants in all formal sectors will receive a one-month wage, up to ₹15,000, in three installments. EPFO contributions for new hires will be reimbursed up to ₹3,000 per month for two years, potentially creating 50 lakh jobs and benefiting 210 lakh youth.
Energy Security: The government will support a joint venture between NTPC and BHEL to set up an 800MW commercial plant and facilitate the transition of small industries to cleaner energy sources. A new pumped storage policy will be introduced to aid in integrating renewable energy.
Irrigation and Flood Mitigation: Financial backing of ₹11,500 crore will be provided for projects such as the Kosi-Mechi intra-state link and other flood management schemes in Assam, Sikkim, Uttarakhand, and Himachal Pradesh.
Innovation, Research, and Development: The Anusandhan National Research Fund will be operationalized with a ₹1 lakh crore financing pool for basic research and innovation. Additionally, a venture capital fund of ₹1,000 crore will be established to support the space economy.
Through these comprehensive measures, the NDA government aims to drive substantial economic growth, enhance infrastructure, and improve the quality of life across India, reflecting a strong commitment to the vision of a developed nation.