Major Highlights of the 2024-25 Interim Budget

Introduction

On February 1, 2024, Union Finance Minister Nirmala Sitharaman presented the Interim Budget for 2024-25. The budget emphasized four key focus areas and highlighted several significant initiatives that will impact various sectors of the economy.

Key Highlights

1. Increased Capital Expenditure

The budget announced a substantial 111% increase in capital expenditure, allocating funds for infrastructure development and other projects that will boost economic growth.

2. Fiscal Deficit Target

The government aims to reduce the fiscal deficit to 5.1% of GDP by 2024-25 and further to below 4.5% by 2030, highlighting its commitment to fiscal prudence.

3. Focus on Agriculture and Infrastructure

The budget emphasized the development of the agriculture sector, with measures to provide farmers with better access to inputs, technology, and markets. The budget also allocated significant funds for the development of infrastructure, including transportation, energy, and communication networks.

4. Health and Education Spending

The budget increased funding for healthcare and education, with a focus on improving access to affordable healthcare and enhancing the quality of education at all levels.

Conclusion

The 2024-25 Interim Budget presented a roadmap for economic recovery and sustained growth. The increased capital expenditure, fiscal discipline measures, and focus on key sectors like agriculture, infrastructure, healthcare, and education are expected to positively impact the economy and improve the lives of citizens.