The Key Highlights From The Interim Budget Announcements in 2024

 Here are the key highlights from the Interim Budget announcements in 2024:

The Key Highlights From The Interim Budget Announcements in 2024 InvsetNagar

  • Solar Power Schemes: Recently launched by PM Modi, these schemes aim to save INR 15,000-18,000 per household annually for those installing rooftop solar panels. Approximately 1 crore households will receive 300 units per month completely free.
  • PM Awas Yojana Grameen: Close to achieving the target of 3 crore homes, an additional 2 crore homes are planned due to the growing need for housing.
  • Ayushmaan Bharat: Now covers all workers under the ASHA and Anganwadi scheme.
  • Housing Scheme for Middle Class: The government will introduce a scheme to assist deserving sections of the middle class living in rented houses, slums, or unauthorized colonies to buy or build their own houses. This is anticipated to have a positive impact on industries such as steel, cement, and building materials.
  • Corpus for Sunrise Domains: A corpus of INR 1 lakh crore will be established with 50-year interest-free loans for sunrise domains.
  • Railway Corridor-Port Connectivity: More than 2 corridors will be set up, and an additional 3 rail corridors for energy, cement, and minerals will be added, apart from the Dedicated Freight Corridor (DFC). Additionally, 40,000 rail bogies will be converted to Vande Bharat standards.
  • Capex Target: The capital expenditure (capex) target for FY25 is set at Rs 11.1 lakh crore, reflecting an 11.1% increase. The FY25 capex outlay is at 3.4% of GDP.
  • Medical Colleges Expansion: The government plans to set up more medical colleges by utilizing existing hospital infrastructure. A committee will be formed to examine and make necessary recommendations.
  • Tourist Center Development: States will be encouraged to take up the development of tourist centers, with long-term interest-free loans provided for states.
  • Expansion of Metro and Namo Bharat Trains: More metro trains and Namo Bharat trains will be expanded to cover additional cities.
  • Revised Fiscal Deficit Estimate: The revised estimate of fiscal deficit stands at 5.8% of GDP. The FY25 budget-deficit target is set at 5.1% of GDP.

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