The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, highlights the significant steps India is poised to take in key sectors to foster growth and innovation while keeping in mind the essential needs of the people. It is not just a fiscal plan but a bold blueprint for India’s future. The budget is not only a comprehensive roadmap that dictates the country’s growth in the upcoming years but also acts as a beacon of hope for various sectors, ranging from nuclear energy to youth empowerment. Let’s have a quick sneak peek into the details.
To begin with, a significant portion of the budget is dedicated to holistic national development, with a particular focus on advancements in nuclear energy through public-private partnerships. This includes establishing Bharat Small Reactors and developing the Bharat Small Modular Reactor. These technologies, with capacities of 300 MW or less, offer competitive advantages by reducing construction time and increasing operational efficiency. This premise is based on a prospective framework where power plants are not big, but smart, quick, and easy, helping us power a greener tomorrow.
Further, this will allow the nation to embrace newer technologies while achieving the net-zero emissions goal by 2070. Such a strategic policy implication, paired with other aspects of energy development like the PM Surya Ghar Muft Bijli Yojana, which aims to provide 300 units of free electricity per month to one crore households through rooftop solar panels, will help promote renewable energy. This, in turn, will allow India to gain a concrete position as a leader in the nuclear energy landscape, fostering innovation and advancement.
The Union Budget also prioritises boosting the MSME sector, promoting startup culture, and fostering youth development. To strengthen the MSME supply chain, the government has proposed a credit guarantee scheme that helps these small businesses access long-term capital for equipment procurement. This will enable businesses to grow at an unprecedented rate with a faster loan approval process, further facilitating the overall sector. The introduction of a new credit assessment model for MSMEs marks a step toward improving credit eligibility beyond traditional asset criteria, demonstrating a more resilient and flexible credit system.
The abolition of the angel tax system as proposed by the government aims to further strengthen the startup ecosystem and support innovation in the country. A new scheme guaranteeing Rs 100 crore for startups will be introduced to foster entrepreneurship and innovation. This Rs 100 crore guarantee is not just a number; but a promise to fuel the dreams of future innovators. The fund aims to reduce financial barriers and encourage the growth of new businesses, instilling economic dynamism and creating jobs.
In terms of helping the workforce and empowering students, the government has laid a strong emphasis on youth employment. This includes creating opportunities for one crore young individuals to learn with the 500 top companies and providing them with a monthly allowance of Rs 5,000. This investment in the youth of a newer nation is promising. Moreover, it will not only offer financial support to the youth but also provide valuable work experience, helping them bridge the gap between employment and education, thereby preparing a more skilled and productive workforce.
Recognising the role of the agriculture sector and its importance to the economy, the budget allocates Rs 1.52 lakh crore to support farmers, aiming to enhance their efficiency and effectiveness. This will act as a catalyst to boost the agricultural community and provide better facilities to farmers, strengthening their livelihoods and contributing to national food security. The substantial investment in agriculture isn’t just about numbers; it’s a strategic move to boost productivity and food security.
Additionally, the Atmanirbhar Oil Seeds Abhiyan has been launched to reduce dependence on imports and boost domestic production. This initiative will ensure self-reliance in the sector through innovation. The provision of indirect support in terms of rural infrastructure development will enhance the livelihoods of rural people, with supportive schemes in the areas of irrigation and rural employment. Overall, the sector is poised to see better growth potential with these benefits, thus helping to strike a balance in the economic machinery.
One of the important facets discussed in the budget includes the modernisation of the defence sector. A provisional allocation of Rs 4.78 lakh crore (approximately $64 billion) for defence spending, emphasising the modernisation of the armed forces, acquisition of advanced weaponry, and strengthening of border infrastructure, is proposed. This will not only enhance national security but also provide an indirect boost to various conjoined sectors such as aerospace, electronics, and heavy machinery. These investments are strategic in driving research in the country and generating employment while also improving remote areas through connectivity and infrastructure development.
Building roads and modernising railways isn’t just construction; it aims to create a futuristic, well-connected, and prosperous India. The focus on infrastructure and connectivity is also evident with the allocation of Rs 1.18 lakh crore (about $16 billion) for road network development and Rs 1.10 lakh crore (around $15 billion) for railway modernisation. This shows an increased focus on development and connectivity in the budget, with a greater inclination towards smart cities, affordable housing, and sanitation.
Last but not least, the boost declared for the health sector with an allocation of Rs 2.23 lakh crore (approximately $30 billion) for infrastructure, research, and vaccination programmes, indicates that the government is taking proactive steps to help set up a robust foundation for the future generation. These investments in modern technologies like artificial intelligence and biotechnology further reflect a culture of driving innovation and research within the country.
Overall, these steps align with the current ruling government’s vision of ‘Viksit Bharat 2047’, which seeks to advance India across the diaspora of agriculture, employment, human resources, urban development, and research. Viksit Bharat 2047 isn’t just a vision; it’s a blueprint for a vibrant, inclusive, and forward-thinking India. This long-term vision sets the stage for sustainable growth and prosperity, benefiting the entire country. It indeed depicts the clear commitment of the current government to make the Indian economy more inclusive and equally accessible to all strata of society. With these bold investments and strategic initiatives, the budget sets a positive trajectory for the nation’s future, paving the way forward to an advanced, sustainable economy.
Megha Jain is Assistant Professor, Shyam Lal College, University of Delhi/ Visiting Fellow, Pahle India Foundation; Naman Mishra is Postgraduate Researcher, FS University, Shikohabad, India. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect News18’s views.
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