Key Highlights of the Union Budget 2024: What You Need to Know

Finance Minister Nirmala Sitharaman outlined nine key priorities in the Union Budget 2024, aimed at guiding India towards strong development and all-round prosperity. These priorities are essential for achieving the goal of a “Viksit Bharat” (Developed India) by 2047.

1. Productivity and Resilience in Agriculture

• Focus: Enhancing agricultural productivity and resilience.

• Initiatives: Allocation of ₹1.52 lakh crore for agriculture and allied sectors. Emphasis on agricultural research, climate-resilient crop varieties, and promoting natural farming practices among one crore farmers over two years.

2. Employment and Skilling

• Focus: Creating jobs and enhancing skills.

• Initiatives: ₹1.48 lakh crore allocated for education, employment, and skilling. Employment-linked skilling schemes, direct benefit transfers for first-time employees, and incentives for employers to hire new workers.

3. Inclusive Human Resource Development and Social Justice

• Focus: Ensuring inclusive growth and social justice.

• Initiatives: Programs aimed at uplifting marginalized communities, improving access to education and healthcare, and promoting social equity.

4. Manufacturing and Services

• Focus: Boosting the manufacturing and services sectors.

• Initiatives: Incentives for manufacturing, support for MSMEs, and measures to enhance the competitiveness of the services sector.

5. Urban Development

• Focus: Developing urban infrastructure and smart cities.

• Initiatives: Significant investments in urban infrastructure, public transportation, and smart city projects to improve urban living standards.

6. Energy Security

• Focus: Ensuring sustainable and secure energy supply.

• Initiatives: Promotion of renewable energy projects, incentives for electric vehicles, and measures to enhance energy efficiency and reduce carbon emissions.

7. Infrastructure

• Focus: Building robust infrastructure.

• Initiatives: Large-scale investments in highways, railways, ports, and airports to improve connectivity and support economic growth.

8. Innovation, Research, and Development

• Focus: Fostering innovation and R&D.

• Initiatives: Support for research institutions, incentives for innovation, and funding for cutting-edge technologies to drive economic progress.

9. Next Generation Reforms

• Focus: Implementing forward-looking reforms.

• Initiatives: Structural reforms aimed at improving governance, enhancing ease of doing business, and ensuring long-term economic stability.

These nine priorities reflect the government’s commitment to creating ample opportunities for all sections of society and laying the foundation for a prosperous and resilient India. The budget’s focus on these areas is expected to drive sustainable growth and development in the coming years.