The Revised Estimate of the total expenditure is Rs 44.90 lakh crore.
Union Finance Minister Nirmala Sitharaman delivered her sixth budget speech on February 1.Ms. Sitharaman highlighted the Centre’s various programmes for youth, women, and the poor in her Budget speech. During her speech, she noted that the Indian economy has seen a “profound” transformation, and that the government has implemented structural reforms. According to her, the government focuses on four major groups – women, youth, poor, and farmers. She said, “When they progress, the country progresses.”.
Here are some highlights:
- According to FM Sitharaman, the government has lifted 25 crore people out of poverty in the last ten years. She mentioned that, 80 crore people get free meals from the government through different programs.
- Through the implementation of PM Jan Dhan Yojana accounts, savings of Rs. 34 lakh crores have been made. This represents savings of T.2.7 million crores.
- The PM Vishwakarma Yojana programme offers artists complete assistance. As part of the PM-SVANidhi programme, the government provided credit assistance to 78 lakh street vendors. 30 crore Mudra Yojana loans were given to female business owners.
- Over 1.4 crore youngsters received training via the Skill India Mission, which was centered on upskilling and reskilling. Under the PM Mudra Yojana, 43 crore loans were approved. In order to empower rural women and strengthen the rural economy, the government would also extend the “Lakhpati Didi” program.
- In addition, the government stressed the potential contribution of the India-Middle East-Europe Economic Corridor to global trade.
- In order to support India’s progress, the government would give more priority to the development of the East.
- The rate of inflation has decreased to between 2% and 6% of goal.
- The average real income of individuals has risen by 50% due to economic growth.
- In rural regions, the government intends to provide construction subsidies for 30 million affordable homes.
- The Center will promote immunization against cervical cancer and integrate programs for maternal and pediatric health into a single, all-inclusive package.
- All ASHA workers, Anganwadi workers, and assistance would be included in the Ayushman Bharat initiative.
- A new department — Matsya Sampada — to be created up to meet the requirements of fisherman.
- Government regulations will cover dairy producers, foot and mouth disease, and the promotion of nano DAP for different crops in all agro-climatic zones.
- In order to achieve Atmanirbhar Bharat, or self-reliance, the government will develop a plan. It will include crop insurance, value addition, procurement, and cultivar research.
- A total of 40,000 rail bogeys will be converted to Vande Bharat standards. The government will enhance passenger safety, convenience, and security. Metros will be the focus of government efforts to provide transit-oriented development
- The Government has announced several initiatives to achieve Net Zero by 2070. To accomplish this, funding will be provided for offshore wind energy generation to generate an initial capacity of 1 Giga Watt, biomass aggregation machinery will be procured, and e-vehicle manufacturing and charging infrastructure will be expanded.
- The government plans to spend 11.11 lakh crore on capital expenditures in 2024-25. In 2025-26, the Government will continue fiscal consolidation to reduce the fiscal deficit to 4.5%.
- Government proposals include maintaining the same tax rates for direct and indirect taxes.
- The gross and net borrowings of the Government in 2024-25 were lower than in 2023-24 at Rs. 14.13 lakh crore and Rs. 11.75 lakh crore, respectively.
