Finance Minister Nirmala Sitharaman presents the Union Budget 2024-25 today, following the release of the Economic Survey. The budget is unveiled in Parliament at 11 a.m., marking the first budget of Prime Minister Narendra Modi’s third term.
Focus on Nuclear Energy Development
Sitharaman announces a new initiative for the development of small and modular nuclear reactors in India. The government will collaborate with the private sector to establish Bharat Small Reactors and advance research on new nuclear technologies. This partnership aims to enhance the country’s nuclear energy capabilities.
#Budget2024 | On development of small and modular nuclear reactors in the country, FM Sitharaman says, “The govt will partner with the private sector for setting up Bharat small reactors, research and development of Bharat small modular reactors & research and development of… pic.twitter.com/wAOq8IN0LE
— ANI (@ANI) July 23, 2024
Strengthening Insolvency and Bankruptcy Code
To improve outcomes under the Insolvency and Bankruptcy Code, an integrated technology platform will be established. Additionally, debt recovery tribunals will be fortified, and new tribunals will be set up to expedite the recovery process.
Major Investment in Infrastructure
The Finance Minister reveals a significant allocation of over ₹11 lakh crore for capital expenditure on infrastructure projects. This investment, representing 3.4% of the GDP, is set to bolster infrastructure development. The government plans to encourage private sector investment through viability gap funding and supportive policies.
New Thermal Power Plant Project
A joint venture between NTPC and BHEL will establish a 100 MW commercial thermal power plant utilizing advanced ultra-supercritical (AUSC) technology. This initiative aims to enhance energy efficiency and support the country’s power needs.
The budget outlines a comprehensive strategy for advancing nuclear energy, improving debt recovery processes, and significantly investing in infrastructure, reflecting a commitment to sustainable and robust economic development.
