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.
Free Electricity for Households Under New Solar Panel Scheme
Sitharaman announces the PM Suryaghar Muft Bijli Yojana, a new initiative to install rooftop solar panels. This scheme aims to provide free electricity of up to 300 units per month to 1 crore households. Sitharaman emphasizes that this initiative will further promote the adoption of solar energy across the country.
Finance Minister Nirmala Sitharaman says, “The government endeavours to maintain strong fiscal support for infrastructure over the next 5 years. Capital expenditure to be Rs 11,11 lakh crore at 3.4% of our GDP.” pic.twitter.com/vGtLo8ZapQ
— ANI (@ANI) July 23, 2024
Development of Religious and Tourism Sites
The budget includes plans for developing corridors at the Gaya and Mahabodhi temples, transforming them into major tourist destinations. Additionally, Nalanda will be developed into a tourism hub. Sitharaman highlights that these projects are part of a broader effort to enhance India’s global tourism appeal.
Infrastructure Investments and Disaster Management
The Finance Minister outlines a substantial capital expenditure plan of ₹11.11 lakh crore, representing 3.4% of the GDP, to support infrastructure development. This includes the launch of PM Gram Sadak Yojana Phase 4 to provide all-weather roads to 25,000 rural habitats. Financial support will be allocated for flood control projects in Bihar, flood management in Assam, and reconstruction efforts in Himachal Pradesh and Uttarakhand, which have recently experienced significant natural disasters.
Enhanced Support for Insolvency and Bankruptcy Code
An integrated technology platform will be introduced to improve outcomes under the Insolvency & Bankruptcy Code. Strengthening of debt recovery tribunals and the establishment of additional tribunals are planned to expedite the recovery process.
Boosting Tourism and Job Creation
Sitharaman emphasizes the role of tourism in India’s economy, stating that efforts to position India as a global destination will create jobs and open new opportunities in various sectors. The development of Vishnupath temple at Gaya and the Mahabodhi temple in Bodhgaya, modeled after the successful Kashi Vishwanath corridor, aims to make these sites world-class tourist attractions. Additionally, tourism efforts will be supported in Odisha, known for its scenic beauty, temples, and wildlife sanctuaries.
The budget reflects a comprehensive approach to energy sustainability, infrastructure enhancement, disaster management, and tourism development, with significant investments and new schemes designed to drive growth and resilience across the country.
