Finance Minister Nirmala Sitharaman has unveiled the Union Budget for the 2024-25 fiscal year, making history with her seventh consecutive budget presentation, surpassing the late Morarji Desai’s record of six. Before addressing Parliament on July 20, 2024, she met with President Droupadi Murmu.
Typically, the Union Budget is introduced in two stages: an interim budget in February by the outgoing government, followed by a comprehensive budget from the new administration. Sitharaman had already presented the interim budget for 2024-25 on February 1.
Emphasis on Social Justice and Inclusive Development
The new Union Budget places a strong focus on social justice and inclusive development. Addressing the needs of indigenous artisans and communities has been highlighted as a major priority for 2024. The budget outlines significant measures to ensure that these groups receive the support they need to thrive.
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Boosting Human Resource Development and Social Justice
In her budget speech, Sitharaman emphasized the government’s commitment to enhancing economic opportunities through a “saturation approach.” This strategy will see intensified efforts to implement support schemes for craftsmen, artisans, self-help groups, scheduled castes, scheduled tribes, women entrepreneurs, and street vendors. Initiatives such as PM Vishwakarma, PM SVANidhi, National Livelihood Missions, and Stand-Up India will be expanded to increase their reach and impact.
Purvodaya: A New Vision for Eastern India
The government has introduced Purvodaya, a major initiative aimed at fostering all-round development in Eastern India, including Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. Purvodaya aims to boost human resource development, improve infrastructure, and create economic opportunities to turn the region into a key driver for achieving Viksit Bharat (Developed India).
Pradhan Mantri Janjatiya Unnat Gram Abhiyan: Empowering Tribal Communities
The Finance Minister announced the launch of the Pradhan Mantri Janjatiya Unnat Gram Abhiyan, a scheme designed to uplift tribal communities. This program will adopt a saturation coverage approach to enhance the socio-economic conditions of tribal families in tribal-majority villages and aspirational districts. Covering 63,000 villages and benefiting 5 crore tribal people, the scheme aims for widespread impact.
Expanding Banking Services in the North East
To improve financial inclusion in the North East, the budget includes plans to open more than 100 new branches of India Post Payment Bank. This expansion is intended to increase access to banking services and support economic growth in this vital region.
Focus on Rural Development
This year’s budget allocates ₹2.66 lakh crore for rural development, including substantial investments in rural infrastructure. This allocation underscores the government’s dedication to enhancing rural areas and promoting sustainable development throughout the country.
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