Introduction to Interim Budget
In a pivotal move to propel economic growth and foster employment opportunities, the government announces a substantial increase in the infrastructure development outlay, marking a robust commitment to progress.
Railways: Transforming Connectivity
Under the ambitious PM Gati Shakti, three strategic railway corridor programs are set to enhance multi-modal connectivity. This initiative aims to improve logistics efficiency, reduce costs, and decongest high-traffic corridors, ultimately boosting GDP growth and decreasing logistical expenses.
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Aviation Sector: Soaring to New Heights
The past decade witnessed a remarkable transformation in the aviation sector, with airport numbers doubling to 149. Expanding air connectivity to tier-two and tier-three cities through the UDAN scheme has been a resounding success. The government pledges to continue developing new airports and expanding existing ones.
Metro and NaMo Bharat: Urban Catalysts
With a burgeoning middle class and rapid urbanization, the focus shifts to metro rail and NaMo Bharat as catalysts for urban transformation. The plan emphasizes transit-oriented development, particularly in large cities, to accommodate the evolving urban landscape.
Green Energy: Commitment to Sustainability
To meet the ‘net-zero’ commitment by 2070, the government introduces measures like viability gap funding for offshore wind energy, coal gasification and liquefaction capacity, and mandatory blending of compressed biogas. These initiatives aim to reduce imports and promote sustainable energy practices.
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Electric Vehicle Ecosystem: Driving Towards the Future
The government pledges to strengthen the electric vehicle ecosystem by supporting manufacturing and charging infrastructure. Special emphasis is placed on encouraging the adoption of e-buses for public transport, ensuring a more sustainable and eco-friendly transportation system.
Bio-manufacturing and Blue Economy 2.0: Embracing Green Growth
A new scheme for bio-manufacturing and bio-foundry is introduced, promoting environmentally friendly alternatives. Additionally, the blue economy 2.0 scheme focuses on climate-resilient activities, restoration measures, and coastal aquaculture with a multi-sectoral approach.
Comprehensive Development of Tourist Centers
Recognizing India’s economic strength and attractiveness as a business and tourism destination, the government encourages states to comprehensively develop iconic tourist centers. A framework for rating these centers based on quality and long-term interest-free loans for development is proposed.
Promoting Investments and State Reforms
The golden era of FDI inflow prompts ongoing efforts to attract sustained foreign investment. Bilateral investment treaties are in negotiation, aligning with the ‘first develop India’ approach. To support growth-enabling reforms in states, a significant interest-free loan is proposed.
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Societal Changes and a Vision for the Future
The government establishes a high-powered committee to address challenges arising from population growth and demographic changes. With a commitment to sustained high growth, the ‘Kartavya Kaal’ era focuses on comprehensive development, emphasizing economic management and governance.
Conclusion and Fiscal Outlook
Despite global challenges, the Interim Budget outlines a fiscal roadmap for ‘Viksit Bharat,’ with revised estimates reflecting strong growth momentum. The fiscal deficit in 2024-25 is projected at 5.1% of GDP, maintaining the path of fiscal consolidation. The lower market borrowings aim to boost private sector credit availability.
Source of Interim Budget Insights: Government of India Budget Speech 2024-25
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