Before FM unveils Budget 2024, take a look at government's Saptarishi focus in its last Budget
The budget allocates a significant portion for infrastructure and productive capacity, with a 33% increase in capital investment outlay to Rs 10 lakh crore.
The government has set seven main priorities for the Union Budget 2024, emphasising inclusive development, extending services to remote areas, boosting infrastructure and investments, unlocking potential, promoting green growth, harnessing the power of youth, and supporting micro, small and medium enterprises (MSMEs).
Inclusive Development
The government follows the principle of 'Sabka Saath Sabka Vikas,' focusing on inclusive development for farmers, women, youth, OBCs, scheduled castes, scheduled tribes, people with disabilities, and economically weaker sections. Priority is given to the underprivileged, with a special focus on Jammu & Kashmir, Ladakh, and the North-East.
Reaching the Last Mile
The government aims to reach the last mile by establishing ministries such as AYUSH, Fisheries, Animal Husbandry and Dairying, Skill Development, Jal Shakti, and Cooperation, following the model set by Prime Minister Atal Bihari Vajpayee’s government with the Ministry of Tribal Affairs and the Department of Development of North-Eastern Region.
Infrastructure & Investment
The budget allocates a significant portion for infrastructure and productive capacity, with a 33% increase in capital investment outlay to Rs 10 lakh crore, equivalent to 3.3% of GDP. The 'Effective Capital Expenditure' is budgeted at Rs 13.7 lakh crore, constituting 4.5% of GDP.
Unleashing the Potential
Efforts are made to enhance the ease of doing business by reducing over 39,000 compliances and decriminalising more than 3,400 legal provisions. The Jan Vishwas Bill has been introduced to amend 42 Central Acts, promoting trust-based governance.
Green Growth
The government envisions "LiFE" (Lifestyle for Environment) to encourage environmentally conscious living. India is committed to achieving net-zero carbon emissions by 2070, fostering a green industrial and economic transition.
Youth Power
Initiatives like the National Education Policy and supportive economic policies aim to empower the youth, focusing on skill development and creating ample job opportunities.
Financial Sector
The government will focus on several financial areas for different categories, including credit guarantee for MSMEs, senior citizens and fiscal management.