Highlights of the Budget speech of Finance Minister Nirmala Sitharaman

1 Feb 2024 , 11:12 AM

Here are key announcements made by the FM in the speech:

The Indian economy has witnessed positive transformation in the last 10 years. People are looking towards future with hope. In 2014, the country was facing enormous challenges. With Sabka Saath, Sabka Vikaas, the Narendra Modi-led government overcame those challenges

Our young country has high aspirations, pride in its present, and hope in the future. Our young country has pride in its presence and hope and confidence in the future. The worries about food have been eliminated through free ration for 80 crore people.

Minimum support prices for the produce of annadata has been raised periodically. We expect that our government with its stupendous work will again be by the people with a resounding mandate

There is transparency and assurance that benefits are available for all eligible people, and the resources are distributed towards all eligible people without any discrimination. We are addressing systemic inequalities that have plagued our society.

We need to focus on four major pillars — poor, women, youth and annadatas. Their empowerment and wellbeing will drive country forward.

Garib Kalyan is desh ka kalyan. We believe in empowering the poor. The earlier strategy of entitlement did not work. With the pursuit of Sab ka Saath, the government has helped alleviate 25 crore people from multi-dimensional poverty.

For welfare of our annadata, every year, under PM Kisan Samman Yojana, direct financial assistance is provided to 11.8 crore farmers. Crop insurance has been given to 4 crore farmers under the PM Fasal Bima Yojana. This assists the annadata in producing food for the country and the world. 1,361 mandis integrated with 3 lakh crore trading volume.

All forms of infrastructure – digital, social, physical – are being built in record time. Empowerment of women has gained momentum with 30 crore Mudra Yojana loans. Around 70% houses in rural areas under PM Awas Yojana were given to women as single or joint owners.

Proactive inflation management has helped keep inflation within the band. 

A new world order is emerging after the COVID pandemic. India assumed the G20 Presidency during very difficult times for the world. The pandemic has led to a crisis of food, fertiliser, food, and finances for the world while India successfully navigated its way. The India Middle East-Europe trade corridor, announced during the G20 Summit last year, will be a game-changer for India and rest of the world. Our vision for Viksit Bharat is one of prosperity in harmony with nature and providing opportunity to all to reach their potential. 

This is a developing story and will be updated regularly.