Friday, July 19, 2024

Examining the 2024 Interim Budget’s Projections for Vikisit Bharat 2047


Outlook for Vikisit Bharat 2047 through Interim Budget 2024

The Interim Budget 2024, as unveiled by Finance Minister Nirmala Sitharaman, articulates a precise approach towards achieving India’s ambitious developmental targets for Vikisit Bharat 2047. By maintaining fiscal discipline and endorsing enhanced Capex spending, the budget aims for an equitable growth catering to youths, women, the poor, and farmers. With a balanced strategy, the budget resonates with confidence and meets the diverse expectations of Indian society, ensuring nobody is left behind.

Empowering the Middle Class and Taxpayers

Interim Budget 2024 propels the Indian economy forward with significant announcements in multiple sectors. It gears towards constructing 2 crore houses and introduces a pioneering scheme for middle-class individuals in rented accommodations to realize homeownership dreams. Furthermore, to alleviate the tax burden, it proposes the withdrawal of certain outdated Direct Tax demands, potentially benefiting around 1 crore taxpayers and simplifying the tax system for enhanced economic activities.

Enhancing Farmer Prosperity and National Development

Aligned with its focus on agriculture and rural development, the budget encourages investments in post-harvesting activities, widening Nano-DAP usage, and formulating support for dairy farmers. A notable strategy includes achieving self-sufficiency in oil seeds and intensifying efforts in the aquaculture sector, with a roadmap to increase productivity and exports, thereby creating substantial employment opportunities.

Promoting Women Empowerment

The government’s initiative, Lakhpati Didi, aims to escalate women’s self-reliance through Self-Help Groups (SHGs), targeting to uplift 3 crore women, emphasizing the critical role of women in rural socio-economic transformation.

Vision for a Green and Developed Bharat

India’s pledge for ‘net-zero’ emissions by 2070 and sustainable development is emphasized through plans for rooftop solarisation, offshore wind energy potential tapping, coal gasification, and a new scheme for Bio-Manufacturing. This direction not only supports green growth but also aims for advancements in logistics, railway corridors, Metro and NaMo Bharat expansions, and tourist centre developments, thereby ensuring a comprehensive infrastructural and environmental development towards a Vikisit Bharat.

In conclusion, under PM Narendra Modi’s leadership, the Interim Budget 2024 carves a roadmap for achieving sustainable, inclusive growth, setting a foundation for Vikisit Bharat by 2047 amidst global challenges. With India’s economy projected to grow at 7 per cent in contrast to global trends, the vision for a developed nation by 2047 looks promising and achievable.

Alexandra Bennett
Alexandra Bennett
Alexandra Bennett is a seasoned business journalist with over a decade of experience covering the global economy, finance, and corporate strategies. With a Bachelor's degree in Economics and a Master's in Business Journalism from Columbia University, Alexandra has built a reputation for her insightful analysis and ability to break down complex economic trends into understandable narratives. Prior to joining our team, she worked for major financial publications in New York and London. Alexandra specializes in mergers and acquisitions, market trends, and economic

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