Union Budget 2024: A Vision for Viksit Bharat@2047
| Aspect | Details |
|---|---|
| Vision | Vikisit Bharat@2047 with nine priority areas; focus on long-term strategy |
| Fiscal Deficit | Reduced to 4.9% from interim target of 5.1%; goal to bring it below 4.5% by FY2026 |
| Budget Size | Increased marginally; overall borrowing program remains almost unchanged |
| Capital Expenditure | Marginal increases; revised estimates for 2023-24 lower than initial Budget estimates |
| Effective Capital Expenditure | Decline suggests challenges in spending capacity, potentially undermining multiplier effects |
| Demand Stimulus | Adjustments to new income-tax regime; limited impact on boosting demand and household savings |
| Employment Initiatives | Internship scheme, incentives for hiring first-time employees; concerns about long-term efficacy |
| MSME Sector | Revival through credit guarantees and non-collateralized lending models |
| Key Omissions | No significant measures for industrial sector, Railways, PLI Scheme, Gati Shakti, Census |
| Education and Health | Lack of clear initiatives in education and health sectors |
| Urban-Rural Development | No detailed plans for balancing urban and rural development |