Details of Budget 2024

Finance Minister Mrs. Nirmala Sitharaman presented the interim budget on February 1, 2024, at 11 o’clock in the Parliament of India. Here are the key points explained in simpler terms

Commitment to meet ‘Net Zero’ by 2070

The government promises to balance the amount of greenhouse gases it produces with the amount it takes out of the environment by the year 2070. This helps in reducing the impact of climate change.

  1. Viability gap funding for wind energy : The government will provide money to support wind energy projects if they’re not making enough profit on their own. This helps encourage the development of clean and sustainable wind energy.
  2. Setting up of coal gasification and liquefaction capacity:Creating the ability to turn coal into gas and liquid. This can make the use of coal more efficient and environmentally friendly.
  3. Phased mandatory blending of CNG, PNG, and compressed biogas:Gradually making it a must to mix natural gas (CNG and PNG) and biogas with regular gas. This helps in using cleaner fuels, which are better for the environment.
  4. Financial assistance for procurement of biomass aggregation machinery:Providing money to help buy machines that gather and collect biomass (organic materials like plants and crop residues). This supports the use of biomass for energy, which is renewable and reduces waste.

 

Rooftop solarization

The plan is to install solar panels on the rooftops of one crore (10 million) households. These households will then get up to 300 units of electricity for free every month. This helps people use clean and renewable energy from the sun, and they won’t have to pay for a certain amount of electricity each month.

Greening Public Transit: Embracing E-Buses and Supporting E-Vehicles Ecosystem

The government is planning to use electric buses for public transportation. Additionally, they will make electric vehicles (e-vehicles) more popular by helping with their production and setting up charging stations. This aims to make transportation cleaner and more environmentally friendly.

Green Innovation Boost: Introducing Biomanufacturing and Bio-Foundry Scheme

The government is starting a new plan to make things using biology (biomanufacturing) and create specialized labs (bio-foundry). This is to help and promote things that are good for the environment

Biomanufacturing: Biomanufacturing involves using living organisms like bacteria, yeast, or cells to produce useful products. These can range from medicines and vaccines to biofuels and other environmentally friendly materials. Essentially, it’s a way of harnessing the power of living organisms to create products on a larger scale.

Bio-Foundry: A bio-foundry is a specialized laboratory equipped with advanced tools and technology to engineer and manipulate biological systems for various applications. It serves as a facility where scientists and researchers can design, build, and test biological components, similar to how a traditional foundry works with metals. In the context of the given statement, the bio-foundry would likely be a center for developing and refining bio-manufacturing processes and creating environmentally friendly alternatives.

Strategy for Amrit Kaal (Golden Era)

The goal is to make transportation better and promote investment. The numbers represent the amount of money (in crores) and the percentage of the country’s total wealth (GDP) that will be used for these projects.

The government wants to:

  1. Build three major railway corridors to make transportation more efficient.
  2. Attract foreign investment by making agreements with other countries.
  3. Improve national highways, increase cargo capacity at ports, electrify more railway routes, and enhance air travel by expanding airports and supporting the development of new ones.

In simpler terms, the government is focusing on making travel and transportation easier and better for everyone.

Inclusive Development

Program to Help States Achieve Faster Development, Including Creating Jobs, in Aspirational Districts

Health

  1. Promote Cervical Cancer Vaccination for Girls (Aged 9-14)
  2. Fast-track Saksham Anganwadi and Poshan 2.0 for Better Nutrition, Early Childhood Care, and Development
  3. Introduce U-WIN Platform for Enhanced Immunization in Mission Indradhanush
  4. Expand Health Coverage to include all ASHA, Anganwadi Workers, and Helpers under Ayushman Bharat Scheme

Housing

Pradhan Mantri Awas Yojana (Grameen) nearing its goal of 3 crore houses; an extra 2 crore houses planned for the next 5 years. Introducing the Housing for Middle Class scheme to encourage the middle class to purchase or build their own homes.

Tourism

States will be motivated to enhance iconic tourist destinations, creating business opportunities and supporting local entrepreneurs. Offering long-term interest-free loans to States for development in areas like housing and tourism. Increased funds for PMAY. G20 meetings in 60 locations showcased India’s diversity globally. Initiatives for port connectivity, tourism infrastructure, and amenities planned for islands, including Lakshadweep.

Agriculture and Food Processing

The government will encourage both private and public investment in post-harvest activities. The use of Nano-DAP will be expanded across all agricultural regions. A strategy will be devised for the Atmanirbhar Oilseeds Abhiyaan to achieve self-sufficiency in oilseeds. A comprehensive program for the development of dairy will be formulated. Efforts to boost the Pradhan Mantri Matsaya Sampada Yojana will be intensified to increase aquaculture productivity, double exports, and create more job opportunities. Additionally, there are plans to establish 5 Integrated Aquaparks.

 
 

Where Rupess Goes and Come from

Rupess comes

Budget Allocation

Budget Allocation 2024 2025

Allocation to Major Schemes (in ₹ crore)

Budget major schemes allocation 2024 2025

he response from both the public and the market has been highly positive following the announcement of the interim budget by the finance minister.

Source : indiabudget.gov.in 

Leave a Reply

Your email address will not be published. Required fields are marked *