Dr.

Vibhas Jha Sir

INTERIM BUDGET 2024-25
1. Introduction

• Economy has witnessed profound transformation in the past ten

years.
• Overcoming challenges : Structural Reforms & Pro-People
Programs
• Developmental philosophy : Social & Geographical Inclusivity
• Country taking strides toward Atmanirbhar Bharat, Panchpran,
Amrit Kaal
Global Context
• Globalization being Re-Defined – Friend-Shoring, Disruptions
and Fragmentation of Supply Chains
• Global Challenges like:
1. High inflation,
2. Low global growth,
3. High global public debt,
4. Climate challenges,
5. Crisis of 4Fs- Food, Fertilizer, Fuel & Finances
Economic Management Strategy to confront challenges

Multipronged strategy adopted

• Infrastructure – Physical, Digital and Social

• Emphasis on Digital Public Infrastructure (DPI)
• Capex budget trebled in past four years
• GST led deepening and widening of tax base
• Strengthening of financial sector and proactive inflation management
• GIFT IFSC and unified authority IFSCA creating robust gateway for global
capital
2. Macroeconomic Snapshot

GROSS DOMEST IC PRODUCT FISCAL DEFICIT

(GDP) 8.00%
350 296.58(RE) 327(BE) 7.00% 6.7% 6.4%
300 272.41 5.8%(RE)
6.00%
In Lakh Crores

234.71 5.1%(BE)
250 5.00%

% OF GDP
200 4.00%
150 3.00%
100 2.00%
50 1.00%
0 0.00%
2021-22 2022-23 2023-24 2024-25 2021-22 2022-23 2023-24 2024-25
Years Years

By Dr. Vibhas Jha Sir

 GDP GROWTH INFLANTION (CPI)
8.00%
10 7.00% 6.7%
9.1%
7.3%(RE) 6.00% 5.5% 5.4%*
8 7.2% 7%(BE)

Inflation %
4.5%*
% OF GDP

5.00%
6 4.00%
4 3.00%
2.00%
2
1.00%
0 0.00%
2021-22 2022-23 2023-24 2024-25 2021-22 2022-23 2023-24 2024-25
YEAR YEAR

By Dr. Vibhas Jha Sir

 AGRICULTURAL GROWTH INDUSTRIAL GROWTH
4.50% 12.00% 11.1%
3.9% 4%
4.00%
10.00%
3.50%
% Growth

% Growth
3.00% 8.00% 6.5%*
2.50%
1.8%* 6.00%
2.00%
1.50% 4.00%
1.00% 1.3%
2.00%
0.50%
0.00% 0.00%
2021-22 2022-23 2023-24 2021-22 2022-23 2023-24
YEAR YEAR

By Dr. Vibhas Jha Sir

 SERVICE GROWTH UNEM PLOYM ENT RATE
10.00% 6.00%
8.9%*
8.4% 4.8%
5.00%
8.00% 7.1% 4.2% 4.1%

PERCENTAGE
% Growth

4.00%
6.00% 3.2%*
3.00%
4.00%
2.00%
2.00%
1.00%
0.00% 0.00%
2021-22 2022-23 2023-24 2019-20 2020-21 2021-22 2022-23
YEAR YEAR

By Dr. Vibhas Jha Sir

AMRIT KAAL – KARTAVYA KAAL
GARIB
(POOR)

NARI YUVA
(WOMEN) GYAN (YOUTH)

ANNADATA
(FARMER)
By Dr. Vibhas Jha Sir
 Pillar 1 :-
Agriculture, Food Processing and Welfare of Annadata

Schemes and initiatives mentioned in the Interim Budget are:

• PM KISAN – DBT provided to 11.8 crore farmers

• Crop Insurance given to 4 crore farmers under PM Fasal Bima Yojana
• E-NAM: Integration of 1361 Mandis completed, serving 1.8 crore farmers
• PM Kisan Sampada Yojana has benefitted 38 lakh farmers
• PM Formalisation of Micro Food Processing Enterprises assisted over 2.4 lakh SHGs.
• Matsya Sampada Yojana: Doubling of production and export of marine products since
FY14.
New Initiatives and announcements in the Interim Budget

• Private and Public investments in post harvest facilities promoted

• Nano DAP usage to be expanded
• Atmanirbhar Oil Seeds Abhiyaan: To ensure Atmanirbharta in production of oilseeds
• Dairy Development to improve productivity of Milch animals.

• Matsya Sampada Yojana to be stepped up:

• Enhance aquaculture productivity
• Raise exports to one lakh crore rupees
• Generate 55 lakh employment opportunities
• Set up Five Integrated Aqua Parks
• Allocation for Blue revolution increased Rs 2352 crores.
Review of Budget 2023 announcements and initiatives

• Digital Public infrastructure for Agriculture – an open source, open standard and
interoperable public good.
• Agriculture Accelerator Fund – to encourage agriculture start-ups
• Atmanirbhar Horticulture Clean Plant Program – to boost availability of disease free
quality planting material for high value crops
• Making India Global Hub for Millets
• Agriculture Credit target set to Rs 20 lakh crore
• A new- sub-scheme under Matsya Sampada Yojana to improve value chain
• Country wide mapping and computerisation of 63,000 PACs
• Decentralisation of Storage Capacity through setting up of cooperative societies (also in
dairy and fisheries)
Pillar 2 :-
Inclusive Development, Growth and Social Justice
• From ‘provisioning upto village level’ to ‘targeting households and individuals’ – a
humane approach adopted
• Food security for all
• Free rations to 80 crore people – PM GKAY allocation of Rs 2.05 lakh crore this year
• MSP increased periodically

Interim Budget on Social Justice

• Saturation of schemes
• Transparency in governance and assurance to all
• Focus on four major castes: Garib (Poor), Mahilayen (Women), Yuva (Youth) and
Annadata (farmer)
• Addressing systemic inequalities
Garib Kalyan, Desh ka Kalyan (Welfare of poor)

• New approach of empowering instead of entitlements

• Notable achievements/Schemes highlighted by Interim Budget
• Poverty Alleviation – 25 crore people uplifted from Multidimensional Poverty
• DBT of Rs 34 Lakh Crore done using PMJDY leading to savings of Rs 2.7 Lakh Crore
• PM SVANidhi – Credit assistance to 78 Lakh street vendors provided
• PM- Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN) – announced in Budget 2023
for PVTG families with allocation of Rs 15,000 crores for three years
• PM – Vishwakarma Yojana ( Budget 2023)
• Financial, skill and technical assistance to Handicraftsmen and artisans.
• Allocation of Rs 4824 crore in Interim Budget, which is approx. 5 times the revised
estimate of Rs 990 crore of FY24
• Allocation of MNREGA increased to Rs 86,000 crore
Momentum for Nari Shakti (Women Empowerment)

• Highlights
• 30 crore MUDRA Yojana loans disbursed to women entrepreneurs
• Increased female enrolment in higher education and 43% share of women in STEM
courses
• A rise in FLFPR - 23.3% (FY18) to 37% (FY23)
• Lakhpati Didis and DAY-NRLM:
• 83 lakh SHGs with 9 crore women under NRLM
• Lakhpati Didi – part of DAY NRLM to promote establishment of micro-enterprises
by women
• Interim budget to enhance target of Lakhpati Didis to 3 crore from 2 crore
• Women are sole/joint owners in 70% houses under PM Awas Yojana
Empowering Youth (Amrit Peedhi), Skilling and Education
• Highlights
• National Education Policy 2020
• Unemployment Rate declining consistently
• PM SHRI (schools for rising India) – Budget allocation increased from Rs 4000 crore (BE
FY24) to Rs 6050 crore (BE FY25)
• Skill India Mission – trained over 1.4 crore youth, up skilled 54 lakh youth and
established 3000 new ITIs.
• PM MUDRA Yojana – 43 crore loans aggregating Rs 22.5 lakh crore sanctioned to
youth

• Schemes in Budget 2023

• PM KVY 4.0 to equip youth for fourth Industrial Revolution
• Establishment of skill India digital platform
• National Apprenticeship Promotion Scheme to support 47 lakh youth in three years
Inclusive Development in Aspirational Districts and Blocks

• Assisting states in faster development of Aspirational Districts and Blocks

• ADP Themes: Health and Nutrition, Education, Agriculture and Water Resources, Financial
Inclusion & Skill development and Infrastructure.

Inclusive Regional Development

• Government to focus on making eastern region powerful driver of India’s growth.
• Budgetary allocations towards North Eastern region grew significantly.

Housing
• A new scheme targeting middle class to be launched – enabling them to buy or build
houses
• PM AWAS Yojana
• Outlay enhanced to Rs 80,671 crore this year
• PMAY Grameen is close to achieving its target of 3 crore houses, target enhanced to 5
crore houses
Tourism

• High potential of India: Business and Conference tourism, Rising middle class, Spiritual and
Medical tourism
• Budget 2023 on tourism: Promotion of tourism with active participation of states,
convergence of government programs and PPP model
• Initiatives taken in Interim Budget
• Comprehensive development of iconic tourist centres – states to be encouraged, a
rating framework to be established, long term interest free loans to be provided
• Projects for port connectivity, tourism infrastructure and amenities to be taken up on
islands, including Lakshdweep

• Initiatives taken in Budget 2023

• Developing 50 tourist destinations to High standards
• Tourism development in border villages – Vibrant Village Programme
• Unity Mall : One District One Product
Health
• New Initiatives
• Plans to set up more medical colleges by utilizing existing hospital infrastructure
• Encourage use of Cervical Cancer Vaccines (HPV) for girls between 9 to 14 years age
• Ayushman Bharat Scheme Extended to ASHA, Aanganwadi and Health workers

MSMEs
• Adequate finances, relevant technologies and appropriate training for the MSMEs
• Steps taken in Budget 2023
• Credit Gurarantee Scheme for MSMEs was revamped
• Vivad Se Vishwas Relief for MSMEs from COVID-19 projects
 Pillar 3:
Infrastructure and Investments
• Capital Outlay for next year increased by 11.1% to Rs 11,11,111 crore rupees which is 3.4% of
GDP up from less than 2% of GDP in FY 18.
• Higher multiplier impact in the economy
• Promotes forward and backward linkages
Promotion of Investments
• 50 year interest free loans to States with total outlay of Rs 1.3 Lakh Crore rupees
• FDI inflow during 2014-23 was USD 596 billion, twice the inflow between 2005-14.
• FDI – expanded to “First Develop India”
• Budget of FY 24: Infrastructure Finance Secretariat set up, use of innovative mechanisms like Infra.
Debt Funds, REITs, InvITs to promote investments. A harmonized master list of infrastructure was
announced.
• National Infrastructure Pipeline, National Monetisation Pipeline, National Logistics Policy
Railways
• Three new major Economic Rail Corridors under PM GatiShakti to be introduced:
1. Energy, mineral and cement corridors
2. Port connectivity Corridors
3. High Traffic density Corridors
• Forty thousand normal rail bogies to be converted to Vande Bharat standards
• Capital outlay increased to Rs 2.5 Lakh Crore in FY25

Roadways
• Capital allocation for MoRTH increased to Rs 2.72 trillion, up from Rs 2.58 trillion last year

Civil Aviation
• Sector has galvanised – number of airports doubled to 149 in past ten years
• Connectivity to tier-2 and tier-3 cities – UDAN Phase II (Budget 23-24)
• 517 new routes are carrying 1.3 crore passengers.
Urban Infrastructure
• Fast-expanding middle class with rapid pace of urbanisation.
• Metro Rail and NaMo Bharat to be catalyst for Urban Transformation.
• Highlights from Budget 2023-24
• Sustainable cities for Tomorrow – encourage cities to take up urban planning reforms
• Making Cities ready for Municipal Bonds – incentivized to improve their credit
worthiness
• Urban Infrastructure Development Fund (UIDF) – managed by NHB
• Urban sanitation – from “Manhole to Machinehole”
Thank You
By Dr. Vibhas Jha Sir