Interim Budget 2024: key highlights

The Government of India presented the interim budget for the financial year. Considering the upcoming elections, this is not a comprehensive annual budget. The 2024 interim budget painted a vision of ambitious development and future-oriented plans for India. While awaiting the full budget later this year, let's explore some of the key highlights that emerged:

Supporting businesses and people

• MSME Support: Timely financing and training for micro, small, and medium enterprises (MSMEs) promise to bolster this critical sector, driving job creation and economic momentum.
• Housing for All: With aspirations of providing 20 million affordable housing units and enabling 10 million homes to install rooftop solarization for free electricity, the government aims to address housing needs while promoting clean energy.
• Middle-Class Support: A dedicated housing scheme for the middle class acknowledges their specific needs and aims to enhance their access to affordable housing solutions.

Global opportunities and innovation

• Expanding Reach: Increased opportunities for India on the global stage highlight the nation's growing economic potential and influence.
• Tech Focus: Initiatives like the "Deep Tech for Defence" scheme and increased Capex outlay on infrastructure indicate a focus on technological advancements and infrastructure development.
• Aviation Boom: Orders for over 1,000 aircraft by Indian carriers signal a robust aviation sector poised for further growth.

Sustainability and environment-friendly solutions

• EV Revolution: Expanding electric vehicle (EV) adoption through manufacturing support and charging infrastructure development aims to address both environmental concerns and fuel-sustainable transportation.
• Green Growth: Promoting biodegradable polymers and bioplastics encourages environmentally conscious alternatives, while Blue Economy 2.0 focuses on sustainable harnessing of ocean resources.

International collaboration and regional development

• Strengthening Ties: The approval of a bilateral investment treaty between India and the UAE fosters stronger economic bonds and potential benefits for both nations.
• Investment in Eastern India: Development Aspirations districts in the eastern region promise targeted investments and aim to bridge regional development gaps.
• Tourism Boost: Long-term interest-free loans to states for tourism development highlight the government's recognition of this sector's potential for economic growth and job creation.

While these initiatives showcase a promising roadmap, it's essential to remember that the true impact will depend on their effective implementation and ongoing monitoring. Upon the formation of the new government, we will see a comprehensive annual budget. The interim budget is also known as the vote on account.