Mrs. Sreelakshmi (Head of the Department)
The Union Budget 2024 of India, presented by Finance Minister Nirmala Sitharaman, reflects a comprehensive strategy aimed at sustaining economic growth while addressing social equity. This budget prioritizes infrastructure development, healthcare, education, and green energy and development of country as a whole. A significant highlight is the allocation of ₹10 lakh crore for infrastructure development. This investment is particularly focused on improving transportation networks, including roads, railways, and ports, enhancing India’s logistical capabilities and thereby increasing employment opportunities and stimulating economic activities.
Healthcare and education have also received substantial attention. The budget sets aside ₹2.5 lakh crore for the health sector, emphasizing the need for modernizing healthcare facilities and expanding the reach of medical services to rural and underserved areas. Similarly, the education sector receives an allocation of ₹1.5 lakh crore, with a strong focus on digital learning and skill development programs to equip the youth with future-ready skills.
In this era of sustainability, there should be some activities done as a part of achieving sustainable goals. The budget allocates ₹3 lakh crore for green energy initiatives. This includes investments in renewable energy projects, electric vehicle infrastructure, and incentives for industries to adopt greener practices. These measures are expected to help India achieve its ambitious climate goals.
On the fiscal side, the budget maintains a delicate balance between expenditure and revenue generation. While continuing to support welfare schemes and subsidies, the government plans to enhance revenue through improved tax compliance and rationalization of GST rates.
Some of the criticisms against the budget are: Inadequate Support for Small Businesses, less focus on agriculture and difference in revenue generation and expenditure. Even though certain amount has been allocated towards environment and health sectors, experts claim the amount to be inadequate. The pandemic exposed significant gaps in India’s healthcare infrastructure, and experts argue that the budget should have included more robust funding to build resilient healthcare systems, particularly in rural areas. here is a need for more comprehensive policies and funding for climate change adaptation, conservation of natural resources, and pollution control. Another major issue is poverty and unemployment are not properly addressed by the Union budget.
In short, while the Budget 2024 aims to foster growth and inclusivity, addressing these criticisms could enhance its effectiveness in meeting the diverse needs of India’s population and economy.
