 "Budget 2024: Infrastructure takes centre stage post Lok Sabha elections")
Union Finance Minister Nirmala Sitharaman delivered a compelling Interim Budget speech in February, emphasising India’s strides in infrastructure and improved quality of life. With the 2024 Lok Sabha elections behind us, attention now shifts to the forthcoming Union Budget in July. Sitharaman, advocating the resilience of the Indian economy, prepares to fortify infrastructure and propel economic growth.
Here’s a snapshot of Interim Budget 2024’s key allocations:
Infrastructure investment
The government has earmarked Rs 11.11 trillion for the infrastructure sector in FY25, amounting to 3.4 per cent of the GDP.
Railway corridors
Under the PM Gati Shakti initiative, three crucial economic railway corridors have been identified to boost logistics efficiency and slash costs:
- Energy, mineral, and cement corridors
- Port connectivity corridors
- High-traffic density corridors
Railway upgrades
A sweeping modernisation move sees 40,000 standard rail bogies upgraded to the advanced Vande Bharat standard, promising enhanced comfort and efficiency for train travellers.
Aviation expansion
India’s air network sees a remarkable expansion, doubling the number of airports to 149. This growth aims to bolster regional connectivity, complemented by 517 new routes catering to 13 million passengers. The Indian aviation sector is also set to soar with orders for over 1,000 new aircraft by domestic carriers.
Economic outlook
Sitharaman highlighted the transformative impact of these initiatives on India’s economic landscape, noting a 50 per cent increase in average real income and controlled inflation. She also emphasised the effective implementation of programs and mega projects, empowering citizens to chase their dreams.
“People are becoming more empowered, equipped, and enabled to pursue their aspirations. Our focus remains on delivering programs and projects effectively and promptly,” Sitharaman had said, reflecting on India’s economic trajectory.
What next after the Interim Budget?
The Interim Budget lays a robust foundation for the forthcoming Union Budget, aligning with post-election aspirations. The government’s strategic emphasis on infrastructure and economic expansion aims to resonate with voters, promising a future of sustained growth and prosperity for India.