Finance Minister Nirmala Sitharaman delivered the Budget for the fiscal year 2024-25, exceeding the previous record set by former Prime Minister Morarji Desai.
Finance Minister Nirmala Sitharaman observed that the people of India have reaffirmed their confidence in the Modi-led government by re-electing him for a third term. She stressed that despite the global economic policy uncertainties, India’s economic growth remains vigorous.
Ms. Sitharaman also pointed out the stability of the country’s inflation rate, which is steadily approaching the target of 4 percent. Furthermore, she noted that the core inflation rate currently stands at 3.1 percent.
Currently, India is the world’s fifth-largest economy and is on its way to becoming the third-largest economy in the world in the coming years. Before the Budget 2024 presentation, Prime Minister Narendra Modi stated that India is the fastest-growing major global economy. He added that Budget 2024 will further steer the nation towards the vision of a ‘Viksit Bharat’ (Developed India) by 2047.
Union Budget 2024 had 9 top priorities and infrastructure was one of them. The budget has been allotted for a lot of new development
The government allocated Rs.11.11 lakh crore to Capex For Year 2025, announced Ms Sitharaman :
The finance minister also stated that the government will continue to provide significant budgetary support to infrastructure projects over the next five years. She stated that the government will use Viability Gap Funding to stimulate private sector infrastructure investment.
In addition, the government plans to initiate Phase IV of the PM Gram Sadak Yojana, which will target 25 rural habitations to address the expanding population in these areas. This effort intends to improve rural connections while supporting the region’s socioeconomic growth. Furthermore, the government intends to use technology and new solutions to ensure these infrastructure projects are completed on time and efficiently.
PM Awas Yojana – Urban 2.0 Fulfilling Housing Needs of 1 crore People:
Finance Minister Nirmala Sitharaman announced PM Awas Yojana-Urban 2.0, aimed at meeting the housing needs of 1 crore poor and middle-class families. The initiative will see an investment of ₹10 lakh crore, including ₹2.2 lakh crore in central assistance over the next five years. Additionally, the government will promote dormitory-type rental housing for industrial workers through public-private partnerships (PPP).
Construction of Industrial Parks :
In the budget session government announced “plug and play” industrial parks in 100 cities across the country by partnering with the state and private companies. The finance minister Ms Sitharamn also revealed that 12 industrial parks will be sanctioned under the National Industrial Corridor Development Programme.
Mr. Sashi Kiran Shetty the founder of All Cargo Group said This plan will boost investments, create jobs, and stimulate economic activity by improving infrastructure and promoting state-private sector collaboration. Additionally, twelve new industrial parks under the National Industrial Corridor Development Programme will enhance manufacturing and export potential.
National Industrial Corridor :
There will be the construction of 12 industrial parks under the National Industrial Corridor development program which the government approved in today’s budget session.
Rental housing for industrial workers :
The budget also introduced Rental housing for industrial workers which will be facilitated by PPP mode with VGF support and commitment from anchor industries. Ms Sitharaman also elaborated on the accommodation system of the Rental housing which will be dormitory-type accommodation.
Urban Development – Cities as Growth Hubs:
The finance minister announced a few new measures for the city’s development as a ‘Growth hub’ in the Union Budget of 2024-25. The Modi-led government gave the gist of urban development done in the past two budgets(FY 2022-23 and FY 2023-24), the Centre announced crucial urban development initiatives, including a Rs 10,000 crore Urban Infrastructure Development Fund for tier 2 and tier 3 cities.
Conclusion :
The 2024 -25 Union Budget, released by Finance Minister Nirmala Sitharaman, demonstrates the government’s commitment to changing India’s real estate and infrastructure industries. With significant contributions to Capex, the PM Gram Sadak Yojana, and the PM Awas Yojana-Urban 2.0, the budget seeks to improve rural connections, meet urban housing requirements, and drive private sector investment through Viability Gap Funding. The creation of “plug and play” industrial parks and new industrial corridors seeks to boost manufacturing, export potential, and economic activity. Overall, the budget lays a solid platform for creating a ‘Viksit Bharat’ by 2047, establishing India as a major global economy.
