Union Finance Minister Nirmala Sitharaman delivered a concise yet impactful Interim Budget speech in February, highlighting significant strides in infrastructure development and the overall improvement in citizens’ quality of life. With the elections now concluded, the full Union Budget will be announced in July. Emphasizing the resilience and growth of the Indian economy, Sitharaman will look forward to enhancing the country’s infrastructure and boosting economic prosperity.
Budget 2024 in numbers: Key allocations
Infrastructure Investment
The government has allocated ₹11.11 lakh crore to the infrastructure sector for FY25, representing 3.4% of the GDP.
Railway Corridors
Three major economic railway corridor programs have been identified under the PM Gati Shakti initiative. These programs aim to improve logistics efficiency and reduce costs. The specific corridors include:
Energy, Mineral, and Cement Corridors
Port Connectivity Corridors
High Traffic Density Corridors
Railway Upgrades
In a move to modernize the railway system, forty thousand normal rail bogies will be converted to Vande Bharat standard. This upgrade is expected to enhance passenger comfort and efficiency in train travel.
Aviation Expansion
The number of airports in the country has doubled, reaching 149. This expansion is part of the government’s efforts to improve regional connectivity and boost the aviation sector. Additionally, five hundred and seventeen new routes have been introduced, catering to 1.3 crore passengers. Indian carriers have also placed orders for over 1,000 new aircraft, signaling a significant growth phase in the aviation industry.
Economic outlook
In her speech, Sitharaman emphasized the overall positive impact of these developments on the Indian economy. She noted that people are living better and earning more, with aspirations for a brighter future. The average real income has increased by fifty percent, and inflation remains moderate. The finance minister highlighted that the effective and timely delivery of programs and large projects has empowered people, equipping them to pursue their aspirations.
“People are getting empowered, equipped, and enabled to pursue their aspirations. There is effective and timely delivery of programs and large projects,” Sitharaman said, reflecting on the state of the Indian economy.
Looking Ahead
The Interim Budget sets a robust foundation for the upcoming full Union Budget, which is scheduled to be announced in July. With the Lok Sabha elections completed, the government’s strategic focus on infrastructure and economic growth aims to resonate with voters, showcasing a vision of continued development and prosperity for India.