Explore the key highlights from Finance Minister Nirmala Sitharaman’s Interim Budget Speech 2024. From economic reforms driving growth to a significant increase in capital spending, learn about the government’s focus on aircraft orders, defence tech, agricultural advancements, railway infrastructure, and detailed ministry allocations. Stay informed about the budgetary allocations shaping India’s economic landscape in the run-up to the 2024 Lok Sabha elections.

Key Highlights from Interim Budget 2024

1. Economic Reforms for Growth: Sitharaman promised economic reforms to drive growth in the last budget before the 2024 Lok Sabha elections. The Interim Budget is viewed as an economic manifesto for the Bharatiya Janata Party (BJP) and will provide insights into fiscal consolidation, borrowings, and future taxation policy.
2. Capital Spending Increase: India’s capital spending for 2024-25 has been raised by 11%, reaching ₹11.11 lakh crore, which is 3.4% of GDP. The Finance Minister highlighted the positive impact of tripling capital expenditure in the last four years, resulting in a multiplier effect on economic growth and employment generation.
3. Aircraft Orders and Defence Tech: Indian air carriers have placed orders for 1,000 new aircraft. Additionally, a new scheme will be launched to strengthen deep technology in the defence sector. The government aims to promote public and private investment in post-harvesting agriculture activities.
4. Nano DAP in Agriculture: The application of nano DAP (Di-Ammonium Phosphate) on various crops will be expanded in agri-climatic zones, aiming to enhance agricultural productivity.
5. Railway Corridors and Vande Bharat Standard: Three major railway corridors, including one for cement, will be constructed. Furthermore, 40,000 normal railway bogies will be converted to Vande Bharat standard, aligning with the government’s focus on modernizing and upgrading the railway infrastructure.
6. Ministry Allocations: The Interim Budget documents reveal significant allocations to specific ministries:
   • Defence Ministry: ₹6.1 lakh crore
   • Ministry of Road Transport and Highways: ₹2.78 lakh crore
   • Ministry of Railways: ₹2.55 lakh crore
   • Ministry of Consumer Affairs, Food & Public Distribution: ₹2.13 lakh crore
   • Ministry of Home Affairs: ₹2.03 lakh crore
   • Ministry of Rural Development: ₹1.77 lakh crore
   • Ministry of Chemicals and Fertilizers: ₹1.68 lakh crore
   • Ministry of Communications: ₹1.37 lakh crore
   • Ministry of Agriculture and Farmer’s Welfare: ₹1.27 lakh crore

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