In every 1st February of the year our finance minister announce the Interim Budget. Like wise this year finance minister Nirmala Sitharaman presented the Union Budget 2024. As it is an election year so that it was just an interim budget and the complete budget will be announced again on June-July. But it is as important as the full budget.
The interim budget plays a pivotal role in ensuring fiscal stability and addressing the immediate needs of the public. This temporary budget, typically presented by a caretaker government or in a transitional period, serves as a bridge between two full-fledged budgets, offering continuity and stability in governance. One of its critical functions is to allocate funds for essential services and projects, ensuring that public welfare remains a top priority even during times of political transition or uncertainty. Let’s see some key points for public-
Table of Contents
Capital Expenditure –
The main focus of this Interim Budget was in capital expenditure like as usual. Making roads, ports, buildings, bridges are being built in this. Last year govt. has already increased it by 33% and again it is increased by 11.1%. It means 11. 11 Trillion will be invested by govt. in this year. Govt. has taken this step as it highly boost the economy growth. 2.55 Lakh Crores has been allotted to Railways. 40k normal Rail Coaches will be converted into Vande Bharat standards.
Agricultural Sector-
Govt. has announced Atmanirbhar Oil Seed Abhiyan and focused on fertilizer like Nano- DAP and so other eco friend fertilizers. And govt. want to reduce the import of edible oil. But Govt. has cut the budget of Agricultural Subsidies, in comparison to the last year’s 1.89 trillion this year it will be 1.64 Trillion only. Food subsidy has been reduced to 2.05 Trillion from 2.12 Trillion.
Education & Health Care Sector In Interim Budget-
We know that Govt. has cut the education Budget last year. Now we can see a little increasement. It is increased to 1.25 Lakh Crore from 1.09 Lakh Crore. UGC budget has been cut by 60 %, IIT & IIM budget has been cut also. Some Scholarship has been stopped like Pre- Matric Scholarship. The budget has been increased in Central Universities and Research & Innovation . In health care sector the increment is too low. It has increased to 90000 crore from previous year’s 89000 crore. Ayushman Bharat Scheme will be expanded and Cervical Cancer vaccine will be given to women.
Housing Budget –
Govt. has increased the the allocation of Pradhan Mantri Awas Yojana to 80671 Crore from 79590 Crore. Govt. has promised to launch a scheme for the deserving middle class who stays in rented house and poor who stays in slums will be provided house in a affordable price.
People Opinion :
- People are happy to see the Rail Budget because of the last year’s horrible train accidents and the toilets of Rail coaches and so other things should be improved.
- People can expect a lots of jobs for this huge capital expenditure. They are expecting jobs of various types.
- They aren’t happy for education sector. They are saying that govt. should invest more in govt. schools and colleges so that all students can get a better education. And If govt. invest properly than the number of abroad going students will decrease.
- Also they has a lots of complain about govt. hospital. Govt. should improve the facilities of govt. hospital and the condition of govt. hospital should get better.
- And most number of people are saying that govt. announce the budget but they don’t ever invest the full amount the allocate.
- People are happy for the new roads and infrastructure as it is now much developed than ever before.
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