Today, Union Finance Minister Nirmala Sitharaman presented the Interim Budget for the financial year 2024-25 in Parliament, ahead of the upcoming Lok Sabha elections. Prime Minister Narendra Modi hailed the budget as “inclusive and innovative,” emphasizing its interim nature until the formation of a new government post-election.
In a strategic move, the budget outlines expenditures and revenues for a short period, allowing the government to fulfill its financial obligations during the election year. The comprehensive budget for the fiscal year 2024-25 will be introduced after the formation of the new government following the general elections.
Notable highlights from the Interim Budget include a ₹1 trillion corpus allocated for research in technology, aimed at financing advancements and strengthening deep tech technologies for defense purposes and self-reliance. Railways Minister Ashwini Vaishnaw highlighted the significant allocation of ₹2.52 lakh crore for the Railways, emphasizing Prime Minister Modi’s transformative strategy over the last decade, focusing on modernization and increased investment.
Furthermore, the budget places a strong emphasis on healthcare, with Medanta Chairman Dr. Naresh Trehan praising the attention to women’s health, vaccination for young girls against cervical cancer, and the extension of Ayushman coverage for Anganwadi and ASHA workers, boosting morale among frontline health workers.
Finance Minister Sitharaman made no changes to the taxation structure, maintaining stability while addressing key sectors and initiatives. The announcement of three major economic railway corridors aims to reduce congestion, improve passenger train operations, enhance safety, and increase travel speed.
As the country awaits the upcoming general elections, the interim budget reflects the government’s commitment to fostering inclusive growth, innovation, and strategic investments.
