Comprehensive Summary of the Union Budget 2024: Department-wise Allocation and Key Highlights
Union Budget 2024 department-wise allocation
The Union Budget 2024, recently presented by the Finance Minister, has outlined significant financial allocations across various departments and introduced several key measures aimed at boosting the economy. This blog will delve into the specifics of the budget, breaking down the allocation department-wise and highlighting the critical initiatives announced.
Introduction
The Union Budget 2024 has been crafted with the vision of sustainable growth, technological advancement, and inclusive development. This comprehensive summary will provide insights into how the budget has been distributed among different departments and the major announcements that will impact various sectors.
Department-wise Budget Allocation
1. Ministry of Education
- Total Allocation: ₹1,04,278 crore
- Key Initiatives:
- Focus on digital education and e-learning platforms.
- Increased funding for the National Education Policy implementation.
- Scholarships for economically weaker sections
2. Ministry of Health and Family Welfare
- Total Allocation: ₹89,155 crore
- Key Initiatives:
- Boosting the National Health Mission.
- Expansion of healthcare infrastructure in rural areas.
- Increased funding for pandemic preparedness and vaccination programs.
3. Ministry of Agriculture and Farmers’ Welfare
- Total Allocation: ₹1,25,000 crore
- Key Initiatives:
- Enhanced support for the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN).
- Investments in agricultural research and development.
- Subsidies for sustainable farming practices.
4. Ministry of Defence
- Total Allocation: ₹5,94,000 crore
- Key Initiatives:
- Modernization of armed forces and procurement of advanced weaponry.
- Strengthening border security and infrastructure.
- Increased pensions for veterans.
5. Ministry of Road Transport and Highways
- Total Allocation: ₹2,70,435 crore
- Key Initiatives:
- Development of national highways and expressways.
- Boosting infrastructure under the Bharatmala Pariyojana.
- Enhanced road safety measures.
6. Ministry of Railways
- Total Allocation: ₹2,40,000 crore
- Key Initiatives:
- Modernization of railway stations and trains.
- Expansion of high-speed rail projects.
- Enhanced safety and security measures for passengers.
7. Ministry of Rural Development
- Total Allocation: ₹1,60,000 crore
- Key Initiatives:
- Support for the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).
- Development of rural infrastructure.
- Initiatives for rural housing and sanitation.
8. Ministry of Commerce and Industry
- Total Allocation: ₹45,000 crore
- Key Initiatives:
- Boosting export competitiveness.
- Support for startups and MSMEs (Micro, Small, and Medium Enterprises).
- Attracting foreign direct investment (FDI).
9. Ministry of Environment, Forest and Climate Change
- Total Allocation: ₹3,500 crore
- Key Initiatives:
- Investments in clean energy and sustainability projects.
- Conservation of forests and wildlife.
- Measures to combat climate change.
10. Ministry of Housing and Urban Affairs
- Total Allocation: ₹76,000 crore
- Key Initiatives:
- Development of smart cities.
- Affordable housing schemes.
- Urban infrastructure development.
Additional Key Announcements
1. Tax Reforms
- Income Tax: Simplification of tax slabs and increased exemptions for middle-class taxpayers.
- Corporate Tax: Incentives for startups and MSMEs to boost entrepreneurship.
- GST: Streamlining procedures and reducing compliance burden for businesses.
2. Social Welfare
- Women Empowerment: Enhanced funding for women-centric schemes and safety measures.
- Youth Development: Increased investment in skill development programs and job creation initiatives.
- Senior Citizens: Pension schemes and healthcare benefits for the elderly.
3. Technology and Innovation
- Digital India: Expansion of internet connectivity in rural areas.
- Research and Development: Increased funding for innovation and technological advancements.
- Cybersecurity: Strengthening cyber infrastructure to protect against threats.
4. Infrastructure Development
- Smart Cities Mission: Development of 100 new smart cities.
- Bharatmala and Sagarmala Projects: Comprehensive development of road and port infrastructure.
- Affordable Housing: Expansion of the Pradhan Mantri Awas Yojana (PMAY).
Conclusion
The Union Budget 2024 has laid down a comprehensive roadmap for India’s growth across various sectors. The strategic allocation of funds aims to foster economic stability, social welfare, and technological progress. By addressing key areas such as education, healthcare, agriculture, and infrastructure, the budget seeks to build a resilient and prosperous nation.
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