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“This is a very important document, the Union Budget 2024, which will describe government fiscal policies, expenditures, and receipts for the coming financial year. This budget is very carefully put up, keeping a balance between economic growth, social equity, and sustainable development while it caters to the needs of various strata of society, from the marginalized sections to the middle class and the corporate sector.”.

 1. Support to the Marginalized and Underprivileged

The Union Budget 2024 has laid serious emphasis on uplifting the downtrodden sections of the society. Key takeaways include:

Social Welfare Allocation has gone up: The Budget has reserved more than adequate funds for flagship social welfare schemes like Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), Pradhan Mantri Awas Yojana (PMAY), and National Social Assistance Programme (NSAP), covering employment, housing, and social security of the underprivileged.

— Health and Education: Higher expenditure has been announced in the area of health with special efforts to be made for strengthening the public health infrastructure. The ambit of schemes like the Ayushman Bharat Yojana will be expanded. On the front of education, the budget provisions have been made for better school infrastructure, promotion in digital education, and scholarships to the underprivileged students.

Agricultural Support: While understanding the poor plight of farmers, it has proposed higher subsidies for fertilizers and seeds, more access to credit through the Kisan Credit Card scheme, and establishment of more farmer producer organizations (FPOs) aimed at increasing the bargaining power and income of small and marginal farmers.

2. Relief for Middle Class Families

The middle class, referred to as the backbone of the economy, was bestowed upon sufficiently in the Union Budget 2024. Some important measures are:

Tax Reliefs: The budget has proposed some changes in the income tax slabs that will work towards much needed relief for middle income earners. Limits of standard deductions have been increased; also, new tax saving instruments have been introduced which would make more choices available to a taxpayer in curbing down tax liabilities.

Affordable Housing: Incentives to be announced by the government for affordable housing projects will include a tax deduction on home loan interest and subsidies for first time homebuyers, which will definitely make owning a home more possible for middle class people.

Support for Small Businesses: In consideration of the fact that small and medium enterprises (SMEs) have had their cup of woes over years, the budget has proposed easier access to credit, reducing compliance burden, and incentives toward adopting digital technologies. These initiatives are aimed at assisting SMEs in growing and sustaining their businesses, as they are so central to generating employment.

 3. Boost for the Corporate Sector

The corporate sector is the engine of economic growth, and Union Budget 2024 has introduced several measures for the development of the same:

− Lowering of Corporate Taxes:  The budget had expected to make some space to bring corporate taxes down in the case of new manufacturing units and startups, which would boost investment flow in these sectors, in addition to ensuring tax holidays and R&D incentives for innovation and competitiveness.

Infrastructure Development: Large amounts have been announced as being provided for infrastructural projects in the form of roads, railways, ports, and airports. All of these projects would be responsible for creating jobs, bettering logistics, and overall improving economic efficiency.

Ease of Doing Business:  To further liberalize policies and simplify the regulatory frame, the budget has proposed to attract more Foreign Direct Investment in India, which might help make India a favored destination for global investors.

4. Sustainable and Green Growth

Key Features of Union Budget 2024:

 It Focuses on Sustainability and Green Growth. The government has put in place the following various projects for the conservation of the environment and the fight against climate change

Renewable Energy: Increased funding in projects of renewable energy, specifically on solar and wind, portrays how serious the government is in issues regarding the reduction of carbon emissions. In addition, incentives toward electric vehicles and charging infrastructure are going to boost the transition toward greener transportation.

Clean Water and Sanitation: The budget has also been pinned for the expansion of Jal Jeevan Mission to provide safe drinking water in every household. Investments are a priority in sanitation infrastructure that goes a long way in contributing to public health and hygiene. –

Climate Resilience: Establish a special climate resilience fund that shall finance projects geared toward reducing the negative impact of climate change on vulnerable communities and ecosystems.

Conclusion

Union Budget 2024 is such an all encompassing blueprint that seeks to promote inclusive growth and sustainable development. The balanced and resilient budget focuses on addressing the needs at different social strata, right from the marginalized section of society to the middle class and extends further to the corporate sector. The Union Budget 2024 shall make continued efforts with a reaffirmed sense of its mission in social well being and environmental sustainability, to bring about a future in prosperity for all citizens.