Union Budget 2024: A Vision for ‘Viksit Bharat’ and Prosperity by 2047

On July 23, 2024, Finance Minister Nirmala Sitharaman presented a landmark Union Budget, charting a comprehensive path toward a developed India by 2047, a vision named ‘Viksit Bharat’. 

The capital gains taxation changes have certainly stirred the pot, but amidst the noise, there are hidden gems within this budget that promise to enhance our lives and generate wealth for citizens. India is among the fastest-growing major economies, maintaining high GDP growth despite global and local disruptions. This budget aims to sustain that growth by focusing on nine key areas, ensuring we stay on track for ‘Viksit Bharat’. 

Key Focus Areas of the Union Budget 2024:

1. Agriculture Productivity and Resilience: With efforts to improve agricultural yield through new crop varieties and natural farming methods, alongside Digital Public Infrastructure (DPI) in agriculture, we anticipate this will boost productivity and strengthen the country’s agricultural sector.
   
2. Employment & Skilling: The budget’s emphasis is on creating 4.1 crore jobs and upskilling 20 lakh youth through various schemes. This investment in human capital will not only drive employment but also foster a more skilled workforce.
   
3. Inclusive Human Resource Development: Initiatives supporting education and health for marginalized communities, including PM Vishwakarma and Mudra loans, will ensure a broader, more inclusive growth trajectory.
   
4. Manufacturing & Services: By enhancing support for MSMEs and developing industrial parks, rental housing, and increased Mudra loans, the budget aims to boost competitiveness and support the manufacturing sector.
   
5. Urban Development: The vision of ‘Cities as Growth Hubs’ with improved housing and transit planning underscores the commitment to sustainable urban development, aiming to make cities more liveable and economically vibrant.
6. Energy Security: Policies like PM Surya Ghar Muft Bijli Yojana and advancements in energy technology will address the dual goals of energy security and environmental sustainability.
   
7. Infrastructure: Continued investment in infrastructure, including roads, railways, and airports, backed by innovative financing and private sector participation, will enhance connectivity and economic efficiency.
   
8. Innovation, Research & Development: The significant allocation for R&D and the expansion of the space economy through venture capital will foster innovation and technological advancement, positioning India as a global leader in research.
   
9. Next Generation Reforms: These reforms aim to enhance productivity and market efficiency, focusing on digitizing land records and improving land management.

A Vision for a Thriving India

This budget isn’t just about numbers—it’s about a vision for a thriving, prosperous India (‘Viksit Bharat’). For investors, it signals strong potential for sustained growth and a robust market. The focus on key areas such as agriculture, employment, urban development, and innovation highlights the government’s commitment to building a stronger, more resilient India. As we move forward, let’s stay informed and optimistic about the opportunities that lie ahead.