In the Interim Budget 2024–25, Finance Minister Nirmala Sitharaman has outlined its development philosophy, which aptly involves both social and geographic inclusion.
The focus on developing tourism with a focus on events/conferences and spiritual sites is a thoughtful move and can potentially generate significant employment. Increased emphasis on Women's Empowerment and Research & Development will go a long way in developing India's growth story. The Government's plan for fiscal consolidation and bringing down the fiscal deficit to 4.5% by FY-26 shows its commitment to fiscal discipline in future.
The increase in allocation to the infrastructure sector from 10 lakh core last year to Rs 11.11 lakh crore is encouraging. The announcement of new railway corridors for energy, mineral and cement, port connectivity corridors, and high traffic density corridors will boost the economy.
For the energy sector, some notable announcements that will accelerate the Government's decarbonization agenda include rooftop solarisation for one crore households, which is commendable. Also, Viability Gap Funding (VGF) for 1 GW offshore wind projects; coal gasification and liquefaction by setting up 100 MT by 2030; mandatory blending of CBG in CNG for transport and PNG for domestic purposes; and financial assistance for the procurement of biomass aggregation machinery are a shot in the arm. New manufacturing schemes for encouraging industries producing biofuels, biopolymers, bioplastics, biopharma, etc. will ensure comprehensive growth within a circular economy.
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