Finance Bill, 2024 – Proposed Amendments

C. Social Justice :

· Prime Minister to focus on upliftment of four major castes, that is, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’(Farmer),

D. ‘Garib Kalyan, Desh ka Kalyan’:

· Government assisted 25 crore people out of multi-dimensional poverty in last 10 years.

· DBT of Rs. 34 lakh crore using PM-Jan Dhan accounts led to savings of Rs. 2.7 lakh crore for the Government.

· PM-SVANidhi provided credit assistance to 78 lakh street vendors. 2.3 lakh have received credit for the third time.

· PM-JANMAN Yojana to aid the development of particularly vulnerable tribal groups (PVTG).

· PM-Vishwakarma Yojana provides end-to-end support to artisans and crafts people engaged in 18 trades.

E. Welfare of ‘Annadata’:

· PM-KISAN SAMMAN Yojana provided financial assistance to 11.8 crore farmers.

· Under PM Fasal Bima Yojana, crop insurance is given to 4 crore farmers

· Electronic National Agriculture Market (e-NAM) integrated 1361 mandis, providing services to 1.8 crore farmers with trading volume of Rs. 3 lakh crore.

F. Momentum for Nari Shakti:

· 30 crore Mudra Yojana loans given to women entrepreneurs.

· Female enrolment in higher education gone up by 28%.

· In STEM courses, girls and women constitute 43% of enrolment, one of the highest in the world.

· Over 70% houses under PM Awas Yojana given to women from rural areas.

G. PM Awas Yojana (Grameen):

· Despite COVID challenges, the target of three crore houses under PM Awas Yojana (Grameen) will be achieved soon.

· Two crore more houses to be taken up in the next five years.

H. Rooftop solarization and muft bijli:

· 1 crore households to obtain 300 units free electricity every month through rooftop solarization.

· Each household is expected to save Rs.15000 to Rs.18000 annually.

I. Ayushman Bharat:

· Healthcare cover under Ayushman Bharat scheme to be extended to all ASHA workers, Anganwadi Workers and Helpers.

J. Agriculture and food processing:

· Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment.

· Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60000 individuals with credit linkages.

K. Research and Innovation for catalysing growth, employment and development:

· A corpus of Rs.1 lakh crore to be established with fifty-year interest free loan to provide long-term financing or refinancing with long tenors and low or nil interest rates.

· A new scheme to be launched for strengthening deep-tech technologies for defence purposes and expediting ‘atmanirbharta’.

L. Infrastructure:

· Capital expenditure outlay for Infrastructure development and employment generation to be increased by 11.1 per cent to Rs.11,11,111 crore, that will be 3.4 per cent of the GDP.

M. Railways:

· 3 major economic railway corridor programmes identified under the PM Gati Shakti to be implemented to improve logistics efficiency and reduce cost

· Energy, mineral and cement corridors

· Port connectivity corridors

· High traffic density corridors

· Forty thousand normal rail bogies to be converted to Vande Bharat standards.

N. Aviation Sector:

· Number of airports in the country doubled to 149.

· Five hundred and seventeen new routes are carrying 1.3 crore passengers.

· Indian carriers have placed orders for over 1000 new aircrafts.

O. Green Energy:

· Coal gasification and liquefaction capacity of 100 MT to be set up by 2030.

· Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes to be mandated.

P. Tourism sector:

· States to be encouraged to take up comprehensive development of iconic tourist centres including their branding and marketing at global scale.

· Framework for rating of the tourist centres based on quality of facilities and services to be established.

· Long-term interest free loans to be provided to States for financing such development on matching basis.

Q. Investments:

· FDI inflow during 2014-23 of USD 596 billion was twice of the inflow during 2005-14.

R. Reforms in the States for ‘Viksit Bharat’

· A provision of Rs.75,000 crore rupees as fifty-year interest free loan is proposed to support milestone-linked reforms by the State Governments.

S. Revised Estimates (RE) 2023-24:

· RE of the total receipts other than borrowings is Rs.27.56 lakh crore, of which the tax receipts are Rs.23.24 lakh crore.

· RE of the total expenditure is Rs.44.90 lakh crore.

· Revenue receipts at Rs.30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalization in the economy.

· RE of the fiscal deficit is 5.8 per cent of GDP for 2023-24.

T. Budget Estimates 2024-25:

· Total receipts other than borrowings and the total expenditure are estimated at Rs.30.80 and Rs.47.66 lakh crore respectively.

· Tax receipts are estimated at Rs.26.02 lakh crore.

· Scheme of fifty-year interest free loan for capital expenditure to states to be continued this year with total outlay of Rs.1.3 lakh crore.

· Fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP

· Gross and net market borrowings through dated securities during 2024-25 are estimated at Rs.14.13 and Rs.11.75 lakh crore respectively.