July 30, 2024

Context– The Union Budget 2024-25, presented by Union Finance Minister, sets a visionary path for India’s economic development.  The budget focuses on the theme of “Next Generation Reforms,” aiming to boost economic growth, improve productivity, and enhance the efficiency of markets and sectors.  Economic Policy Framework and Key Reforms Implementing Next Generation Rural Land Related Actions: These actions will facilitate credit flow and other agricultural service. It will include: Urban Land Related Actions: Land records in urban areas will be digitized with GIS mapping. Taxonomy for Climate Finance: Foreign Direct Investment and Overseas Investment : NPS Vatsalya: It is plan for contribution by parents and guardians for minors. National Pension Scheme (NPS): A solution will be evolved which addresses the relevant issues while maintaining fiscal prudence to protect the common citizens. Financial Sector Vision and Strategy: The government plans to release a strategy document outlining the future vision for the financial sector, addressing its size, capacity, and skills. Use of Technology: The Union Government will step up adoption of technology towards digitalization of the economy. Ease of Doing Business: Data and Statistics: Variable Capital Company Structure:  Budget Estimates 2024- 25 1.Total Receipts: ₹32.07 lakh crore (excluding borrowings) 2. Total Expenditure: ₹48.21 lakh crore 3. Net Tax Receipt: ₹25.83 lakh crore 4. Fiscal Deficit: 4.9% of GDP Conclusion: The Union Budget 2024-25 outlines a comprehensive plan for economic growth and development, emphasizing next-generation reforms.  By focusing on improving productivity, enhancing market efficiency, and leveraging technology, the government aims to create a robust and inclusive economic framework. The proposed reforms across land, labour, finance, and technology sectors are designed to foster sustainable growth and ensure a prosperous future for all citizens.