The Indian economy has witnessed a profound positive transformation in the last 10 years, Finance Minister Nirmala Sitharaman said on Thursday, February 1, while presenting the Interim Budget 2024. The government will spend 11.1 per cent more on infrastructure and targeted Rs 11.1 lakh crore corpus for FY25, she informed.

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In her Interim Budget speech, she said, "All forms of infrastructure are being built in record time and the government to set up more medical colleges utilising existing hospital infrastructure,". And in addition, the development of the eastern area and its people would be given top priority.

She further informed that government will expand electric vehicle (EV) ecosystem for supporting charging infrastructure, and e-buses will be encouraged for public transport network.

FM said in her speech that the government will also launch a housing scheme for deserving middle class to buy or build their own houses. And added that the government will pursue an economic strategy that promotes long-term development and productivity.

In her pre-election Budget, she also announced steps promoting rooftop solarisation, which will provide one crore households with free power of up to 300 units per month, resulting in yearly savings of Rs 15,000-18,000.

Focusing on tourism, FM said, "Tourism has tremendous opportunities and  govt to take up development of iconic tourist centers to attract foreign tourists, and our economic strength has made the country an attractive destination for business and conference tourism." She further said that projects for port connection, infrastructure, and amenities will be enhanced for islands such as Lakshadweep.

"To address the demand for domestic tourism, projects for port connectivity, tourism infrastructure, and amenities will be implemented on our islands, including Lakshadweep," she stated while presenting the Budget 2024. 

She also announced that states will receive Rs 75,000 crore in interest-free loans to enhance tourism. 

Urban Transformation

The Finance Minister claimed that Metro Rail and NaMo Bharat trains may serve as catalysts for essential urban change. She said that the extension of these networks will be promoted in significant cities that prioritise transit-oriented development.

Last October, Prime Minister Narendra Modi launched the country's first Regional Rapid Transit System (RRTS), which was named the NaMo Bharat train. The 17-kilometer priority segment of the Delhi-Ghaziabad-Meerut RRTS route (NaMo Bharat) is already operating, and the next 25-km stretch of the RRTS corridor from Ghaziabad's Duhai Depot to Meerut South is likely to be opened in two months.

"We have a fast-expanding middle class and rapid urbanisation is taking place," she remarked.

The government will implement three major economic railway corridor programmes and convert 40,000 normal railway coaches to Vande Bharat standard, the minister said.

According to her, while railway corridors will improve logistics efficiency and reduce cost, the conversion of coaches will enhance the safety, convenience, and comfort of passengers.

ALSO READ: Budget 2024: FM Nirmala Sitharaman announces Metro Rail and Namo Bharat to additional cities

Plans for aviation industry

She said that the growth of current airports and construction of new airports would continue at a rapid pace, emphasising that the country's aviation sector has been energised during the last decade. The number of airports has quadrupled to 149 in the previous decade, and that Indian carriers have already placed orders for over 1,000 new aircraft.

"The UDAN initiative has seen broad implementation of air connectivity in tier-two and tier-three cities. Five hundred and seventeen new routes are handling 1.3 crore people," she added.

Ude Desh ka Aam Naagrik (UDAN), also known as the regional air connectivity project, aims to reduce the cost of flying.

Three domestic airlines, Air India, IndiGo, and Akasa Air, have ordered a total of 1,120 planes in less than a year.

Housing schemes

Sitharaman also unveiled a scheme to assist those living in rented houses or slums in purchasing a home. In addition, she announced plans to build 2 crore additional dwellings for the rural poor over the next five years as part of the ongoing PM Awas Yojana (Grameen).

She stated that the Modi government has worked hard over the last decade to provide everyone with a house, water, electricity, cooking gas and a bank account as part of inclusive development.

"Our government will launch a scheme to help deserving sections of the middle class 'living in rented houses, or slums, or chawls and unauthorized colonies' to buy or build their own houses," Sitharaman said.

"Despite the challenges due to COVID, implementation of PM Awas Yojana (Grameen) continued and we are close to achieving the target of three crore houses. Two crore more houses will be taken up in the next five years to meet the requirement arising from increase in the number of families," she said.

To realise the goal of 'Housing for All' in rural regions, the Ministry of Rural Development has launched the Pradhan Mantri Awaas Yojana- Gramin (PMAY-G), which offers assistance to qualified rural families.