BUDGET SPEECH OF FM-2024
SELECTIVE EXTRACTION-PART:2
EXTRACTED BY: SARASIJ MAJUMDER
CONTINUED AFTER PART-1
Shipping industry: Ownership, leasing and flagging reforms
will be implemented.
We will set up a Critical Mineral Mission for domestic
production, recycling of critical minerals, and overseas acquisition of
critical mineral assets.
Our government will launch the auction of the first tranche
of offshore blocks for mining, building on the exploration already carried out.
An Integrated Technology Platform will be set up for
improving the outcomes under the Insolvency and Bankruptcy Code (IBC) for
achieving consistency, transparency,
timely processing and better oversight for all stakeholders.
Voluntary closure of LLPs -- The services of the Centre for
Processing Accelerated Corporate Exit (C-PACE) will be extended for voluntary
closure of LLPs to reduce the closure time.
National Company Law Tribunals 61. The IBC has resolved more
than 1,000 companies, resulting in direct recovery of over ` 3.3 lakh crore to
creditors. In addition, 28,000 cases involving over ` 10 lakh crore have been
disposed of, even prior to admission.
Steps for reforming and strengthening debt recovery
tribunals will be taken. Additional tribunals will be established to speed up
recovery.
Urban Development Cities as Growth Hubs : Working with
states, our government will facilitate development of ‘Cities as Growth Hubs’.
This will be achieved through economic and transit planning, and orderly
development of peri-urban areas utilising town planning schemes.
Urban Housing : Under the PM Awas Yojana Urban 2.0, housing
needs of 1 crore urban poor and middle-class families will be addressed with an
investment of ₹ 10 lakh crore.
In partnership with the State Governments and Multilateral
Development Banks we will promote water supply, sewage treatment and solid
waste management projects and services for 100 large cities through bankable
projects. These projects will also envisage use of treated water for irrigation
and filling up of tanks in nearby areas.
Building on the success of PM SVANidhi Scheme in
transforming the lives of street vendors, our Government envisions a scheme to
support each year, over the next five years, the development of 100 weekly ‘Haats’
or street food hubs in select cities.
Energy Transition 72. In the interim budget, I had announced
our strategy to sustain high and more resource-efficient economic growth, along
with energy security in terms of availability, accessibility and affordability.
We will bring out a policy document on appropriate energy transition pathways
that balances the imperatives of employment, growth and environmental
sustainability.
In line with the announcement in the interim budget, PM
Surya Ghar Muffat Bijli Yojana has been launched to install rooftop solar
plants to enable 1 crore households obtain free electricity up to 300 units
every month. The scheme has generated remarkable response with more than 1.28
crore registrations and 14 lakh applications, and we will further encourage it.
Research and development of small and modular nuclear
reactors . Nuclear energy is expected to form a very significant part of the
energy mix for Viksit Bharat. Our government will partner with the private
sector for (1) setting up Bharat Small Reactors, (2) research & development
of Bharat Small Modular Reactor, and (3) research & development of newer
technologies for nuclear energy. The R&D funding announced in the interim
budget will be made available for this sector.
The development of indigenous technology for Advanced Ultra
Super Critical (AUSC) thermal power plants with much higher efficiency has been
completed.
This year, I have provided Rs. 11,11,111 crore for
capital expenditure. This would be 3.4 per cent of our GDP.
Phase
IV of PMGSY will be launched to provide all-weather connectivity to 25,000
rural habitations which have become eligible in view of their population
increase.
Irrigation
and Flood Mitigation: BIHAR, and ASSAM suffer from floods originating outside India. HIMACHAL
also suffer. We are formulating plan to control this. Uttarakhand too suffered
losses due to cloud bursts and massive landslides. We will provide assistance
to the state. Recently Sikkim witnessed devastating flash floods and landslides
that wreaked havoc across the state. Our Government will provide assistance to
the state.
Tourism
has always been a part of our civilization. Our efforts in positioning India as
a global tourist destination will also create jobs, stimulate investments and
unlock economic opportunities for other sectors.
We
will operationalize the Anusandhan National Research Fund for basic research
and prototype development. Further, we will set up a mechanism for spurring
private sector-driven research and innovation at commercial scale with a
financing pool of ` 1 lakh crore in line with the announcement in the interim
budget. Space Economy 94. With our continued emphasis on expanding the space
economy by 5 times in the next 10 years, a venture capital fund of ` 1,000
crore will be set up.
Land-related
reforms by state governments : Land-related reforms and actions, both in rural
and urban areas, will cover (1) land administration, planning and management,
and (2) urban planning, usage and building bylaws. These will be incentivized
for completion within the next 3 years through appropriate fiscal support.
Rural Land related actions : Rural land related actions will include (1)
assignment of Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar
for all lands, (2) digitization of cadastral maps, (3) survey of map
sub-divisions as per current ownership, (4) establishment of land registry, and
(5) linking to the farmers registry. These actions will also facilitate credit
flow and other agricultural services. Urban Land related actions : Land records
in urban areas will be digitized with GIS mapping. An IT based system for
property record administration, updating, and tax administration will be
established. These will also facilitate improving the financial position of
urban local bodies.
Taxonomy
for climate finance : We will develop a taxonomy for climate finance for
enhancing the availability of capital for climate adaptation and mitigation.
This will support achievement of the country’s climate commitments and green
transition. Variable Capital Company structure : We will seek the required
legislative approval for providing an efficient and flexible mode for financing
leasing of aircrafts and ships, and pooled funds of private equity through a
‘variable company structure’. Foreign Direct Investment and Overseas Investment
: The rules and regulations for Foreign Direct Investment and Overseas
Investments will be simplified to (1) facilitate foreign direct investments,
(2) nudge prioritization, and (3) promote opportunities for using Indian Rupee
as a currency for overseas investments.
NPS Vatsalya : NPS-Vatsalya, a plan for
contribution by parents and guardians for minors will be started. On attaining
the age of majority, the plan can be converted seamlessly into a normal NPS
account.
We
will step up adoption of technology towards digitalization of the economy.
Budget
Estimates 2024-25 112.
For
the year 2024-25, the total receipts other than borrowings and the total
expenditure are estimated at Rs. 32.07 lakh crore and Rs. 48.21 lakh crore
respectively. The net tax receipts are estimated at Rs. 25.83 lakh crore. The
fiscal deficit is estimated at 4.9 per cent of GDP. The gross and net market
borrowings through dated securities during 2024-25 are estimated at Rs. 14.01
lakh crore and Rs. 11.63 lakh crore respectively. Both will be less than that in 2023-24. The fiscal consolidation path announced by me
in 2021 has served our economy very well, and we aim to reach a deficit below
4.5 per cent next year. The Government is committed to staying the course. From
2026-27 onwards, our endeavour will be to keep the fiscal deficit each year
such that the Central Government debt will be on a declining path as percentage
of GDP.
MY
OBSERVATION:-- WITH THIS, WHAT IS LEFT IS TAX PART. THAT I WILL COVER ON
25.07.24
TO BE CONTINUED: LAST PART WILL BE ON TAX.
Source:-
Lecture on BUDGET BY FM.
URL of Part-1: https://sarasij1majumder.blogspot.com/2024/07/budget-speech-2024-fm-selected-extracts.html
Image:-
Google
Comments
Post a Comment