Key Highlights from Budget 2024: Rooftop Solarisation, EV Charging, and Societal Transformations

In a significant move ahead of the impending 2024 Lok Sabha elections, Union Finance Minister Nirmala Sitharaman presented the interim budget on Thursday, marking her sixth budgetary announcement. This also signifies the final budget presentation in the second term of the Modi government. Following tradition, Sitharaman visited President Droupadi Murmu at Rashtrapati Bhawan before proceeding to Parliament for the unveiling of the pre-election budget for 2024-25.

The interim budget for 2024 introduced a range of transformative initiatives with the goal of boosting various sectors of the economy and addressing societal challenges. From groundbreaking schemes promoting the adoption of renewable energy to strategic investments in healthcare and agriculture, this budget outlines a vision for inclusive growth and sustainable development.

Here are the key highlights from the 2024 interim budget:

1. Rooftop Solarisation and Free Electricity: Approximately 1 crore households are set to benefit from rooftop solarisation, providing up to 300 units of free electricity monthly. The expected benefits include significant savings ranging from Rs. 15,000 to Rs. 18,000, along with opportunities for selling surplus electricity to discoms.

2. Charging of Electric Vehicles: The budget emphasizes entrepreneurship opportunities for vendors and employment prospects for youth skilled in manufacturing, installation, and maintenance of electric vehicles.

3. Promotion of Post-Harvest Activities: The government aims to boost private and public investment in post-harvest activities, encompassing aggregation, modern storage, supply chains, processing, marketing, and branding.

4. Expansion of Nano DAP Application: Following the success of nano urea, the Nano DAP application on various crops will be expanded across all agroclimatic zones.

5. Housing for Middle Class: A new scheme is launched to assist deserving sections of the middle class residing in rented houses, slums, chawls, or unauthorized colonies in buying or building their own houses.

6. Expansion of Medical Colleges: The government plans to establish more medical colleges by utilizing existing hospital infrastructure, with a committee to be set up for examination and recommendations.

7. Vaccination for Girls: Encouragement of vaccination for girls aged 9 - 14 years to prevent cervical cancer.

8. Comprehensive Maternal and Child Healthcare Programme: Various schemes under maternal and child healthcare will be amalgamated into one comprehensive programme for improved synergy in implementation.

9. Extension of Ayushman Bharat Coverage: Healthcare cover under Ayushman Bharat will be extended to all ASHA workers, Anganwadi workers, and helpers.

10. Agriculture and Food Processing: Intensified efforts in value addition to boost farmers' income, with a focus on reducing post-harvest losses and improving productivity and incomes.

11. Aatma Nirbhar Oilseeds Abhiyan: Strategy formulation to achieve self-reliance in oilseeds through research, adoption of modern farming techniques, market linkages, and crop insurance.

12. Dairy Development Programme: Formulation of a comprehensive programme to support dairy farmers, leveraging existing schemes to enhance productivity.

13. Matsya Sampada: Promotion of investments in fisheries to generate employment opportunities, with a separate department set up for fisheries under the government's initiative.

14. Promoting Investments: Measures to encourage sustained foreign investment, including negotiating bilateral investment treaties and provision of Rs. 75,000 crores as interest-free loans to support milestone-linked reforms by state governments.

15. Societal Changes: Formation of a high-powered committee to comprehensively address challenges arising from population growth and demographic changes, with recommendations for comprehensive solutions.

16. Revised Estimates for 2023-24: Revised estimates indicate total receipts, excluding borrowings, amounting to Rs. 27.56 lakh crores, with tax receipts at Rs. 23.24 lakh crores. The revised estimate of the fiscal deficit stands at 5.8% of the GDP.