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THREAD: Everything you need to know about the Interim Budget (in the easiest way possible)🧵
THREAD: Everything you need to know about the Interim Budget (in the easiest way possible)🧵
So, get this — the interim budget is like the short-term game plan right before the Lok Sabha elections.
It's not a long-haul thing, just a quick fix that's good for about 2-4 months until the new government steps up to the plate.
It's not a long-haul thing, just a quick fix that's good for about 2-4 months until the new government steps up to the plate.
It is different from the Annual Union Budget, which will be announced in July.
In an interim budget, any major policy changes that can influence the voters unfairly are not permitted by the Election Commission.
But the budget did cast some light on 4 major 'castes'- GYAN.
In an interim budget, any major policy changes that can influence the voters unfairly are not permitted by the Election Commission.
But the budget did cast some light on 4 major 'castes'- GYAN.
G- Garib (Poor)
Y- Yuva (Youth)
A- Annadata (Farmer)
N- Naari (Women)
The govt is working with an approach that is all-round, all-pervasive, and all-inclusive. Their empowerment is supposed to drive our country forward.
Y- Yuva (Youth)
A- Annadata (Farmer)
N- Naari (Women)
The govt is working with an approach that is all-round, all-pervasive, and all-inclusive. Their empowerment is supposed to drive our country forward.
👉 To uplift and assist "the Garib", govt has transferred ₹34 Lakh Cr so far directly into their PM-Jan Dhan accounts through the Direct Benefit Transfer (DBT) initiative
— eliminating the need for middlemen, reducing the delay in payments, and preventing fraud.
— eliminating the need for middlemen, reducing the delay in payments, and preventing fraud.
👉 Govt acknowledges the extent of empowering Amrit Peedhi or “the Yuva”.
That’s why the Skill India Mission has trained 1.4 Cr youth and established a large no. of new & prestigious institutions.
That’s why the Skill India Mission has trained 1.4 Cr youth and established a large no. of new & prestigious institutions.
👉 To facilitate “the Annadata”, farmer-centric policies have been made by the govt:
a. Direct financial assistance is provided to 11.8 Cr farmers under PM-KISAN SAMMAN Yojana.
b. Crop insurance is given to 4 Cr farmers under PM Fasal Bima Yojana.
a. Direct financial assistance is provided to 11.8 Cr farmers under PM-KISAN SAMMAN Yojana.
b. Crop insurance is given to 4 Cr farmers under PM Fasal Bima Yojana.
👉 Last but not least, “the Nari” is being empowered through entrepreneurship, ease of living and dignity for them.
30 Cr Mudra Yojana loans have been given to women entrepreneurs.
30 Cr Mudra Yojana loans have been given to women entrepreneurs.
Now, govt is also working on making India a “Viksit Bharat” by 2047 and foreign capital plays a huge role in that.
The FDI inflow during 2014-23 was $596 billion, twice the inflow during 2005-14.
Along with this, the govt will continue to focus on infrastructure development
The FDI inflow during 2014-23 was $596 billion, twice the inflow during 2005-14.
Along with this, the govt will continue to focus on infrastructure development
— and has proposed to raise capital expenditure by 11.1% to ₹11.11 Lakh Cr, which is 3.4% of the GDP.
An increase in capital expenditure leads to an increase in fiscal deficit which is the difference between the govt's earnings and expenditure.
An increase in capital expenditure leads to an increase in fiscal deficit which is the difference between the govt's earnings and expenditure.
The fiscal deficit for FY23 amounted to 6.4% of GDP, so the govt has now set the target to narrow its fiscal deficit to 5.1% in FY25 after reducing FY24’s deficit to 5.8%.
Now, here are some other important highlights from the interim budget:
Now, here are some other important highlights from the interim budget:
1. Blue Economy
About 95% of India's international trade by volume moves by sea transport!
And more than 20 Cr people are dependent on the sea for their sustenance & livelihood.
That’s why Blue Economy is an economic model that centres on the sustainable use of water resources
About 95% of India's international trade by volume moves by sea transport!
And more than 20 Cr people are dependent on the sea for their sustenance & livelihood.
That’s why Blue Economy is an economic model that centres on the sustainable use of water resources
The govt is planning some serious restoration work. It’s like a mission to bring back life and vitality to those coastal areas that have taken a bit of a beating.
But that’s not all. With rising sea levels and crazy weather playing havoc, we’re also planning ahead.
But that’s not all. With rising sea levels and crazy weather playing havoc, we’re also planning ahead.
2. Blue Revolution
The govt set up a separate Department of Fisheries realizing that the fishing sector supports the livelihood of over 2.8 Cr people in the country.
This has helped double the inland & aquaculture production as well as seafood exports since FY2014.
The govt set up a separate Department of Fisheries realizing that the fishing sector supports the livelihood of over 2.8 Cr people in the country.
This has helped double the inland & aquaculture production as well as seafood exports since FY2014.
The Pradhan Mantri Matsya Sampada Yojana (PMMSY) further aims to bring about the Blue Revolution by:
- enhancing aquaculture productivity from existing 3-5 tons per hectare,
- doubling exports to â‚ą1 Lakh Cr, and
- generating 55 lakh employment opportunities in the near future.
- enhancing aquaculture productivity from existing 3-5 tons per hectare,
- doubling exports to â‚ą1 Lakh Cr, and
- generating 55 lakh employment opportunities in the near future.
Along with this, 5 integrated Aquaparks are also being set up.
Aquaparks are multipurpose seaweed parks which help scientists study diverse species of seaweed.
Seaweed farms absorb nutrients and carbon dioxide to grow which improves water quality and reduces ocean acidification
Aquaparks are multipurpose seaweed parks which help scientists study diverse species of seaweed.
Seaweed farms absorb nutrients and carbon dioxide to grow which improves water quality and reduces ocean acidification
3. Atmanirbhar Oil Seeds Abhiyan
India is one of the major oilseed growers and importers of edible oils. Our vegetable oil economy is the 4th largest after the USA, China and Brazil.
According to the Solvent Extractors’ Association of India (SEAI)
India is one of the major oilseed growers and importers of edible oils. Our vegetable oil economy is the 4th largest after the USA, China and Brazil.
According to the Solvent Extractors’ Association of India (SEAI)
— we import about 150 lakh tonnes of edible oil, valued at over ₹1.35 Lakh Cr annually.
SEAI wants to reduce oil import dependency from 60% to 30% over the next 5 years.
To do that, the govt is cooking up strategies to amp up the production of oil seeds such as mustard.
SEAI wants to reduce oil import dependency from 60% to 30% over the next 5 years.
To do that, the govt is cooking up strategies to amp up the production of oil seeds such as mustard.
4. Deep Tech in the Defence Sector
The govt. is going to allocate â‚ą1 Lakh Cr for research and development of defence technologies!
That means we’re going to see a lot more robot soldiers and exoskeletons.
The govt. is going to allocate â‚ą1 Lakh Cr for research and development of defence technologies!
That means we’re going to see a lot more robot soldiers and exoskeletons.
Actually, Indian defence forces are already using a lot of such tech to aid our soldiers and save their lives.
Detailed analysis of what’s happening and what’s next is coming in a new thread on 14th February!
Detailed analysis of what’s happening and what’s next is coming in a new thread on 14th February!
5. Rooftop Solarization
India is leading the global renewable energy revolution, and SOLAR is at the heart of it.
Despite this, 20% of our population, especially rural, still lacks access to electricity for myriad reasons.
India is leading the global renewable energy revolution, and SOLAR is at the heart of it.
Despite this, 20% of our population, especially rural, still lacks access to electricity for myriad reasons.
Under Pradhan Mantri Suryodaya Yojana, one crore households will be enabled to obtain up to 300 units of free electricity every month through rooftop solarization.
6. Cervical Cancer Vaccination
Cervical cancer is the second most common type of cancer diagnosed in women in India.
It is mainly caused by the Human Papillomavirus (HPV). Despite the government's push for nationwide cancer screening,
Cervical cancer is the second most common type of cancer diagnosed in women in India.
It is mainly caused by the Human Papillomavirus (HPV). Despite the government's push for nationwide cancer screening,
— low awareness and limited access to vaccination programs keep the HPV prevalence high.
Especially in rural areas, screening rates are shockingly low, leading to late-stage diagnoses and a lack of timely treatment.
Especially in rural areas, screening rates are shockingly low, leading to late-stage diagnoses and a lack of timely treatment.
So to battle this life-threatening disease and make our nation Viksit, the govt is endorsing HPV vaccination for girls aged 9-14 years.
That’s all from our side. We will deep dive into some of these in the upcoming weeks.
That’s all from our side. We will deep dive into some of these in the upcoming weeks.
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