NEW DELHI: In a concise 57-minute budget speech, Finance Minister Nirmala Sitharaman outlined key allocations and initiatives in the Union Interim Budget. With a focus on public welfare and economic development, the budget includes provisions for defense, railways, job security and medical coverage for Asha workers and Anganwadi employees.

Key Highlights:

1. Defence: Allocation of 6.25 lakh crore.

2. Railways: Fund infusion of 2.55 lakh crores.

3. Job Security: Provision of 80,000 crores.

4. Healthcare: Comprehensive medical coverage for Asha workers and Anganwadi employees.

5. Agriculture: Encouraging more private investment.

6. Youth Empowerment: 50-year interest-free loan for technical youth.

7. E-Vehicles: Expansion of charging points nationwide.

8. Tourism: Interest-free loans to states for promoting tourism.

9. Taxation: No change in income tax slabs, extension of tax exemption for startups.

10. Debt Relief: One-time settlement of old income tax dues for one crore taxpayers

11. Housing: Target of two crore houses under Pradhan Mantri Awas Yojana, with free electricity provided through rooftop solar panels.

12. Financial Outlook: Fiscal deficit to be reduced to 5.1 percent of GDP in 2024-25.

13. Railway Corridors: Implementation of three major economic corridor projects.

14.State Reforms: 75,000 crores allocated for states as a 50-year interest-free loan for development reforms.

15. Infrastructure: Upgradation of 40,000 rail bogies to Vande Bharat standard.

In her speech, Nirmala Sitharaman highlighted the achievements of the Modi government over the past ten years, emphasizing economic growth and the creation of employment and entrepreneurship opportunities. A white paper detailing the economic growth graph will be presented in the House.

The interim budget sets the stage for a comprehensive public welfare budget in July, with a detailed roadmap for the Vikasit Bharat scheme. The government envisions a developed India by 2047.

Financial Overview:

- Fiscal deficit targeted at 5.1 percent of GDP in 2024-25.

- Total expenditure of 30.80 lakh crores, excluding borrowing.

- Revenue generation through tax expected to be 26.02 lakh crores.

- Additional revenue of 50,000 crores from selling shares.

Railway Corridors:

- Energy, Mineral, and Cement Corridor (22,200 km).

- Corridor connecting ports (2,100 km).

- High traffic density corridor (16,600 km).

- Upgradation of 40,000 rail bogies to Vande Bharat standard.

State Support:

- 75,000 crores allocated for state reforms, providing a 50-year interest-free loan.

She concluded her speech by reiterating the government's commitment to a developed India and announcing a detailed roadmap in the upcoming full budget in July.