Budget 2024: Finance Minister Nirmala Sitharaman made significant announcements during her Interim Budget 2024-25 speech in the Lok Sabha, particularly focusing on the development of three major railway economic corridors.
Development of Railway Corridors: Boosting Connectivity and Efficiency
Under the ambitious PM Gati Shakti initiative, the government will embark on the implementation of three key railway corridor programs:
1. Energy, Mineral, and Cement Corridors
- Enhancing transportation efficiency for energy resources, minerals, and cement.
2. Port Connectivity Corridors
- Strengthening connectivity between ports and hinterlands to facilitate seamless trade.
3. High Traffic Density Corridors
- Addressing congestion and improving efficiency along high-traffic railway routes.
Embracing Multi-Modal Connectivity for Logistics Efficiency
FM Sitharaman emphasized that these projects aim to promote multi-modal connectivity, leveraging the PM Gati Shakti framework. By enhancing logistics efficiency and reducing costs, these corridors are poised to contribute significantly to India’s economic development.
Other Key Announcements from Budget 2024
1. Strengthening Defence Sector with Deep Tech
- Introducing a new scheme to bolster deep tech capabilities in the defence sector.
2. Promoting Investment in Post-Harvest Agriculture Activities
- Encouraging both public and private investment in post-harvest agriculture activities to boost agricultural productivity.
3. Expansion of Nano DAP Application in Agriculture
- Expanding the application of nano DAP on various crops across different agri-climatic zones to enhance agricultural yields.
4. Modernization of Railway Infrastructure
- Construction of three major railway corridors, including those for cement transportation, and the conversion of 40,000 normal railway bogies to Vande Bharat standard.
5. Record Infrastructure Spending
- Allocation of a record 11.11 trillion rupees for infrastructure creation in 2024/25 to sustain India’s rapid economic growth.
6. Increased Capital Expenditure
- A 11.1% increase in capital expenditure allocation for the upcoming fiscal year, highlighting the government’s commitment to infrastructure development.
7. Provision for State Capital Investments
- Provision of a ₹750 billion corpus for 50-year loans to states, aimed at boosting their capital investments for the next fiscal year.
8. Focus on Socio-Economic Development
- Commitment to enhancing housing, providing free electricity, and improving healthcare, especially for women, over the next five years.
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