Budget 2024: Anticipated Moves in PM-Kisan Payouts, Housing, and Job Creation

Budget 2024: Anticipated Moves in PM-Kisan Payouts, Housing, and Job Creation

Interim Budget 2024: As the anticipation builds around the Interim Budget 2024-25, economists and citizens alike are eager to witness the government's stance on crucial areas such as job creation, social welfare, and housing. A recent survey conducted by The Economic Times sheds light on the collective expectations of economists, hinting at potential reforms and initiatives that could shape the fiscal landscape of the nation.

PM-Kisan: A Lifeline for Farmers

Among the top expectations is the augmentation of the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme, a cornerstone of the government's direct benefit transfer initiatives. The ET poll unveils a consensus among economists, projecting a 50% surge in the annual PM-Kisan payout, potentially elevating it from the current Rs 6,000 to Rs 9,000. This substantial increase underscores the government's commitment to bolstering agricultural livelihoods and rural prosperity.

Housing Sector: Paving the Way for Affordable Living

The housing sector emerges as another focal point, with speculations swirling around a revamped iteration of the PM-Awas Yojana. As the nation grapples with housing shortages and affordability challenges, stakeholders anticipate policy interventions aimed at fostering inclusive and sustainable urban development.

Empowering Women and Strengthening Social Safety Nets

Noteworthy is the expected emphasis on women's empowerment and social security enhancements, particularly through initiatives like the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). The potential augmentation of MGNREGS funding underscores the government's commitment to uplifting rural livelihoods and fostering economic resilience among vulnerable communities.

Job Creation: Catalyzing Economic Growth

Amidst the discourse surrounding budget expectations, there is a palpable focus on job creation and social security measures. Economists foresee enhanced incentives for job creation in labor-intensive sectors and heightened support for unorganized sector workers, signaling a concerted effort to stimulate economic growth and mitigate unemployment challenges.

Fiscal Prudence and Capital Expenditure

While the budgetary discourse pivots around social welfare imperatives, the government remains cognizant of fiscal prudence and capital expenditure targets. Striking a delicate balance between social spending and capital investment, the projected median capital expenditure target of Rs 11 lakh crore for FY25 reflects a nuanced approach towards sustainable economic development.

Fiscal Outlook: Charting a Path to Stability

Against the backdrop of evolving economic dynamics, the government aims to navigate the fiscal terrain with prudence and foresight. With a steadfast commitment to fiscal consolidation, the projected fiscal deficit of 5.3% of GDP in FY25 underscores the government's resolve to maintain macroeconomic stability while pursuing inclusive growth agendas.

In essence, the Interim Budget 2024-25 stands poised to encapsulate the aspirations and priorities of a dynamic nation on the cusp of transformation. As stakeholders await the unveiling of fiscal policies and priorities, the budgetary discourse underscores the imperative of inclusive and sustainable development paradigms in shaping India's socio-economic trajectory.