Interim Budget 2024: Finance Minister Nirmala Sitharaman to Host Press Conference Post-Budget Announcement
Budget Highlights 2024: Today, ahead of the Lok Sabha elections in 2024, Union Finance Minister Nirmala Sitharaman unveiled the Interim Budget, which serves as the last budget of Prime Minister Narendra Modi’s second term.
This is an interim budget; the full budget for the 2024–2025 fiscal year won’t be unveiled until the new government has been formed following the general elections.
Interim Budget 2024: Union Finance Minister Nirmala Sitharaman will hold a news conference following the budget.
Interim Budget 2024: Union Finance Minister Nirmala Sitharaman will hold a news conference following the budget.
To assist the administration in managing its financial responsibilities, the Interim Budget sets forth expenditures and income through the formation of a new government.
Principal Declarations of the 2024 Temporary Budget:
- More than two crore houses under the PM Awas Yojana
- Accommodations for worthy segments of the middle class “residing in chawls, rented homes, or unapproved colonies”
- rooftop solar power generation for at least 300 units, providing free electricity to homes
- raising the Lakhpati Didi Scheme’s aim of 2 crore to 3 crore women
- Three important rail corridors for effective logistics.
- Observing Metro and Namo Bharat, urbanization will lead to urban transformation
Effects on domestic travel and hotel industries
“The Government of India’s continued focus on domestic tourism in the interim Budget 2024–25 is encouraging,” stated Mr. K.B. Kachru, Chairman Emeritus & Principal Advisor, Radisson Hotel Group, South Asia.
India’s tourist industry can be enhanced by providing interest-free loans and quality ratings to local entrepreneurs and iconic sites.
Demand will be increased and jobs will be created by the projects to improve connection throughout the nation by building ports on our uncharted island, including Lakshadweep, airports, railroads, metro lines, and tourism infrastructure.
This is an investment in India’s potential, not just a boost to tourists. We are hopeful that the government will continue to support our vision of the future by giving hospitality and tourist infrastructure status, which will enable us to obtain a status that has been long-awaited.
We anticipate that this will spur major private sector investment and have a multiplier effect.
Influence on the travel and tourism industry
“We acknowledge, with satisfaction, the government’s sustained focus on travel and tourism as reaffirmed in the interim budget,” MakeMyTrip co-founder and group CEO Rajesh Magow stated.
The dedication to promoting domestic tourism via aviation and rail efforts, along with the continuous focus on destinations driven by tourism, especially in the areas of spiritual and island tourism, represents a strategic outlook for the long-term development of the T&T industry.
One significant step forward is the provision of interest-free financing to state governments for the establishment of prominent tourism locations.
The PM Gati Shakti initiative and airport expansion are essential for improving access to lesser-known local treasures.
By bringing domestic discovery to new regions of the nation, these programs will support regional business owners and generate jobs.
Collaboration between the business and the government is essential to maximizing impact, maintaining quality standards, and promoting sustainable tourism models for an improved traveler experience, even though the specifics are still unknown.”
Effect on the female
The government’s emphasis on women as a key pillar for the nation’s progress, as stated today, is already well supported by new legislation pertaining to women’s welfare.
The Maternity Act, which mandates more maternity leave and required childcare facilities for all workers, is being complied with effectively.
Following a meeting of different ministries earlier this week, recommendations were released to facilitate simple adherence to the law. Saloni Verma, co-founder and chairperson of Sunshine Corporate Creches, stated,
“We anticipate that this renewed emphasis on women, along with such initiatives, will help significantly bridge the gender gap in the coming years and also reduce the percentage of women dropping out of the workforce after childbirth.”
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