In her Budget 2024 speech in the Lok Sabha today, Finance Minister Nirmala Sitharaman tabled the proposal for helping states to realize the vision of ‘Viksit Bharat’.
Budget 2024: Finance Minister Nirmala Sitharaman Thursday said the Union Government is mulling to provide Rs 75,000 crore as interest-free loan to states to help realise the vision of ‘Viksit Bharat’. The loan, Sitharaman said, will be interest-free for 50 years and is aimed to help support reforms by states in order to fulfill the goal of a developed India or ‘Viksit Bharat’ by the year 2047.
The BJP-led central government has set a vision to make India a developed nation by 2047.
Interest-free loan to states
In her Budget speech in the Lok Sabha today, the Finance Minister tabled the proposal for helping states to realize the vision of ‘Viksit Bharat’. Many growth and development enabling reforms are needed in states for realizing the vision of ‘Viksit Bharat’, she said.
“A provision of seventy-five thousand crore rupees as fifty-year interest-free loan is proposed this year to support those milestone-linked reforms by the state governments,” Sitharaman said.
According to the Budget documents, total resources being transferred to the states, including the devolution of states’ share, grants/loans and releases under centrally sponsored schemes in 2024-25 (Budget Estimates), stand at Rs 22,22,264 crore.
This is an increase of Rs 4,13,848 crore over actuals of fiscal year 2022-23.
‘All-inclusive development’
The Finance Minister said the Modi government is working with an approach to development that is all-round, all-pervasive and all-inclusive.
“It covers all castes and people at all levels. We are working to make India a ‘Viksit Bharat’ by 2047. For achieving that goal, we need to improve people’s capability and empower them,” she said.
The minister said the vision for ‘Viksit Bharat’ is that of a prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential.
She also said in the full budget in July, “our government will present a detailed roadmap for our pursuit of ‘Viksit Bharat’”.
Interim Budget 2024
Union Finance Minister Nirmala Sitharaman on Thursday presented the Interim Budget 2024 and expressed hope that the good policies and the work done by the Central government will help the BJP return to power for the third consecutive time in a row.
“Our young country has high aspirations, pride in its present and hope and confidence for a bright future. We expect that our government based on its stupendous work will be blessed again by the people with a resounding mandate,” the Finance Minister said in her budget speech in the Lok Sabha.
(With inputs from agencies)