On February 1, the sixth budget was presented by Union Finance Minister Nirmala Sitharaman.
The interim budget, presented before the upcoming general elections later this year. With a specific focus on empowering youth and women, the Interim Budget 2024 aimed to address their needs and aspirations.
This is the most awaited budget announcement that brings a wave of anticipation for various sectors, and the software development community in India is no exception.
Major Highlight of Interim Budget 2024
- There were no changes made to the income tax rates.
- For three consecutive years, India has achieved a remarkable 7% GDP growth.
- The India, Middle East, European Corridor (IMEC) project will continue with priority.
- Spends on capital expenditure have been increased to ₹11.11 lakh crore for 2024-25
- The budget often allocates funds for skill development programs. Software developers can tap into these opportunities to enhance their skill sets. Look out for government-backed training programs, workshops, and certifications that align with the latest industry trends.
- IRCTC will convert 40,000 normal rail bogeys to Vande Bharat standards
- The Government has announced several schemes to turn Net Zero by 2070.
- New Department created for the need of Fishermen named Matsya Sampada
- The Government will subsidise the construction of 30 million affordable houses in rural areas.
- The government placed a strong emphasis on upskilling and reskilling, resulting in the training of over 1.4 crore youth as part of the Skill India Mission.
- The ‘Lakhpati Didi’ scheme will be extended by the Government to empower women in rural areas and enhance the rural economy.
- The PM Vishwakarma Yojana scheme offers comprehensive support to artisans, while 78 lakh street vendors received credit assistance through the PM-SVANidhi scheme under government initiatives.
- Government successfully disbursed Mudra Yojana loans to 30 crore women entrepreneurs.
- The Ayushman Bharat scheme will now encompass all ASHA workers, Anganwadi workers, and helpers through an expansion initiative.
With this visionary budget, the government reaffirms its commitment to nurturing the potential of Indian software developers. These strategic initiatives not only provide a conducive environment for individual success but also contribute significantly to the overall growth and global competitiveness of the tech ecosystem in India.
