In the Union Budget 2024, Finance Minister Nirmala Sitharaman outlined a series of measures designed to enhance rural consumption and infrastructure with a substantial outlay of Rs 2.66 lakh crore. This budget aims to invigorate rural areas and increase spending power among the rural population.
The PM Garib Kalyan Anna Yojana will be extended for an additional five years, benefiting over 80 crore people. The PM Awas Yojana will see the construction of 3 crore more houses in both rural and urban areas. Additionally, the Pradhan Mantri Janjatiya Unnat Gram Abhiyan has been launched to support 63,000 villages and 5 crore tribal people, focusing on providing comprehensive coverage in tribal-majority areas and aspirational districts.
Phase 4 of the Pradhan Mantri Gram Sadak Yojana will improve connectivity by targeting 25,000 rural habitations. In terms of rural land management, the government plans to introduce fiscal support to enhance planning and management over the next two years.
For farmers, the Budget includes a provision of Rs 1.52 lakh crore for agriculture and allied sectors. The government has already announced higher Minimum Support Prices (MSPs) for all major crops, ensuring a 50% margin over costs.
Sitharaman noted that these initiatives are expected to boost rural consumption and stimulate demand in the economy. “India’s economic growth continues to be a shining exception amidst global uncertainty. Inflation remains low and is moving towards the 4% target,” she added.
