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19 Nov 2024
Key sectors such as defence, railways, infrastructure, and renewable energy are set to receive heightened attention in the upcoming Union Budget for FY25.
Analysts anticipate substantial funding allocations and strategic initiatives aimed at advancing these areas, aligning with India's long-term development objectives under Prime Minister Narendra Modi's third term.
Significant investments are planned to enhance India's military capabilities. With a budget allocation of Rs 6.21 lakh crore, marking a 4.72% increase from the previous budget, the focus will be on modernizing military infrastructure and boosting domestic manufacturing. Projects will likely include advanced weaponry development, naval vessels, and missile defence systems, supporting the goal of achieving a $25-billion defence output by 2025.
Indian Railways will undergo substantial upgrades, particularly in freight corridors, passenger safety, and comfort. A budget of Rs 2.55 lakh crore will fund projects such as upgrading rail bogies to Vande Bharat standards and developing three major economic railway corridors. These initiatives aim to enhance efficiency, connectivity, and revenue generation, building on the significant freight volumes of FY24.
The road transport and highway sector will receive a major boost with Rs 2.78 lakh crore allocated to the Ministry of Road Transport and Highways. The focus will be on expanding the national highway network to improve connectivity nationwide. Ongoing projects totaling Rs 79,789 crore aim to construct over 6,270 km of national highways, facilitating smoother movement of goods and passengers.
Renewable energy remains pivotal in India's transition to green energy, with ambitious targets in solar, wind, and bioenergy sectors. The budget will support initiatives like rooftop solar installations for 10 million households and viability gap funding for 1,000 MW offshore wind projects. New schemes will promote bioenergy, aligning with India's objective of achieving net zero emissions by 2070.
Budget 2024 prioritizes sectors crucial for India's economic advancement and sustainability. By investing in defence, railways, infrastructure, and renewable energy, the government aims to propel growth and development in the years ahead. This strategic approach aims to strengthen India's economic foundations and enhance its global competitiveness.
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