<p>In sharp&nbsp;contrast to the economic developments in Pakistan which finds itself navigating challenging financial waters, seeking a $3 billion bailout from the International Monetary Fund (IMF), India has announced the interim budget of $14 billion for Jammu and Kashmir. The proposed Interim Budget for Jammu and Kashmir, amounting to Rs 1.18 lakh crore, which is approximately $14.16 billion, significantly surpasses the financial assistance provided to Pakistan by the IMF.</p>

<p>India’s budget proposal, unveiled on a day marked by Pakistan’s so-called “Kashmir Solidarity Day,” represents a substantial commitment to the economic development of Jammu and Kashmir. The budget, which amounts to approximately $14.16 billion, dwarfs IMF’s recent bailout announcement to Pakistan by 4.72 times, underlining India’s financial dedication to the region’s growth and stability.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/jammu-and-kashmir-indian-government-declares-tehreek-e-hurriyat-unlawful-association-under-uapa-675332">Jammu and Kashmir: Indian government declares Tehreek-e-Hurriyat 'unlawful' under UAPA</a></strong></p>

<p>This significant budget demonstrates India’s intention to address both short-term fiscal needs and long-term development goals in Jammu and Kashmir. &nbsp;India’s budget for union territory emphasises on key sectors such as agriculture, rural development, tourism, healthcare, education, and cultural preservation, with substantial investments aimed at fostering sustainable growth and development.</p>

<p>India's&nbsp;Union Finance Minister Nirmala Sitharaman while proposing the budget said, “The Union Territory (UT) of Jammu and Kashmir is marching rapidly ahead on the path of socio-economic development since the transformative reforms of August 2019. The Union Territory Government is committed to pursue the path of accelerated and inclusive growth which enables its citizens to shape their destiny and discover new aspirations.”</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/india-jammu-and-kashmirs-budget-twice-the-size-of-pakistans-imf-bailout-request-578174">Jammu and Kashmir’s budget twice the size of Pakistan’s IMF bailout request, documents show</a></strong></p>

<p>The emphasis on tourism development in Jammu and Kashmir has been directed towards enhancing infrastructure and essential facilities in 20 lesser-known tourist spots, evenly distributed with 10 locations each in the Jammu and Kashmir divisions. Additionally, plans include the transformation of Keran into a thriving border tourist village and the establishment of Duggar Dani in Samba, designed as a traditional mock village setup.</p>

<p>In contrast, Pakistan’s $3 billion bailout from the IMF reflects the country’s ongoing economic challenges and dependence on external financial support. The bailout aims to alleviate Pakistan’s cash-strapped economy, providing much-needed liquidity and support for its fiscal reforms.</p>

<p>Meanwhile there have been reports of growing discontentment in Pakistan occupied Kashmir, especially over price rise.</p>


In sharp contrast to the economic developments in Pakistan which finds itself navigating challenging financial waters, seeking a $3 billion bailout from the International Monetary Fund (IMF), India has announced the interim budget of $14 billion for Jammu and Kashmir.

In sharp contrast to the economic developments in Pakistan which finds itself navigating challenging financial waters, seeking a $3 billion bailout from the International Monetary Fund (IMF), India has announced the interim budget of $14 billion for Jammu and Kashmir. The proposed Interim Budget for Jammu and Kashmir, amounting to Rs 1.18 lakh crore, which is approximately $14.16 billion, significantly surpasses the financial assistance provided to Pakistan by the IMF. India’s budget proposal, unveiled on a day marked by Pakistan’s so-called “Kashmir Solidarity Day,” represents a substantial commitment to the economic development of Jammu and Kashmir. The budget, which amounts to approximately $14.16 billion, dwarfs IMF’s recent bailout announcement to Pakistan by 4.72 times, underlining India’s financial dedication to the region’s growth and stability. ALSO READ | Jammu and Kashmir: Indian government declares Tehreek-e-Hurriyat 'unlawful' under UAPA This significant budget demonstrates India’s intention to address both short-term fiscal needs and long-term development goals in Jammu and Kashmir. India’s budget for union territory emphasises on key sectors such as agriculture, rural development, tourism, healthcare, education, and cultural preservation, with substantial investments aimed at fostering sustainable growth and development. India's Union Finance Minister Nirmala Sitharaman while proposing the budget said, “The Union Territory (UT) of Jammu and Kashmir is marching rapidly ahead on the path of socio-economic development since the transformative reforms of August 2019. The Union Territory Government is committed to pursue the path of accelerated and inclusive growth which enables its citizens to shape their destiny and discover new aspirations.” ALSO READ | Jammu and Kashmir’s budget twice the size of Pakistan’s IMF bailout request, documents show The emphasis on tourism development in Jammu and Kashmir has been directed towards enhancing infrastructure and essential facilities in 20 lesser-known tourist spots, evenly distributed with 10 locations each in the Jammu and Kashmir divisions. Additionally, plans include the transformation of Keran into a thriving border tourist village and the establishment of Duggar Dani in Samba, designed as a traditional mock village setup. In contrast, Pakistan’s $3 billion bailout from the IMF reflects the country’s ongoing economic challenges and dependence on external financial support. The bailout aims to alleviate Pakistan’s cash-strapped economy, providing much-needed liquidity and support for its fiscal reforms. Meanwhile there have been reports of growing discontentment in Pakistan occupied Kashmir, especially over price rise.

India proposes $14 billion budget for Jammu and Kashmir, dwarfing Pakistan’s $3 billion IMF bailout

<p>Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1) announced a number of plans to steer the country towards its commitment of net zero target by 2070 as the interim budget&nbsp;2024&nbsp;was tabled in the Parliament.&nbsp;</p>

<h2><strong>‘Viksit Bharat’&nbsp;</strong></h2>

<p>“Our vision for <a href="https://www.wionews.com/india-news/indian-budget-2024-fm-sitharaman-tables-interim-budget-says-working-to-viksit-bharat-by-2047-685816">Viksit (Advanced) Bharat</a> is that of a prosperous Bharat…in harmony with nature and modern infrastructure, and providing opportunities for all to reach their potential,” said Sitharaman, during her speech.&nbsp;</p>

<p><strong>WATCH |&nbsp;FM Nirmala Sitharaman: Next five years will see unprecented development</strong></p>

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<p>This was in line with Prime Minister Narendra Modi's&nbsp;vision for ‘Viksit Bharat’&nbsp;which involves several aspects of development, including economic growth and environmental sustainability.&nbsp;</p>

<p>The Indian finance minister also spoke about how the government will adopt economic policies that foster and sustain growth and facilitate inclusive and sustainable development.&nbsp;</p>

<h2><strong>Focus on green energy</strong></h2>

<p>In the interim Budget, the finance minister has allocated significant resources to bolster the green energy sector including a viability gap funding to harness offshore wind energy, setting up coal gasification and liquefaction projects, and so on.&nbsp;</p>

<p>The gap funding would be used for the development of one gigawatt (GW) of offshore wind energy, which would reduce India’s reliance on fossil fuels.&nbsp;</p>

<p>Additionally, the Indian government also plans to set up coal gasification and liquefaction projects capable of processing 100 metric tonnes (MT) by 2030, which will help reduce imports of natural gas, methanol, and ammonia.</p>

<p>The government has said that it would mandate the blending of Compressed BioGas (CBG) in Compressed Natural Gas (CNG) for transportation and Piped Natural Gas (PNG) for domestic use. These measures are aimed at reducing carbon emissions and improving air quality.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/india-interim-budget-2024-revolutionary-steps-announced-for-these-industries-685893">India Budget 2024: Revolutionary steps announced for solar, dairy and fisheries industries - check details</a></strong></p>

<p>Financial assistance would be provided for the procurement of biomass aggregation machines to support collection, which could help ramp up the production of bioenergy – a renewable energy derived from biomass, which also contributes to climate change mitigation.&nbsp;</p>

<p>The interim Budget also includes the introduction of a new scheme of bio-manufacturing and bio-foundry to promote green growth. This, Sitharaman said “will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.”&nbsp;</p>

<p>Additionally, the scheme would also help transform “today’s consumptive manufacturing paradigm to the one based on regenerative principles.”</p>

<p>The government has also announced plans to&nbsp;expand and strengthen the <a href="https://www.wionews.com/india-news/india-interim-budget-govt-to-expand-ev-infra-and-develop-more-entrepreneurship-opportunities-685838">e-vehicle ecosystem</a> by supporting&nbsp;manufacturing and charging infrastructure in the country.&nbsp;</p>

<p>According to&nbsp;Sitharaman,&nbsp;through rooftop solarisation more than 10 million (one crore)&nbsp;households will be enabled to obtain up to <a href="https://www.wionews.com/india-news/india-interim-budget-govt-to-provide-300-units-free-electricity-announces-fm-sitharaman-685911">300 units of free electricity</a> every month.&nbsp;</p>

<h2><strong>What is Blue Economy 2.0?</strong></h2>

<p>During her speech, the Indian finance minister unveiled plans for the launch of Blue Economy 2.0 which is aimed at promoting climate-resilient activities and sustainable development in coastal areas.</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/india-interim-budget-2024-this-is-what-is-in-store-for-jobs-in-tourism-infra-and-deep-tech-685930">India Interim Budget 2024: This is what is in store for jobs in tourism, infra, and deep tech</a></strong></p>

<p>The scheme will focus on “restoration and adaptation measures” and the expansion of coastal aquaculture and mariculture with an integrated and multi-sectoral approach.&nbsp;</p>

<p>Notably, the Blue Economy, which involves sustainable use of ocean resources and coastal areas for economic growth has emerged as a new area of focus in sustainable development.&nbsp;</p>

<p><em>(With inputs from agencies)</em><br />
&nbsp;</p>


Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1) announced a number of plans to steer the country towards its commitment of net zero target by 2070 as the interim budget 2024 was tabled in the Parliament.

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1) announced a number of plans to steer the country towards its commitment of net zero target by 2070 as the interim budget 2024 was tabled in the Parliament. ‘Viksit Bharat’ “Our vision for Viksit (Advanced) Bharat is that of a prosperous Bharat…in harmony with nature and modern infrastructure, and providing opportunities for all to reach their potential,” said Sitharaman, during her speech. WATCH | FM Nirmala Sitharaman: Next five years will see unprecented development This was in line with Prime Minister Narendra Modi's vision for ‘Viksit Bharat’ which involves several aspects of development, including economic growth and environmental sustainability. The Indian finance minister also spoke about how the government will adopt economic policies that foster and sustain growth and facilitate inclusive and sustainable development. Focus on green energy In the interim Budget, the finance minister has allocated significant resources to bolster the green energy sector including a viability gap funding to harness offshore wind energy, setting up coal gasification and liquefaction projects, and so on. The gap funding would be used for the development of one gigawatt (GW) of offshore wind energy, which would reduce India’s reliance on fossil fuels. Additionally, the Indian government also plans to set up coal gasification and liquefaction projects capable of processing 100 metric tonnes (MT) by 2030, which will help reduce imports of natural gas, methanol, and ammonia. The government has said that it would mandate the blending of Compressed BioGas (CBG) in Compressed Natural Gas (CNG) for transportation and Piped Natural Gas (PNG) for domestic use. These measures are aimed at reducing carbon emissions and improving air quality. ALSO READ | India Budget 2024: Revolutionary steps announced for solar, dairy and fisheries industries - check details Financial assistance would be provided for the procurement of biomass aggregation machines to support collection, which could help ramp up the production of bioenergy – a renewable energy derived from biomass, which also contributes to climate change mitigation. The interim Budget also includes the introduction of a new scheme of bio-manufacturing and bio-foundry to promote green growth. This, Sitharaman said “will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.” Additionally, the scheme would also help transform “today’s consumptive manufacturing paradigm to the one based on regenerative principles.” The government has also announced plans to expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure in the country. According to Sitharaman, through rooftop solarisation more than 10 million (one crore) households will be enabled to obtain up to 300 units of free electricity every month. What is Blue Economy 2.0? During her speech, the Indian finance minister unveiled plans for the launch of Blue Economy 2.0 which is aimed at promoting climate-resilient activities and sustainable development in coastal areas. ALSO READ | India Interim Budget 2024: This is what is in store for jobs in tourism, infra, and deep tech The scheme will focus on “restoration and adaptation measures” and the expansion of coastal aquaculture and mariculture with an integrated and multi-sectoral approach. Notably, the Blue Economy, which involves sustainable use of ocean resources and coastal areas for economic growth has emerged as a new area of focus in sustainable development. (With inputs from agencies)

Budget 2024: Sitharaman unveils India's plan to achieve net zero target by 2070 with focus on green energy

<p>India's interim Budget figures show a substantial boost in allocation for Maldives, with the revised budget standing at Rs 770.90 crore for the fiscal year 2023-24. This marks an increase from the initial allocation of Rs 400 crore for the same financial year. The island nation has seen the highest increase in allocation by New Delhi for the neighbouring countries it extends financial support.</p>

<p>The increased allocation in the interim Budget reaffirms India's commitment to furthering major infrastructure initiatives and development projects in the Maldives. India is supporting the country's biggest infrastructure project, the Greater Malé Connectivity Project (GMCP).&nbsp;</p>

<p>New Delhi has kept Rs 600 cr for the counrty for the financial year 2024-2025, indicating that the support will continue.</p>

<p>Similarly, Nepal and Afghanistan also witness an uptick in allocations in the interim&nbsp;Budget. Nepal receives an additional Rs 100 Cr, bringing its total allocation to Rs 650 Cr, while Afghanistan sees a modest increase of Rs 20 Cr, with a revised allocation of Rs 220 Cr. Both figures are allocated in the revised budget for 2023-24.</p>

<p><a href="https://www.wionews.com/videos/budget-2024-empowerment-of-women-has-gained-momentum-in-last-10-years-says-nirmala-sitharaman-685891"><strong>Watch |&nbsp;Budget 2024: Empowerment of Women has gained momentum in last 10 years, says Nirmala Sitharaman</strong></a></p>

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<p>Grants and loans to foreign governments points to India's support for regional developments when it comes to FY 2023-24 budget figures. At the forefront of India's foreign assistance is Bhutan, with a substantial allocation of Rs 2398.97 crore. This significant amount underscores the special relationship between India and Bhutan, emphasising India's role as a key development&nbsp;partner in the region.</p>

<p>Among the recipients, Bangladesh received an allocation of Rs 130 crore, while Mongolia has been allocated Rs 5 crore, emphasising India's engagement with nations beyond its immediate vicinity. Mauritius, Seychelles, and Myanmar receive substantial allocations of Rs 330 crore, Rs 9.91 crore, and Rs 370 crore respectively, highlighting India's efforts to support the socio-economic development of these countries.</p>

<p><a href="https://www.wionews.com/india-news/indian-interim-budget-key-takeaways-from-nirmala-sitharamans-budget-speech-685817"><strong>Also read |&nbsp;India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech</strong></a></p>

<p>A notable allocation of Rs 100 crore is earmarked for the Chabahar port project, underlining&nbsp;India's commitment to enhancing connectivity and trade in the region. This allocation reaffirms India's strategic interest in the Chabahar port and its potential to serve as a key gateway for trade and commerce.</p>


India's interim Budget figures show a substantial boost in allocation for Maldives, with the revised budget standing at Rs 770.90 crore for the fiscal year 2023-24.

India's interim Budget figures show a substantial boost in allocation for Maldives, with the revised budget standing at Rs 770.90 crore for the fiscal year 2023-24. This marks an increase from the initial allocation of Rs 400 crore for the same financial year. The island nation has seen the highest increase in allocation by New Delhi for the neighbouring countries it extends financial support. The increased allocation in the interim Budget reaffirms India's commitment to furthering major infrastructure initiatives and development projects in the Maldives. India is supporting the country's biggest infrastructure project, the Greater Malé Connectivity Project (GMCP). New Delhi has kept Rs 600 cr for the counrty for the financial year 2024-2025, indicating that the support will continue. Similarly, Nepal and Afghanistan also witness an uptick in allocations in the interim Budget. Nepal receives an additional Rs 100 Cr, bringing its total allocation to Rs 650 Cr, while Afghanistan sees a modest increase of Rs 20 Cr, with a revised allocation of Rs 220 Cr. Both figures are allocated in the revised budget for 2023-24. Watch | Budget 2024: Empowerment of Women has gained momentum in last 10 years, says Nirmala Sitharaman × Grants and loans to foreign governments points to India's support for regional developments when it comes to FY 2023-24 budget figures. At the forefront of India's foreign assistance is Bhutan, with a substantial allocation of Rs 2398.97 crore. This significant amount underscores the special relationship between India and Bhutan, emphasising India's role as a key development partner in the region. Among the recipients, Bangladesh received an allocation of Rs 130 crore, while Mongolia has been allocated Rs 5 crore, emphasising India's engagement with nations beyond its immediate vicinity. Mauritius, Seychelles, and Myanmar receive substantial allocations of Rs 330 crore, Rs 9.91 crore, and Rs 370 crore respectively, highlighting India's efforts to support the socio-economic development of these countries. Also read | India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech A notable allocation of Rs 100 crore is earmarked for the Chabahar port project, underlining India's commitment to enhancing connectivity and trade in the region. This allocation reaffirms India's strategic interest in the Chabahar port and its potential to serve as a key gateway for trade and commerce.

Indian interim Budget figures show increased allocation to Maldives at Rs 770 crore

<p>India's Union Finance Minister Nirmala Sitharaman said in&nbsp;her interim Budget speech on Thursday (Feb 1) that those availing the newly-launched&nbsp;rooftop solar programme&nbsp;would be able&nbsp;to obtain up to 300 units free electricity every month.</p>

<p>Notably, shortly after the much-anticipated Ram mandir consecration ceremony (Pran-Pratistha) last month, Prime Minister Narendra Modi announced that his government would push for the installation of rooftop solar systems in over one crore (10 million) households, under the PM Suryoday Yojana.&nbsp;</p>

<p>Sitharaman's budget speech further highlighted the benefits of the new programme.&nbsp;</p>

<p>"Through rooftop solarisation, one crore households will be enabled to obtain up to 300 units of free electricity every month. This scheme follows the resolve of the Hon’ble Prime Minister on the historic day of the consecration of Ram Mandir in Ayodhya," said the minister.&nbsp;</p>

<p>She added that the new programme would enable the households to also earn an income of Rs 15,000 ($180)-Rs 18,000 ($216) per year by selling excess electricity to the power distribution companies.&nbsp;&nbsp;</p>

<p><a href="https://www.wionews.com/videos/budget-2024-government-working-to-transform-india-into-viksit-bharat-says-nirmala-sitharaman-685902"><strong>Watch |&nbsp;Budget 2024: Government working to transform India into 'Viksit Bharat' , says Nirmala Sitharaman</strong></a></p>

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<p>&nbsp;</p>

<h2><strong>Building EV infra</strong></h2>

<p>The minister said the programme would also help in the adoption of electric vehicles (EVs) by providing charging stations.&nbsp;</p>

<p>"The government will expand and strengthen the electric vehicle ecosystem by supporting manufacturing and charging infrastructure."</p>

<p>She added the government will provide entrepreneurship opportunities&nbsp;to give a fillip to&nbsp;the sector.&nbsp;</p>

<p>"Entrepreneurship opportunities to a large number of vendors for supply and installation, employment opportunities for youth with technical skills in manufacturing, installation and maintenance."</p>

<p><a href="https://www.wionews.com/india-news/indian-interim-budget-key-takeaways-from-nirmala-sitharamans-budget-speech-685817"><strong>Also read |&nbsp;India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech</strong></a></p>

<p>According to reports, nearly 250 million households in India have the capacity to deploy&nbsp;637 GW of solar energy on rooftops. Although the entire scale may not be feasible, one-fifth of this potential which comes down to 118 GW of capacity, was certainly doable.&nbsp;</p>

<p>Prior to the announcements, the Indian minister kickstarted the speech by reflecting on the government's "humane and inclusive approach to development" in the last two terms.</p>

<p>"Development programmes, in the last ten years, have targeted each and every household and individual, through ‘housing for all’, ‘har ghar jal’, electricity for all, cooking gas for all, bank accounts and financial services for all, in record time," said Sitharaman.</p>

<p><em>(With inputs from agencies)</em></p>


India's Union Finance Minister Nirmala Sitharaman said in her interim Budget speech on Thursday (Feb 1) that those availing the newly-launched rooftop solar programme would be able to obtain up to 300 units free electricity every month.

India's Union Finance Minister Nirmala Sitharaman said in her interim Budget speech on Thursday (Feb 1) that those availing the newly-launched rooftop solar programme would be able to obtain up to 300 units free electricity every month. Notably, shortly after the much-anticipated Ram mandir consecration ceremony (Pran-Pratistha) last month, Prime Minister Narendra Modi announced that his government would push for the installation of rooftop solar systems in over one crore (10 million) households, under the PM Suryoday Yojana. Sitharaman's budget speech further highlighted the benefits of the new programme. "Through rooftop solarisation, one crore households will be enabled to obtain up to 300 units of free electricity every month. This scheme follows the resolve of the Hon’ble Prime Minister on the historic day of the consecration of Ram Mandir in Ayodhya," said the minister. She added that the new programme would enable the households to also earn an income of Rs 15,000 ($180)-Rs 18,000 ($216) per year by selling excess electricity to the power distribution companies. Watch | Budget 2024: Government working to transform India into 'Viksit Bharat' , says Nirmala Sitharaman × Building EV infra The minister said the programme would also help in the adoption of electric vehicles (EVs) by providing charging stations. "The government will expand and strengthen the electric vehicle ecosystem by supporting manufacturing and charging infrastructure." She added the government will provide entrepreneurship opportunities to give a fillip to the sector. "Entrepreneurship opportunities to a large number of vendors for supply and installation, employment opportunities for youth with technical skills in manufacturing, installation and maintenance." Also read | India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech According to reports, nearly 250 million households in India have the capacity to deploy 637 GW of solar energy on rooftops. Although the entire scale may not be feasible, one-fifth of this potential which comes down to 118 GW of capacity, was certainly doable. Prior to the announcements, the Indian minister kickstarted the speech by reflecting on the government's "humane and inclusive approach to development" in the last two terms. "Development programmes, in the last ten years, have targeted each and every household and individual, through ‘housing for all’, ‘har ghar jal’, electricity for all, cooking gas for all, bank accounts and financial services for all, in record time," said Sitharaman. (With inputs from agencies)

India interim Budget: Households to get 300 units free electricity from rooftop solar scheme, announces FM

<p>India's Union Finance Minister Nirmala Sitharaman on Thursday (Feb 1) delivered the final budget under Prime Minister Narendra Modi's second term. During her budget speech, Sitharaman touched upon the burgeoning electric vehicle&nbsp;(EV) market and remained bullish on it.&nbsp;</p>

<p>The minister said the main emphasis will be on creating a robust manufacturing and charging ecosystem.&nbsp;</p>

<p>"The government will expand and strengthen the electric vehicle ecosystem by supporting manufacturing and charging infrastructure," said Sitharaman.&nbsp;</p>

<p>She added the government will provide entrepreneurship opportunities&nbsp;to give a fillip to&nbsp;the sector.&nbsp;</p>

<p>"Entrepreneurship opportunities to a large number of vendors for supply and installation, employment opportunities for youth with technical skills in manufacturing, installation and maintenance."</p>

<p>The bullish view on the EV sector by the finance minister will help boost the confidence of the public which is still on the fence about switching to EVs. The lack of charging infrastructure has been one of the biggest deterrents to people taking up EVs.&nbsp;</p>

<p>Additionally, the Indian youth with the requisite technical skills will be able to contribute to developing the ecosystem, leading to more employment generation.&nbsp;&nbsp;</p>

<p><a href="https://www.wionews.com/videos/indias-ev-market-races-to-catch-up-indias-ev-infrastructure-roadblock-for-buyers-591456"><strong>Watch |&nbsp;India's EV market races to catch up | India's EV infrastructure: Roadblock for buyers</strong></a></p>

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<h2><strong>What about subsidies?</strong></h2>

<p>While the government kept its cards close to its chest regarding subsidies, experts are of the view that when the annual budget is presented after the Lok Sabha elections, a support package to the tune of Rs 12,5000 crore might be announced.&nbsp;</p>

<p><a href="https://www.wionews.com/india-news/indian-interim-budget-key-takeaways-from-nirmala-sitharamans-budget-speech-685817"><strong>Also read |&nbsp;India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech</strong></a></p>

<p>Notably, the current&nbsp;Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme expires on March 31. The scheme had an outlay of Rs 10,000 crore. So far, the government has extended 13.6 lakh subsidised vehicles under this scheme against the target of 17 lakh vehicles.&nbsp;</p>

<p>&nbsp;</p>

<p>(More to follow)</p>


India's Union Finance Minister Nirmala Sitharaman on Thursday (Feb 1) delivered the final budget under Prime Minister Narendra Modi's second term. During her budget speech, Sitharaman touched upon the burgeoning electric vehicle (EV) market and remained bullish on it.

India's Union Finance Minister Nirmala Sitharaman on Thursday (Feb 1) delivered the final budget under Prime Minister Narendra Modi's second term. During her budget speech, Sitharaman touched upon the burgeoning electric vehicle (EV) market and remained bullish on it. The minister said the main emphasis will be on creating a robust manufacturing and charging ecosystem. "The government will expand and strengthen the electric vehicle ecosystem by supporting manufacturing and charging infrastructure," said Sitharaman. She added the government will provide entrepreneurship opportunities to give a fillip to the sector. "Entrepreneurship opportunities to a large number of vendors for supply and installation, employment opportunities for youth with technical skills in manufacturing, installation and maintenance." The bullish view on the EV sector by the finance minister will help boost the confidence of the public which is still on the fence about switching to EVs. The lack of charging infrastructure has been one of the biggest deterrents to people taking up EVs. Additionally, the Indian youth with the requisite technical skills will be able to contribute to developing the ecosystem, leading to more employment generation. Watch | India's EV market races to catch up | India's EV infrastructure: Roadblock for buyers × What about subsidies? While the government kept its cards close to its chest regarding subsidies, experts are of the view that when the annual budget is presented after the Lok Sabha elections, a support package to the tune of Rs 12,5000 crore might be announced. Also read | India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech Notably, the current Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme expires on March 31. The scheme had an outlay of Rs 10,000 crore. So far, the government has extended 13.6 lakh subsidised vehicles under this scheme against the target of 17 lakh vehicles. (More to follow)

India Budget 2024: Govt to expand EV infra and develop more entrepreneurship opportunities

<p>Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1st) presented the interim Budget speech in the Lok Sabha,&nbsp;lower house of the Parliament,</p>

<p>During her sixth straight budget, Sitharaman announced a slew of revolutionary schemes for a variety of industries. Here are some you must know.</p>

<h2><strong>Solar Energy</strong></h2>

<p>During her interim Budget speech, Sitharaman announced that through rooftop solarisation, one crore (10 million) households will be enabled to obtain up to 300 units of free electricity every month.&nbsp;</p>

<p>She said that this scheme follows the resolve of Prime Minister Narendra Modi on the historic day of consecration of Ram Mandir in Ayodhya. &nbsp;</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-budget-2024-250-million-people-came-out-of-poverty-in-the-last-10-years-fm-sitharaman-685845">India Budget 2024 | 250 million people came out of poverty in the last 10 years: FM Sitharaman</a></strong></p>

<p>The scheme, as per the Indian Finance Minister will create entrepreneurship opportunities for numerous vendors in regards to supply and installation. It is also expected to generate employment opportunities for the youth with technical skills in manufacturing, installation and maintenance.</p>

<p>Furthermore, households are likely to save up to 15,000-18,000 rupees annually. They will also be empowered to sell the surplus power, if any, to distribution companies.</p>

<h2><strong>Oil Seeds</strong></h2>

<p>To achieve "atmanirbharta" (self-reliance) for oil seeds, a strategy would be formulated, announced Sitharaman. The strategy, she said will cover "research for high-yielding varieties, widespread adoption of modern farming techniques, market linkages, procurement, value addition, and crop insurance." &nbsp;</p>

<h2><strong>Dairy Industry</strong></h2>

<p>To exploit India's status as world's largest milk producer, a comprehensive programme for supporting dairy farmers will be formulated.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-interim-budget-nation-has-successfully-navigated-the-global-challenges-says-fm-sitharaman-685829">India interim Budget: Nation has successfully navigated global challenges, says FM Sitharaman</a></strong></p>

<p>As per Sitharaman, this would be built on "the success of existing schemes such Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure Development Funds for dairy processing and animal husbandry."</p>

<h2><strong>Fisheries</strong></h2>

<p>To further enhance India's fisheries industry, the aquaculture productivity will be increased from existing three to five tonnes per hectare.</p>

<p>Additionally, exports will be doubled to one lakh crore (one trillion rupees). This would help generate&nbsp;around 55 lakh (5.5 million) employment opportunities.</p>

<p><strong>Watch:&nbsp;India Budget 2024 | Nirmala Sitharaman on poor: 'Garib ka kalyan, desh ka kalyan'</strong></p>

<p><iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/india-budget-2024-nirmala-sitharaman-on-poor-garib-ka-kalyan-desh-ka-kalyan-685835/embed" width="560"></iframe></p>

<h2><strong>Electric Vehicle Ecosystem</strong></h2>

<p>To expand and strengthen the e-vehicle ecosystem, the government plans to support manufacturing and charging infrastructure.&nbsp;</p>

<h2><strong>Bio-manufacturing and Bio-foundry</strong></h2>

<p>To promote green growth, a new scheme of bio-manufacturing and bio-foundry will be launched.&nbsp;</p>

<p>This, Sitharaman said "will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs."</p>

<p>Thursday's budget was the last budget of the second term of the Narendra Modi led BJP government.</p>


Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1st) presented the interim Budget speech in the Lok Sabha, lower house of the Parliament, During her sixth straight budget, Sitharaman announced a slew of revolutionary schemes for a variety of industries.

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1st) presented the interim Budget speech in the Lok Sabha, lower house of the Parliament, During her sixth straight budget, Sitharaman announced a slew of revolutionary schemes for a variety of industries. Here are some you must know. Solar Energy During her interim Budget speech, Sitharaman announced that through rooftop solarisation, one crore (10 million) households will be enabled to obtain up to 300 units of free electricity every month. She said that this scheme follows the resolve of Prime Minister Narendra Modi on the historic day of consecration of Ram Mandir in Ayodhya. Also read | India Budget 2024 | 250 million people came out of poverty in the last 10 years: FM Sitharaman The scheme, as per the Indian Finance Minister will create entrepreneurship opportunities for numerous vendors in regards to supply and installation. It is also expected to generate employment opportunities for the youth with technical skills in manufacturing, installation and maintenance. Furthermore, households are likely to save up to 15,000-18,000 rupees annually. They will also be empowered to sell the surplus power, if any, to distribution companies. Oil Seeds To achieve "atmanirbharta" (self-reliance) for oil seeds, a strategy would be formulated, announced Sitharaman. The strategy, she said will cover "research for high-yielding varieties, widespread adoption of modern farming techniques, market linkages, procurement, value addition, and crop insurance." Dairy Industry To exploit India's status as world's largest milk producer, a comprehensive programme for supporting dairy farmers will be formulated. Also read | India interim Budget: Nation has successfully navigated global challenges, says FM Sitharaman As per Sitharaman, this would be built on "the success of existing schemes such Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure Development Funds for dairy processing and animal husbandry." Fisheries To further enhance India's fisheries industry, the aquaculture productivity will be increased from existing three to five tonnes per hectare. Additionally, exports will be doubled to one lakh crore (one trillion rupees). This would help generate around 55 lakh (5.5 million) employment opportunities. Watch: India Budget 2024 | Nirmala Sitharaman on poor: 'Garib ka kalyan, desh ka kalyan' Electric Vehicle Ecosystem To expand and strengthen the e-vehicle ecosystem, the government plans to support manufacturing and charging infrastructure. Bio-manufacturing and Bio-foundry To promote green growth, a new scheme of bio-manufacturing and bio-foundry will be launched. This, Sitharaman said "will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs." Thursday's budget was the last budget of the second term of the Narendra Modi led BJP government.

India Budget 2024: Revolutionary steps announced for solar, dairy and fisheries industries - check details

<p>Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1st) said during the interim budget speech in Parliament that the government believes in "empowering the poor" and that in the last 10 years, it has helped at least 25 crore (250 million) people to get freedom from multidimensional poverty.</p>

<h2><strong>Fulfilling aspirations the highest priority</strong></h2>

<p>During the pre-budget speech, Sitharaman said that fulfilling aspirations and needs of the gareeb (poor), mahilayien (women), yuva (youth) and annadata (farmers) are the highest priority of the government.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-interim-budget-nation-has-successfully-navigated-the-global-challenges-says-fm-sitharaman-685829">India interim Budget: Nation has 'successfully navigated the global challenges', says FM Sitharaman</a></strong></p>

<p>"When the poor become empowered partners in the development process, the government's power to assist them also increases manifold," said the finance minister while presenting the 2024 interim Budget in Lok Sabha.</p>

<p>She said that direct benefit transfer (DBT) of 34 lakh crore rupees (around $409 billion) using PM Jan Dhan accounts has led to saving of 2.7 lakh crore (2.7 trillion) rupees to the government. This, she said, has strengthened the welfare of the poor.</p>

<h2><strong>Street vendors get assistance</strong></h2>

<p>The Finance Minister said that 78 lakh (7.8 million) street vendors have been given credit assistance under the PM Swanidhi scheme. Additionally, end to end support was given to Indian artisans and craftsmen under PM Vishwakarma Yojna.</p>

<p><strong>Also read | <a href="https://www.wionews.com/india-news/indian-interim-budget-key-takeaways-from-nirmala-sitharamans-budget-speech-685817">India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech</a></strong></p>

<p>"Under the PM Kisan Samman Scheme, every year, direct cash assistance was given to 11.8 crore (118 million) farmers, including marginal and small farmers," she added.</p>

<p><strong>Watch:&nbsp;India Budget 2024 | Nirmala Sitharaman on poor: 'Garib ka kalyan, desh ka kalyan'</strong></p>

<p><iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/india-budget-2024-nirmala-sitharaman-on-poor-garib-ka-kalyan-desh-ka-kalyan-685835/embed" width="560"></iframe></p>

<p>The finance minister remarked that a country progresses when its poor progress. "Garib Kalyan, Desh ka kalyan (welfare of poor is welfare of the nation)," she said.</p>

<p>This was the last budget of the second term of the Narendra Modi-led BJP government.</p>

<p>On Thursday, after securing President Draupadi Murmu's assent to the interim budget, Finance Minister Sitharaman reached Parliament House to present her sixth straight budget.</p>

<p>There, the interim budget was approved in the Union Cabinet meeting chaired by PM Modi.</p>

<p><em>(With inputs from agencies)</em></p>


Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1st) said during the interim budget speech in Parliament that the government believes in "empowering the poor" and that in the last 10 years, it has helped at least 25 crore (250 million) people to get freedom from multidimensional poverty.

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1st) said during the interim budget speech in Parliament that the government believes in "empowering the poor" and that in the last 10 years, it has helped at least 25 crore (250 million) people to get freedom from multidimensional poverty. Fulfilling aspirations the highest priority During the pre-budget speech, Sitharaman said that fulfilling aspirations and needs of the gareeb (poor), mahilayien (women), yuva (youth) and annadata (farmers) are the highest priority of the government. Also read | India interim Budget: Nation has 'successfully navigated the global challenges', says FM Sitharaman "When the poor become empowered partners in the development process, the government's power to assist them also increases manifold," said the finance minister while presenting the 2024 interim Budget in Lok Sabha. She said that direct benefit transfer (DBT) of 34 lakh crore rupees (around $409 billion) using PM Jan Dhan accounts has led to saving of 2.7 lakh crore (2.7 trillion) rupees to the government. This, she said, has strengthened the welfare of the poor. Street vendors get assistance The Finance Minister said that 78 lakh (7.8 million) street vendors have been given credit assistance under the PM Swanidhi scheme. Additionally, end to end support was given to Indian artisans and craftsmen under PM Vishwakarma Yojna. Also read | India interim Budget 2024: Key takeaways from Nirmala Sitharaman's speech "Under the PM Kisan Samman Scheme, every year, direct cash assistance was given to 11.8 crore (118 million) farmers, including marginal and small farmers," she added. Watch: India Budget 2024 | Nirmala Sitharaman on poor: 'Garib ka kalyan, desh ka kalyan' The finance minister remarked that a country progresses when its poor progress. "Garib Kalyan, Desh ka kalyan (welfare of poor is welfare of the nation)," she said. This was the last budget of the second term of the Narendra Modi-led BJP government. On Thursday, after securing President Draupadi Murmu's assent to the interim budget, Finance Minister Sitharaman reached Parliament House to present her sixth straight budget. There, the interim budget was approved in the Union Cabinet meeting chaired by PM Modi. (With inputs from agencies)

India Budget 2024 | 250 million people came out of poverty in the last 10 years: FM Sitharaman

<p>Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1st) said the global situation is becoming more complex and challenging. Crediting wars and conflicts in different parts of the world, the Indian Union minister, while presenting the interim Budget, said that a new world order is emerging and India has successfully navigated the global challenges in fuel and fertiliser price spike.</p>

<p>"India assumed G20 Presidency during very difficult times for the world. The global economy was going through high inflation, high interest rates, low growth, very high public debt, low trade growth, and climate challenges. The pandemic had led to a crisis of food, fertiliser, fuel, and finances for the world, while India successfully navigated its way. The country showed the way forward and built consensus on solutions for those global problems."</p>

<p>Globally, the Russia-Ukraine conflict and the Israel-Hamas war have disrupted the supply chains and have also made a lasting impact on trade.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/india-news/indian-interim-budget-key-takeaways-from-nirmala-sitharamans-budget-speech-685817">India interim Budget: Key takeaways from Nirmala Sitharaman's budget speech</a></strong></p>

<p>As per the World Economic Forum, in 2022, after the launch of the Russian military invasion of Ukraine, fuel and gas prices saw a drastic increase.</p>

<h2><strong>India's economic strength makes it an "attractive" business destination: Sitharaman</strong></h2>

<p>FM Sitharaman said that by strengthening its financial sector, India has helped make savings, credit, and investments more efficient in the nation.</p>

<p>She also said that India's economic strength has made it an attractive destination for business.&nbsp;</p>

<p><strong>Watch |&nbsp;India Budget 2024: India's aim to bring down fiscal deficit on track</strong></p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-budget-2024-indias-aim-to-bring-down-fiscal-deficit-on-track-685814/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<p>"Our economic strength has made country an attractive destination for business and conference tourism".</p>

<p>During her pre-election budget speech, which is technically a vote on account and popularly termed an interim Budget, Sitharaman also said that "all forms of infrastructure are being built in record time".</p>

<p>"The government has also provided transparent, accountable, trust-based administration with a citizen-first approach," she added.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/india-news/indian-budget-2024-fm-sitharaman-tables-interim-budget-says-working-to-viksit-bharat-by-2047-685816">India Budget 2024: FM Sitharaman tables interim Budget, says 'working to Viksit Bharat by 2047'</a></strong></p>

<p>Sitharaman said that in the two terms of the BJP government, "the Indian economy has witnessed a profound positive transformation in the last 10 years".</p>

<p>She said that the people of India are looking ahead to the future with hope and optimism.</p>

<p>"In the second term, our government doubled down on its responsibilities to build a prosperous country with&nbsp;comprehensive development of all people and all regions. Our government strengthened its mantra to 'sabka saath sabka vikas sabka vishwas'."</p>

<p><em>(With inputs from agencies)</em></p>


Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1st) said the global situation is becoming more complex and challenging. Crediting wars and conflicts in different parts of the world, the Indian Union minister, while presenting the interim Budget, said that a new world order is emerging and India has successfully navigated the global challenges in fuel and fertiliser price spike.

Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1st) said the global situation is becoming more complex and challenging. Crediting wars and conflicts in different parts of the world, the Indian Union minister, while presenting the interim Budget, said that a new world order is emerging and India has successfully navigated the global challenges in fuel and fertiliser price spike. "India assumed G20 Presidency during very difficult times for the world. The global economy was going through high inflation, high interest rates, low growth, very high public debt, low trade growth, and climate challenges. The pandemic had led to a crisis of food, fertiliser, fuel, and finances for the world, while India successfully navigated its way. The country showed the way forward and built consensus on solutions for those global problems." Globally, the Russia-Ukraine conflict and the Israel-Hamas war have disrupted the supply chains and have also made a lasting impact on trade. Also read | India interim Budget: Key takeaways from Nirmala Sitharaman's budget speech As per the World Economic Forum, in 2022, after the launch of the Russian military invasion of Ukraine, fuel and gas prices saw a drastic increase. India's economic strength makes it an "attractive" business destination: Sitharaman FM Sitharaman said that by strengthening its financial sector, India has helped make savings, credit, and investments more efficient in the nation. She also said that India's economic strength has made it an attractive destination for business. Watch | India Budget 2024: India's aim to bring down fiscal deficit on track "Our economic strength has made country an attractive destination for business and conference tourism". During her pre-election budget speech, which is technically a vote on account and popularly termed an interim Budget, Sitharaman also said that "all forms of infrastructure are being built in record time". "The government has also provided transparent, accountable, trust-based administration with a citizen-first approach," she added. Also read | India Budget 2024: FM Sitharaman tables interim Budget, says 'working to Viksit Bharat by 2047' Sitharaman said that in the two terms of the BJP government, "the Indian economy has witnessed a profound positive transformation in the last 10 years". She said that the people of India are looking ahead to the future with hope and optimism. "In the second term, our government doubled down on its responsibilities to build a prosperous country with comprehensive development of all people and all regions. Our government strengthened its mantra to 'sabka saath sabka vikas sabka vishwas'." (With inputs from agencies)

India interim Budget: Nation has successfully navigated global challenges, says FM Sitharaman

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