06 Feb 2024
The Interim Budget, announced on 1 February 2024, focuses on policy proposals around sustainable development, infrastructure, agriculture, and tax reforms. This update analyses the key highlights of the Interim Budget 2024.
The Indian Finance Minister presented the Interim Budget (Interim Budget 2024) on 1 February 2024 setting the tone for sustainable development and inclusive growth as part of the government’s vision for a ‘viksit’ (developed) India by 2047. To this end, the government’s policy focus is on encouraging foreign investment by negotiating bilateral investment treaties centred on ‘first develop India’. The other drivers of policy decisions are empowering the youth and encouraging the private sector to ramp up research and innovation by providing long-term financing/re-financing at low or nil interest rates and introducing tax reforms.
To further India’s commitment to achieve ‘net zero’ by 2070, the policy announcements also contain measures such as providing free electricity through rooftop solarisation, harnessing the potential of wind energy, capacity building for coal gasification and liquification, and mandating blended compressed biogas and compressed natural gas for transportation through pipes, and piped natural gas for domestic use, among others.
Ahead of the comprehensive budget to be announced after the general elections take place, the key highlights of the Finance Minister’s speech on the Interim Budget 2024 are:
a. Rooftop solarisation: The government plans to provide free monthly electricity to one crore households through rooftop solarisation. This initiative aims to bring about various benefits, such as annual savings of up to INR 18,000 for households, opportunities for entrepreneurship in supply and installation of solar panels and employment prospects for youth. We expect that India will now have a very high potential for the solar panels manufacturing and trading industry.
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