• Capital expenditure target for next fiscal year raised by 11.1%
• Government aims to become the third-largest economy by 2030
• Focus on expanding the electric vehicle ecosystem, supporting e-buses, and charging infrastructure.
• Revised divestment target for FY24 at Rs. 30,000 crore, and a new target of Rs. 50,000 crore set for FY25.
• Sitharaman redefines GDP as 'governance, development, and performance' for a comprehensive approach.
• Sitharaman outlines a 10-year economic performance, including increased average income, GST impact, and record infrastructure development.
• Target for women beneficiaries under the Lakhpati Didi Scheme increased from two crore to three crore, Focus on women empowerment
• Healthcare cover under the Ayushman Bharat scheme extended to all ASHA and Anganwadi workers.

In a bid to bolster economic growth, Finance Minister Nirmala Sitharaman has proposed a substantial 11.1% increase in the capital expenditure target for the next fiscal year, reaching Rs. 11.11 lakh crore. The government's vision is to secure the position of the third-largest global economy by 2030.

However, this falls short of the current fiscal year's capex surge, reflecting the government's cautious approach due to fiscal consolidation efforts. Despite fiscal constraints, capital expenditure remains vital for India's growth.

The interim budget emphasizes the expansion of the electric vehicle ecosystem, promoting e-buses for public transport, and supporting charging infrastructure. The government aims to create entrepreneurship opportunities in manufacturing, installation, and maintenance.

The divestment target for FY24 has been revised to Rs. 30,000 crore, down from the earlier projection of Rs. 51,000 crore. FY25 sets a new target of Rs. 50,000 crore. Challenges persist as divestment targets have been missed for the fifth consecutive year, with privatization plans delayed due to the pandemic.

Sitharaman underscores the government's shift towards selling assets at the right price, considering investor interests, and avoiding divestment for the sake of it. The successful privatization of Air India and NINL in 2022 has been a highlight amidst changing market conditions.

The past six years witnessed various disinvestment methods, but actual receipts consistently fell short of budgeted estimates since FY19. Sitharaman redefines GDP as 'governance, development, and performance,' aiming for a comprehensive approach.

Economic growth is estimated at 7.3% for the current fiscal year, with the GDP redefined to encompass various sectors. The second advance estimate for FY24 is scheduled for February 29, 2024.

As India heads towards general elections in April-May, Sitharaman expresses hope for a resounding mandate, highlighting the government's achievements in overcoming challenges and laying foundations for a self-reliant India.

The Budget Session of Parliament begins with a focus on financial matters related to the interim budget for 2024-25. Sitharaman outlines a 10-year economic performance, including increased average income, GST's impact, record infrastructure development, and direct transfers through the PM Jan Dhan scheme.

Sitharaman announces an increase in the target for women beneficiaries under the Lakhpati Didi Scheme from two crore to three crore. She emphasizes the transformative impact of Self-Help Groups and the success in making nearly one crore women lakhpati didis.

The budget continues its focus on women empowerment, introducing cervical cancer vaccinations for girls aged nine to 14. Healthcare cover under the Ayushman Bharat scheme is extended to all ASHA and Anganwadi workers.

Sitharaman's budget speech underscores the government's commitment to gender parity, addressing key concerns faced by women and uplifting their lives in various sectors.

Sitharaman declared the next five years as a period of unprecedented development. The interim budget sets an ambitious target for Lakhpati Didi Yojana while presenting a revised fiscal deficit estimate of 5.8% of GDP.