Budget 2024: Center proposes interest-free loan of Rs 75,000 crore to states for 'Viksit Bharat'
In her Budget 2024 speech in the Lok Sabha today, Finance Minister Nirmala Sitharaman tabled the proposal to help states achieve the vision of 'Viksit Bharat'.
Budget 2024: Finance Minister Nirmala Sitharaman on Thursday said the Union government is considering providing Rs 75,000 crore as interest-free loan to states to help realize the vision of 'Viksit Bharat'. The loan, Sitharaman said, will be interest-free for 50 years and is aimed at helping support reforms by states to achieve the goal of a developed India or 'Viksit Bharat' by the year 2047.
The BJP-led central government has set a vision to make India a developed country by 2047.
Interest-free loan to states
In her Budget speech in the Lok Sabha today, the Finance Minister tabled the proposal to help states achieve the vision of 'Viksit Bharat'. Many reforms are needed in the states to enable growth and development to achieve the vision of 'Viksit Bharat', she said.
“A provision of seventy-five thousand crore rupees as interest-free loan of fifty years is proposed this year to support these landmark related reforms by the state governments,” Sitharaman said.
As per the budget documents, the total funds transferred to the states, including transfer of state shares, grants/loans and releases under centrally sponsored schemes in 2024-25 (budget estimates), is Rs 22,22,264 crore.
This is an increase of Rs 4,13,848 crore over the actual figures of fiscal year 2022-2023.
'All-inclusive development'
The Finance Minister said the Modi government is working with a development approach that is comprehensive, pervasive and comprehensive.
“It includes all castes and people at all levels. We are working to make India a 'Viksit Bharat' by 2047. To achieve that goal, we need to improve people's capabilities and empower them,” she said.
The minister said the vision for 'Viksit Bharat' is that of a prosperous Bharat in harmony with nature, with modern infrastructure, providing opportunities for all citizens and all regions to achieve their potential.
She also said in the full July budget, “our government will present a detailed roadmap for our pursuit of 'Viksit Bharat'”.
Interim budget 2024
Union Finance Minister Nirmala Sitharaman on Thursday presented the interim Budget 2024 and expressed hope that the good policies and work of the central government will help the BJP return to power for the third time in a row.
“Our young country has high ambitions, is proud of the present and has hope and confidence in a bright future. We expect that on the basis of its astonishing work, our government will once again be blessed by the people with a resounding mandate,” the Finance Minister said in her Budget speech in the Lok Sabha.
(With input from agencies)