What are the key measures taken by the Indian government in the Union Budget to promote economic growth
The question aims to understand the steps taken by the Indian government in the Union Budget to boost the economy.
The Indian government has implemented several key measures in the Union Budget to promote economic growth. These include:
- Infrastructure investment: The government has allocated significant funds towards infrastructure development, particularly in sectors like roads, railways, ports, and airports. Investment in infrastructure will boost economic activity and create job opportunities.
- Tax reforms: The budget introduced various tax reforms to encourage investment and promote ease of doing business. These include the simplification of tax processes, the reduction of tax compliance burdens, and the rationalization of tax rates.
- Incentives for manufacturing: The government has announced production-linked incentive schemes in sectors such as electronics, pharmaceuticals, and automobiles. These incentives aim to attract investment, boost production, and enhance India's manufacturing capabilities.
- Agriculture and rural development: The budget focused on enhancing the agricultural sector by increasing credit availability, investing in irrigation infrastructure, and promoting farmer producer organizations. It also emphasized rural development through initiatives such as the Pradhan Mantri Awas Yojana (housing for all) and the MGNREGA (rural employment guarantee scheme).
- Boost to healthcare: The government has allocated additional funds towards the healthcare sector, including the establishment of a new centrally sponsored scheme called PM Aatma Nirbhar Swasth Bharat Yojana. This investment aims to strengthen healthcare infrastructure, ensure access to essential healthcare services, and enhance pandemic preparedness.
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