7 Key Takeaways from India's Budget 2024 for Rural and Urban Development

India's Budget 2024 focuses on enhancing rural and urban development through substantial allocations for housing, infrastructure, and livelihood programs. The government's strategic initiatives aim to foster inclusive growth and economic stability, benefiting millions across the country.

Ghar.tv analyses further:

• Increased Allocation for Rural Housing: Rs 54,500 crore allocated for Pradhan Mantri Awas Yojana (PMAY) targeting 3 crore new houses in rural and urban areas.
• Enhanced Rural Infrastructure: Rs 12,000 crore for the fourth phase of Pradhan Mantri Gram Sadak Yojana, ensuring all-weather connectivity for 25,000 rural habitations.
• Stable Funding for Rural Employment: MGNREGS maintained at Rs 86,000 crore, reflecting a stable demand for rural employment.
• Major Investment in Rural Development: Rs 2.7 lakh crore allocated for overall rural development.
• Boost to National Livelihood Mission: National Livelihood Mission Ajeevika receives Rs 15,047 crore, a 6% increase from the previous year.
• Urban Housing Initiatives: Rs 2.2 lakh crore over five years for urban housing under PMAY-Urban, targeting 1 crore urban poor and middle-class families.
• Support for Affordable Rental Housing: Policies promoting rental housing, especially for industrial workers, through public-private partnerships.

Detailed Analysis Increased Allocation for Rural Housing

The government has committed Rs 54,500 crore to PMAY for the construction of 3 crore additional houses in both rural and urban areas over the next five years. This substantial investment aims to enhance living conditions and provide secure housing for the rural population, with increased per-unit allocations in both plains and hilly regions.

Enhanced Rural Infrastructure

The launch of the fourth phase of Pradhan Mantri Gram Sadak Yojana with an allocation of Rs 12,000 crore will ensure all-weather connectivity for 25,000 rural habitations. This initiative addresses the connectivity challenges faced by rural areas, fostering economic growth and access to essential services.

Stable Funding for Rural Employment

The budget maintains the allocation for MGNREGS at Rs 86,000 crore, reflecting a stable demand for rural employment. This program continues to play a critical role in providing livelihood security and addressing rural distress.

Major Investment in Rural Development

A provision of Rs 2.7 lakh crore for rural development underscores the government's commitment to uplifting rural areas through comprehensive development initiatives, including infrastructure, housing, and livelihood programs.

Boost to National Livelihood Mission

The National Livelihood Mission Ajeevika sees a 6% increase in allocation to Rs 15,047 crore. This initiative focuses on empowering women and providing skill training to rural youth, aiming to create 3 crore 'lakhpati didis' earning Rs 1 lakh per annum.

Urban Housing Initiatives

For urban housing, a central assistance of Rs 2.2 lakh crore over five years is allocated under PMAY-Urban to meet the housing needs of 1 crore urban poor and middle-class families. Additionally, an interest subsidy is proposed to make loans more affordable.

Support for Affordable Rental Housing

The government plans to promote rental housing markets, particularly for industrial workers, through public-private partnerships. States are encouraged to reduce stamp duties on property purchases, especially for women, to make housing more affordable. 

Conclusion:

The Budget 2024 demonstrates a balanced approach to rural and urban development, emphasizing housing, infrastructure, and livelihood support. The significant allocations and strategic initiatives reflect the government's commitment to inclusive growth and economic stability. By addressing both rural and urban needs, the budget aims to create a more equitable and prosperous India.