The Vote On Account, or interim Union Budget, aimed to sustain momentum from Union Budget 2023 by surpassing the previous CapEx outlay, reaching 3.3% of GDP. Finance Minister Nirmala Sitharam set a CapEx outlay of ₹11.11 lakh crore, aligning with industry expectations for continuity and reform momentum. Despite limitations, the industry presented its wishlist to the Ministry of Finance. FM’s speech received mixed responses, hailed as confident by some and cautious by others in an election year. Focus on reducing the Current Account Deficit (CAD) and fostering a net importer status to prevent forex outflow. Aligned with the Viksit Bharat vision plan, FM stressed comprehensive development for all, emphasizing physical and digital infrastructure development, tax base widening through GST, and proactive inflation management. The government prioritized youth empowerment, with 1.4 crore trained under ‘Skill India’ and 43 crore loans disbursed under PM Mudra Yojna, fostering entrepreneurial aspirations. Female labor participation saw a 37% growth. Despite farmer protests, FM assured farmers’ welfare, with direct financial assistance to 11.8 crore farmers under PM-Kisan yojana and integration of 1,361 mandis under e-NAM, supporting trading volume of ₹3 lakh crore. Ministry of Agriculture and Farmer’s Welfare received ₹1.27 lakh crore allocation in the budget.
