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3rd February 2024 (9 Topics)

Vision of New Bharat

Context:

The Interim Budget 2024 has set the stage for a transformative fiscal year.

Boosting Local Tourism and Entrepreneurship

  • Interest-Free Tourism Loans: States receive interest-free loans for iconic tourist centers, emphasizing branding and marketing to stimulate employment and support local businesses.
  • Quality-Based Rating Framework: Establishment of a rating system based on facilities and services quality, encouraging states to develop tourism infrastructure and enhance their attractiveness.
  • Economic Stimulus for Local Businesses: Loans distributed on a matching basis to boost local businesses like hotels and restaurants, fostering economic growth and job creation.

Attracting Foreign Investment through Bilateral Treaties

  • Bilateral Investment Treaties: The Ministry negotiates treaties ensuring fair treatment for foreign investors, attracting foreign direct investment and stabilizing inflation through minimum guarantees.
  • Smooth Repatriation of Funds: Agreements facilitate the smooth repatriation of funds, enhancing India's appeal as a stable and lucrative investment destination.
  • Economic Stability and Growth: Attracting foreign direct investment contributes to economic growth, stability, and development through bilateral investment treaties with global partners.

Sustainable Energy Initiatives and Connectivity

  • Rooftop Solarization Scheme: A scheme providing free electricity for one crore households, promoting savings, surplus energy sale, and encouraging electric vehicle adoption.
  • Enhanced Infrastructure and Connectivity: Allocation of 3.4% of GDP for infrastructure development, focusing on economic railway corridors, airport expansions, and transit-oriented development.
  • Green Energy Promotion: Initiatives like mandatory blending of compressed biogas and bio-manufacturing schemes promote sustainable practices, aiming for a greener and more connected India.
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