Union Budget 2024: FM Sitharaman Allocates Rs 11.11 Lakh Crore for Infrastructure

New Delhi: Union Finance Minister Nirmala Sitharaman presented her seventh consecutive budget at 11am on July 23. This was the first budget of Modi 3.0 government. The main focus of the budget remained on infrastructure development, employment, and tax deductions which is expected to provide relief to common man.

The govt has allocated Rs 11,11,111 crore -- 3.4 per cent of the GDP-- for infrastructure. 

The government will also provide Rs 1.5 lakh crore worth interest-free loans on a long-term basis to help states in developing their infrastructure.

While presenting the Union Budget 2024-25 on Tuesday, Sitharaman said private sector investment will be facilitated for the infrastructure sector through viability gap funding.

The government's endeavour is to maintain strong fiscal support for infrastructure over the next five years, she said, adding that road connectivity projects will be developed at a cost of Rs 26,000 crore.

Among others, industrial node at Gaya on Amritsar-Kolkata Industrial Corridor will be developed.

The Budget has also announced launching the fourth phase of the PM Gram Sadak Yojana in 25 rural habitations and providing assistance to Assam for flood management and related projects.

The highly anticipated event also uncover the financial blueprint for the infrastructure sector in the country, highlighting key strategies and allocations in order to modernize infra and enhancing people's experience.

The government has been actively advocating for infrastructure development and offering incentives to states to bolster capital expenditure.

With this budget, Sitharaman created a record by presenting her seven consecutive budget as finance minister, surpassing former Prime Minister Morarji Desai's record.