Finance Minister Nirmala Sitharaman presented the Budget 2024-25 today, marking the first budget since the third-term victory under Prime Minister Narendra Modi's leadership. This is Sitharaman's seventh consecutive budget.
The budget highlights investment in various schemes, including those benefiting states. Additionally, it focuses on nine major priorities aimed at achieving 'Developed India'. Let's explore these priorities in detail.
Aim of Viksit Bharat@2047
The primary goal of "Viksit Bharat @2047: Voice of Youth" is to gather ideas from young people on how to transform India into a developed nation by 2047. By engaging the youth, the program seeks to foster a sense of involvement and ownership among citizens, ensuring that their voices are heard and their contributions recognized in the journey toward a prosperous and developed India.
Union Budget 2024: Viksit Bharat 9 Priorities
| Viksit Bharat 9 Priorities | What is Special |
| Productivity and resilience in agriculture | Allocated Rs 1.52 lakh crore for agriculture and allied sectors |
| Employment and skilling | Allocated Rs 1.48 lakh crore for education, employment and skilling |
| Inclusive human resource development and Social justice | Loans up to Rs 10 lakh for higher education in domestic institutions |
| Manufacturing & Services | MUDRA loan limit increased from Rs 10 lakh to Rs 20 lakh |
| Urban development | PMAY Urban Housing 2.0- Allocated Rs 10 lakh crore |
| Energy security | PM Suryaghar Muft Bijli Yojana- 300 units free electricity every month |
| Infrastructure | 25,000 new rural habitations to be constructed |
| Innovation, research and development | Operationalise Anusandhan National Research Fund for basic research |
| Next generation reforms | Boosting the productivity of resources, and making markets and industries more efficient |
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Productivity and Resilience in Agriculture:
The Finance Minister announced the allocation of Rs 1.52 lakh crore for the agriculture and allied sectors of the country for the financial year. Under this announcement, 10,000 need-based bio-input resource centres will be built.
Furthermore, Nirmala Sitharaman stated that one crore farmers will be introduced to natural farming in the duration of the next two years.
Employment and Skilling
Rs 1.48 lakh crore would be allocated in the Union Budget for 2024–25 for employment, skill development, and education sector of the country. FM also announced the schemes for employment-linked skilling, as part of the prime minister’s package.
Individuals entering the workforce will be eligible to receive one month’s wage, up to Rs 15,000 in three installments.
Inclusive human resource development and Social justice
The government will finance loans up to Rs 10 Lakh for higher education in domestic institutions under this priority.
Sitharaman emphasized that boosting women's participation in the workforce is a priority. To achieve this, the government will set up hostels and partner with organizations to create skill development programs specifically for women.
Manufacturing & Services
Under this priority, special attention has been given to MSMEs. "A credit guarantee scheme will be introduced to facilitate term loans to MSMEs," says FM Nirmala Sitharaman. The program will work to reduce these MSMEs' credit risks. Each applicant will receive coverage of up to Rs 100 crore from a self-financing guarantee fund, however, the loan amount may be greater.
Urban Development
The finance minister Nirmala Sitharaman announced that under PMAY Urban Housing 2.0, housing needs living in urban areas of the country will be met with a budget of Rs 10 lakh crore. The central government will contribute Rs 2 lakh crore as aid and offer subsidized rates for these housing projects.
Energy security
To promote energy security, Finance Minister Nirmala Sitharaman announced the PM Suryaghar Muft Bijli Yojana, which will install rooftop solar plants, allowing one crore households to get 300 units of free electricity each month.
In order to shift towards a more sustainable choice of energy, the government has also promised new research in nuclear technology.
Infrastructure
The Union Budget also announced PMGSY 4.0. The government has promised to construct 25,000 new rural homes under this scheme. Additionally, the Modi governement also announced plans to build flood control structures with financial support of Rs 11,500 crore.
Innovation, research, and development
The government will start a new fund for basic research and prototype development, named Anusandhan National Research Fund. Additionally, FM also announced to establish system that encourages private sector-led research and innovation on a commercial scale.
Next Generation Reforms
Finance Minister Nirmala Sitharaman announced that the government will start and encourage reforms to
- boost the productivity of resources, and
- make markets and industries more efficient.
ALSO READ: Economic Survey 2024: How to Register for "Viksit Bharat @2047: Voice of Youth"?
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