Finance Minister Nirmala Sitharaman, in her seventh consecutive Union Budget for 2024-25, outlined key priorities aimed at fostering economic growth and creating ample opportunities.
She listed productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development and next-generation reforms as nine priority areas for the government.
The first priority includes- raising productivity and climate resilient varieties, thrust on Natural Farming: 2 crore farmers to be supported in next 2 years(certificates), Atma Nirbharta in Oil seeds; Vegetable Production: Large Scale Clusters, DPI in Agri Infrastructure: Coverage of Farmers and their Land in three years. Digital Crop Survey in 400 districts this year only. Issuance of Jan Samarth-based certificates.
The second priority includes- the First Timers Scheme – a 1-month wage to all persons newly entering the workforce in all formal sectors will be provided by the government in 3 instalments. Direct benefit transfers to employees up to Rs 15,000 will be done. This will apply to those getting a salary up to Rs 1 lakh per month. 2.1 crore youth to be benefitted. Manufacturing Jobs Assistance- Incentives of specified scale directly to employees and employers in the first 4 years of employment will be provided to employees entering manufacturing jobs. This will benefit 30 lakh youth and employers.
Support to employers- Additional employment in all sectors within a salary of 1 lakh/month will be provided at Rs 3,000 per month for 2 years to cover EPFO charges. This will incentivise additional employment of up to 50 lakh persons. 20 lakh youth will be skilled over 5 years. Education Loans: Financial Support up to 10 lakhs for higher education in domestic institutions. Annual Interest Subvention for 3 per cent.
The third priority includes- PM Vishwakarma, Swanidhi, and NRLM. Purvodaya: A plan for all-round development for the eastern region of the country covering Bihar, Jharkhand, Odisha and Andra Pradesh. This will cover human resource development.
It also included the Amritsar-Kolkata Corridor that will catalyze industrial development for the eastern region, particularly Gaya. Patna, Purniya, Buxar and Bhagalpur.
Bodhygaya-Rajgir-Dharbhnaga Expressways will be developed and the bridge over Ganga in Buxar will be constructed at a cost of Rs.2600 crore. New Medical Colleges and Sports Infrastructure will also be constructed in Bihar.
By the AP reorganisation act, the government has recognised the state’s need for capital and has allocated Rs 15000 crore as financial support.
In the budget, the Finance Minister also announced the construction of 3 crore additional houses in rural and urban areas in the country under the PM Awas Yojna. Under the PM Jan Jatiya Unnat Gram Abhiyan the government aims to adopt saturation coverage in tribal families and aspirational districts.
(This news report is published from a syndicated feed. Except for the headline, the content has not been written or edited by OpIndia staff)
