Union Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in Parliament today (July 23) at 11 am.
The following announcements were made by the finance minister in presenting her historic 7th Budget with a focus on employment and skilling.
PM package of five schemes of five schemes aimed at facilitating employment and skilling, with an allocation of Rs 2 lakh crore. This year, a provision of Rs 1.48 lakh crore has been made for education, employment, and skilling.
Nine priorities for this year and coming years
- Productivity and Resilience in Agriculture
- Employment and skilling
- Inclusive HRD and social justice
- Manufacturing & services
- Urban development
- Energy security
- Infra
- Innovation, R&D
- Next generation reforms
The Budget for 2024-25 is being considered the action plan for the Modi 3.0 government to outline a roadmap towards India’s development in the next five years. The following announcements were made in the budget 2024.
The Pradhan Mantri Garib Kalyan Anna Yojana was extended for five years, benefiting more than 80 crore people.
The Finance Minister announced a provision of Rs 1.52 lakh crore for agriculture and allied sectors in this year’s budget. A Jan Samarth-based Kisan Credit Card will be introduced in five states. The government will also provide financing for shrimp farming and marketing. Additionally, the government aims to strengthen the production, storage, and marketing of pulses, Sitharaman said in her budget speech.
Promotion of farmer-producer centres, cooperatives, and start-ups.
Comprehensive integration of e-Shram portal with other portals to be undertaken says FM
Vegetable production and supply chain, large clusters will be developed closer to consumption centres.
Vegetable production and supply chain, large clusters will be developed closer to consumption centers
Large-scale clusters will be developed closer to the FPO centers.
Atmanirbharta for oilseeds :
Next 2 years 1 crore farmers across the country will be initiated for natural farming, supported by branding:
The mission for pulses and oilseeds for self-sufficiency in pulses, oilseeds for groundnut, sesame, and sunflower will be initiated.
10,000 bioresearch centres will be established.
₹1.52 lakh cr provision for agriculture and allied sectors
Financial support for shrimp breeding centres to be provided
Digital crop survey for Kharif crops in 400 districts
National Co-operation Policy to be brought out
₹2.66 crore provisions for rural development
Mudra loans to be enhanced from ₹10 lakh to ₹20 lakh
For facilitating term loans to MSMEs, a credit guarantee scheme will be introduced. The scheme will operate on the cooling of credit risks of such MSMEs. A self-financing guarantee fund will provide to each applicant cover of up to ₹ 100 crore while the loan amount may be larger,” FM said.
FM announced a scheme to support employees and employers with monetary support. All employees entering the workforce will get a wage of one month up to ₹ 15,000. The Scheme will benefit 2.1 crore youths.
Job creation in the manufacturing scheme will incentivise additional employment in the manufacturing sector. Scheme to benefit 210 lakh youth said FM Sitharaman.
Model skill loan scheme to be revised to facilitate loans up to ₹ 7.5 lakh with guarantee from government-promoted fund, says FM
Incentive to be provided at specified scale both to employee, employer in first four years of employment
The government will encourage Internships in 500 top companies.
Internship allowance of ₹ 5000 and one-time assistance of ₹ 6,000 to be provided under the internship scheme. 1 crore youth to be benefitted says FM
The government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions.
100 branches of India Post Payments Bank to be set up in North East, says FM Sitharaman.
Special Financial Support for Andhra Pradesh:
FM announced Special Finance support of 15000 crores with additional amounts in future to Andhra Pradesh. in the latest budget. The budget will facilitate Rs 15,000 crore for the State; with additional amounts in future years. The government is committed to financing and completing the Pollavaram irrigation project, she said.
Infrastructure to Bihar:
Announce New Airports, medical facilities, and sports infra for Bihar. Four expressway and bridge projects worth ₹ 26,000 crores for Bihar.
PM Surya Ghar Muft Bijli launched to installation of roof-top solar for 1 crore households.
Government to launch scheme for development of 100 street food hubs in select cities over five years
Rental housing with dormitory-type accommodation for industrial workers to be facilitated in PPP mode with VGF support
Transit-oriented development programmes for 14 large cities with a population above 30 lakh will be formulated, says Nirmala Sitharaman
Rental housing with dormitory-type accommodation for industrial workers to be facilitated in PPP mode with VGF support, says Nirmala Sitharaman.
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