Budget 2024-25: Know The Key Announcements of Modi Government

New Delhi: Finance Minister Nirmala Sitharaman presented her seventh consecutive budget in the Lok Sabha, unveiling an ambitious blueprint for a ‘Developed India’. The 2024-25 budget emphasizes nine key priorities, focusing on farmers, employment, and the middle class, while introducing several new schemes to bolster economic growth and social welfare.

Key Announcements:

  1. Support for Farmers and Agriculture:
    • Natural Farming: 1 crore farmers will receive support for transitioning to natural farming practices.
    • Bio-Input Centers: 10,000 bio-input centers to be established.
    • Kisan Credit Card: Jan Samarth-based Kisan Credit Cards will be distributed in five states.
    • Lobster Production: Centralized fertility centers to boost lobster production.
  2. Employment and Skill Development:
    • First-Time Job Seekers: The government will provide Direct Benefit Transfer (DBT) of one month’s salary in three installments, capped at Rs 15,000.
    • EPFO Support: For the first four years, EPFO support will be extended to both employees and employers in the manufacturing sector.
    • Employer Incentives: Employers hiring new employees will receive Rs 3,000 per month towards EPFO contributions for the next two years, benefiting 30 lakh youth.
    • Internship Scheme: Under the Prime Minister’s Internship Scheme, a monthly allowance of Rs 5,000 will be provided.
  3. Infrastructure and Regional Development:
    • Rural Development: Rs 2.66 lakh crore allocated for rural development.
    • Road and Expressway Projects: Expedited work on the Patna-Purnea Expressway, Buxar-Bhagalpur Expressway, and roads in Bodhgaya, Rajgir, Vaishali, and Darbhanga, along with a new bridge over the Ganga in Buxar at a cost of Rs 26,000 crore.
    • Industrial Corridor: Development of an industrial center in Gaya as part of the Amritsar-Kolkata Industrial Corridor.
    • Additional Assistance for Andhra Pradesh: Rs 15,000 crore allocated for further development.
  4. Financial and Housing Initiatives:
    • India Post Payments Bank: Over 100 new branches to be set up in northeastern states.
    • Mudra Scheme: Loan limit increased from Rs 10 lakh to Rs 20 lakh.
    • MSME Support: Introduction of a loan guarantee scheme for MSMEs, allowing loans up to Rs 100 crore without requiring a guarantee.
    • PM Awas Yojana-Urban 2.0: Housing for one crore families with an investment of Rs 10 lakh crore.
    • Interest Subsidy Scheme: New interest subsidy scheme for cheaper urban housing loans.
    • Capital Expenditure: Rs 11.11 lakh crore allocated for capital expenditure.
  5. Social Welfare:
    • Hostels and Crèches: Establishment of hostels and crèches for working women.
    • NPS Vatsalya Scheme: Grandparents can open NPS accounts for their grandchildren, which will automatically convert into NPS accounts when the children turn 18.

Finance Minister Nirmala Sitharaman’s 2024-25 budget outlines a comprehensive plan to drive economic growth, enhance infrastructure, and improve social welfare across India. With a strong focus on farmers, employment, and the middle class, the budget aims to lay the foundation for a ‘Developed India’, addressing both immediate needs and long-term goals.

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