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:
- 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.
- 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.
- 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.
- 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.
- 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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