Highlighting the vision for a ‘Viksit Bharat’, or developed India, in the Union Budget 2024-25, finance minister Nirmala Sitharaman on Tuesday (July 23) highlighted nine priorities for generating ample opportunities in the economy.
Presenting her seventh consecutive budget, Sitharaman said the central government will make a sustained effort for a ‘Viksit Bharat’ through productivity, jobs, manufacturing, social justice, urban development, energy security, infrastructure, innovation and reforms. She said implementation of various schemes announced in the interim budget in February is still underway.
Here is a detailed look at the nine priorities announced in the Union Budget 2024-25:
Priority 1: Productivity and Resilience in Agriculture
- Raising productivity and climate-resilient varieties
- Thrust on natural farming: 2 crore farmers to be supported in the next two years (certificates)
- Atmanirbharta in oilseeds
- Vegetable production: Large-scale clusters
- DPI in agricultural infrastructure: Coverage of farmers and their land in three years; digital crop survey in 400 districts this year itself; Jan Samarth-based certificates issued
- Shrimp brood stocks and shrimp farming
- National cooperation policy for the cooperative sector.
Priority 2: Skilling
- First-timers scheme: One-month wage to all persons newly entering the workforce in all formal sectors will be provided by the government in 3 instalments. Direct benefit transfer to employees up to Rs 15,000 will be done. This will be applicable to those with a salary up to Rs 1 lakh per month — this is expected to benefit at least 2.1 crore people
- Manufacturing jobs assistance: Incentive of specified scale directly to employee and employer in first four years of employment will be provided for those entering manufacturing jobs. This is expected to benefit 30 lakh workers and employers
- Support to employers: Additional employment in all sectors within a monthly salary of Rs 1 lakh will be provided Rs 3,000 per month for two years to cover EPFO charges. This will incentivise additional employment of up to 50 lakh people
- 20 lakh youth to be skilled over five years
- Education loans: Financial support of up to Rs 10 lakh for higher education in domestic institutions with annual interest subvention for 3 per cent.
Priority 3: Inclusive Development
- Achieving saturation of social justice: PM Vishwakarma, Swanidhi, National Rural Livelihood Mission
- Purvodaya: A plan for all-round development for eastern region of country covering Bihar, Jharkhand, Odisha. This will cover human resource development
- Amritsar-Kolkata Corridor: It will catalyse industrial development for eastern region, particularly Gaya.
- Patna-Purniya, Buxar-Bhagalpur, Bodhygaya-Rajgir-Darbhanga expressways to be developed and a bridge over the Ganga in Buxar at Rs 2,600 crore
- New medical colleges and sports infrastructure in Bihar will be constructed
- Multilateral bank support to Bihar
- Andhra Pradesh Reorganisation Act: Recoginising the state’s need for capital, financial support will be provided through multilateral agencies. Rs 15,000 crore will be arranged in future years
- PM Awas Yojana: Three crore additional houses in rural and urban areas
- Women-led development: The budget carries an allocation of more than Rs 3 lakh crore.
- PM Jan Jatiya Unnat Gram Abhiyan: Adopting saturation coverage in tribal families and aspirational districts.
Priority 4: Manufacturing and Services
- Will make MSME to compete globally
- Credit guarantee for MSME
- Build in-house capability for MSMEs
- Paradigm change in new credit assessment model for MSME for credit eligibility
- SMA accounts for MSME under stress
- MUDRA Loans: Limit enhanced to Rs 20 lakh from Rs 10 lakh in Tarun category
- Converting trade receivables to cash: Turnover brought down from Rs 500 to Rs 250 crore
- SIDBI branches in MSME cluster: New branches to be opened in three years in MSME clusters over three years
- E-commerce export hubs: To enable traditional artisans and MSME to launch their product in international markets
- A scheme to provide internship in top 500 companies to 1 crore youth in five years. They will gain exposure in real-life business. Interns will be given Rs 5,000 per month along with one-time assistance of Rs 6,000
- 12 industrial parks under National Industrial Corridor Programme will be sanctioned
- Rental housing for industrial workers will be facilitated in PPP mode
- Shipping: Ownership leasing and flagging reforms will be initiated
- Critical Minerals Mission: Mandate will include technological development, skilled workforce and suitable financing mechanism
- DPI applications: Development of DPI applications
- Integrated tech platform for IBC services: Consistency, transparency and better oversight
- Voluntary closure for LLPs
- Debt recovery: Additional tribunals to be established.
Priority 5: Urban Development
- Urban housing: One crore houses for urban poor, allocation of Rs 10 lakh crore
- Enabling policies and regulations for transparent renting house markets
- Services for 100 large cities for urban development
- Street markets: Svanidhi has transformed lives of street vendors. Support for urban haats
- Stamp duty: Encourage states to charge high stamp duty to moderate the rates for all; slashed duties for women.
Priority 6: Energy Security
- Policy document for energy pathways
- PM Suryaghar Muft Bijli Yojana: Launched to instal rooftop solar plants to enable one crore households to obtain free electricity for 300 units every month
- Pump storage policy
- Newer tech for nuclear technology
- Advanced ultra super critical thermal power plants; 800 MW plants to be set up
- Development of indigenous capacity
- Support to micro and small industries.
Priority 7: Infrastructure
- Strong fiscal support to infrastructure over the next five years
- Capex allocation: Rs 11.11 lakh crore, which is 3.4 per cent of the GDP
- Private investment: Has to be promoted through VGF
- PM Gram Sadak Yojana 4.0: 25,000 new rural habitations
- Irrigation and flood: Plans to build flood control structure through financial support of Rs 11,500 crore; Kosi-related flood mitigation will be taken
- Assam: Assistance for flood management
- Himachal Pradesh: Assistance for reconstruction after floods
- Uttarakhand: Assistance to state
- Sikkim: Assistance to state
- Tourism: Vishnupath temple in Gaya and Mahabodhi temple in Bodhgaya will be constructed like the Kashi Vishwanath Corridor; preservation of hot springs at Rajgir; development of Nalanda; support for development of Odisha’s temples, scenic beauties, natural landscapes and pristine beaches.
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