THE JHARKHAND STORY DESK
New Delhi, July 23: In her presentation of the Union Budget 2024-25 on Tuesday, Finance Minister Nirmala Sitharaman outlined nine key priorities aimed at creating significant opportunities.
She mentioned that upcoming budgets would build upon these priorities during her presentation of the Union Budget in the Lok Sabha.
The nine priorities
The priorities encompass enhancing productivity and resilience in agriculture, boosting employment and skills development, and strengthening manufacturing and services.
She explained that the Budget outlines nine key priorities to foster widespread opportunities: 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. Future budgets will build on these priorities and introduce additional measures.
Focus on poor, women, youth and farmers
She mentioned that the interim Budget introduced in February this year underscored the government’s emphasis on four main areas: the poor, women, youth, and farmers.
She emphasized the need to focus on the poor, women, youth, and farmers. She said that the Pradhan Mantri Garib Kalyan Anna Yojana was extended for five years, benefiting over 80 crore people.
Additionally, the government announced increased Minimum Support Prices for all major crops to support farmers.
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Rs 1.48 lakh crore for education, employment and skills development
Sitharaman announced that the budget will allocate Rs 1.48 lakh crore for education, employment, and skills development.
Nirmala Sitharaman stated that she is pleased to announce a Prime Minister’s package of five schemes and initiatives to provide employment, skills, and other opportunities for 4.1 crore youths over the next five years, with a central allocation of Rs 2 lakh crore. This year, a provision of Rs 1.48 lakh crore has been made for education, employment, and skills.
Financial assistance for loan up to Rs 10 lakh for higher education in domestic institutions
Finance Minister Nirmala Sitharaman said that as part of the Prime Minister’s package, the government will implement three schemes related to employment incentives.
These schemes will be based on EPFO enrollment and will focus on identifying first-time employees and providing support to both employees and employers.
Regarding education loans, Sitharaman mentioned that the government will offer financial assistance for loans up to Rs 10 lakh for higher education in domestic institutions.
‘Atmanirbharata’ in pulses and oilseeds
She mentioned that a strategy is being developed to boost production and achieve ‘Atmanirbharata’ (self-reliance) in pulses and oilseeds.
The minister announced that over the next two years, one crore farmers nationwide will be introduced to natural farming, with support for certification and branding. Additionally, ten thousand bio-input resource centres tailored to specific needs will be set up.
Rs 3 lakh crore for welfare of women and girls
The minister also revealed initiatives aimed at improving the welfare of women and girls, as well as enhancing development in the northeastern region.
She stated that Rs 3 lakh crore will be allocated for schemes benefiting women and girls, and more than 100 branches of India Post Payment Bank will be established in the northeastern region.
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PM Janjati Unnat Gram Abhiyan for tribal communities
Finance Minister Nirmala Sitharaman stated in her budget speech that the Pradhan Mantri Janjati Unnat Gram Abhiyan will be launched to improve the socio-economic conditions of tribal communities.
This scheme will focus on providing comprehensive coverage to tribal families in tribal-majority villages and aspirational districts. It will cover 63,000 villages, benefiting 5 crore tribal individuals.
Mudra loan limit increased to Rs 20 lakh
The budget has given special attention to MSMEs and manufacturing. A new system has been announced in the budget to facilitate continuation of bank loans to MSMEs during their period of stress. Also, the limit of Mudra loan has been increased from Rs 10 lakh to Rs 20 lakh.
