- As silhouetted in the?discussion on Union Budget 2024-2025, the nucleus of the budget is the four main groups of 'Garib', 'Mahilayen', ‘Yuva’, and 'Annadata'
- The budget lays emphasis on middle class support, employment, and skill development for MSMEs. A sizeable sum of Rs 1.48 lakh crore has been set aside for skill development, employment, and education
- The budget will mainly concentrate on the following areas: energy security, infrastructure, research and development, innovation, next-generation reforms, manufacturing, services, agriculture, employment, and human resource development.
- Focus Area 1- Productivity and Resilience in Agriculture: Measures include the release of 109 new crop varieties with high yields, the promotion of natural farming among one crore farmers, the establishment of 10,000 bio-input centres based on need, and the advancement of pulse and oilseed production, storage, and marketing.? In three years, the government and the states will work together to facilitate the adoption of the Digital Public Infrastructure in agriculture, covering farmers and their fields.
- Focus Area 2-Employment & Skilling:?With an emphasis on modernizing 1,000 Industrial Training Institutes and skilling 20 lakh adolescents over a five-year period, the budget offers programs like the Employment Linked Incentive. Moreover, loans for skill development and financial help for higher education are put forward. It is anticipated that the revamped Model Skill Loan Scheme will assist 25,000 students annually by providing loans up to Rs. 7.5 lakh with a guarantee from a government-promoted fund.
- Focus Area 3- Inclusive Human Resource Development and Social Justice: Emphasis is placed on providing more assistance for marginalized groups economic endeavours, such as women entrepreneurs and tribal communities. The government's Purvodaya project aims to develop the eastern region of India, which includes Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh, in order to bring the region closer to becoming a developed nation. Aiming to improve the socioeconomic situations of tribal populations, the Finance Minister announced the Pradhan Mantri Janjatiya Unnat Gram Abhiyan. This initiative will help about 5 crore tribal people and reach 63,000 villages in districts with a tribal majority and aspirational areas. In an effort to enhance banking services, India Post Payment Bank will open more than 100 branches in the Northeast this year. In addition, Rs 2.66 lakh crore would be utilized for infrastructure and rural development.?
- Focus Area 4- Manufacturing & Services:?With a new self-financing guarantee fund offering up to Rs. 100 crore per applicant, the budget places a strong emphasis on supporting MSMEs, particularly those in labour-intensive industry. Public sector banks will also improve their internal evaluation capacities for MSME finance. Moreover, Mudra loan restrictions for former 'Tarun' category borrowers will rise to Rs. 20 lakh. The budget also contains projects like the establishment of 50 food irradiation units, 100 food quality labs, and E-Commerce Export Hubs. Moreover, a five-year plan offering internships in 500 of the best companies hopes to assist one crore young people.
- Focus Area 5- Urban Development: The PM Awas Yojana Urban 2.0 has been allotted Rs. 10 lakh crore, with Rs. 2.2 lakh crore in central aid spread over five years, to meet the housing needs of one crore urban poor and middle-class families. Additionally, through bankable projects, the government will work with State Governments and Multilateral Development Banks to support solid waste management, sewage treatment, and water supply in 100 major cities. Furthermore, the government intends to create 100 weekly street food hubs annually over the next five years, capitalizing on the popularity of PM SVANidhi.
- Focus Area 6- Energy Security: The goal of the PM Surya Ghar Muft Bijli Yojana is to set up rooftop solar plants so that 1 crore families can receive free electricity (up to 300 units per month). India emphasizes the importance of nuclear energy in its energy mix.
- Focus Area 7- Infrastructure:?The government aims to continue providing substantial financial backing for infrastructure throughout the next five years in this regard. This year, Rs. 11, 11, 111 crore, or 3.4% of our GDP, has been set aside for capital expenditures. Owing to population increase, the Pradhan Mantri Gram Sadak Yojana has launched its fourth phase, which aims to connect 25,000 rural habitations with all-weather roads. The government of Bihar has allocated Rs. 11,500 crore for projects like the Kosi-Mechi intra-state link and 20 other initiatives like barrages, river pollution abatement, and irrigation, under the Accelerated Irrigation Benefit Programme and other sources. Furthermore, Assam, Himachal Pradesh, Uttarakhand, and Sikkim would receive financial support for initiatives linked to landslides, flood control, and associated areas.
- Focus Area 8- Innovation, Research & Development:?The government will establish the?Anusandhan National Research Fund?to support basic research and prototype development, allocating?Rs 1 lakh crore?to spur?private sector-driven research and innovation at a commercial scale.??Also, to expand the?space economy?fivefold in the next decade,?a venture capital fund of Rs 1,000 crore?will be established.?
- Focus Area 9- Next Generation Reforms: To promote economic growth, plans for labor reforms, a simplified FDI regulatory framework, and an economic policy framework are detailed. The government is going to introduce the Jan Vishwas Bill 2.0, which is intended to make doing business easier.?
To conclude the students felt that the Finance Minister has presented a comprehensive and forward-looking plan through this budget, which is undoubtedly laudable!!?
They were particularly happy as an outstanding Rs. 1.48 lakh crore is allocated by the budget to support education, employment, and skill development, underscoring their importance. Financial support for loans up to Rs. 10 lakh through E-vouchers for students aiming for higher education in domestic institutions is a significant step towards making higher education more accessible for all students. Additionally, over the next five years, 500 top companies will offer internship opportunities with a monthly allowance of Rs. 5,000 giving youngsters valuable work experience. This strategy will undoubtedly improve professional opportunities for ambitious students to pursue their academic goals.
It is indeed a good time to be young and ambitious in India!! Let’s play it on with Hustle and Bustle!!
