Union Budget 2024: Key Highlights

The Union Budget was presented by our finance minister Nirmala Sitharaman on 23rd July 2024 has highlighted India's dedication to sustainable economic growth this time. As FM stated that?this year’s budget is meant?to empower firms, employees and middle class while promoting economic recovery, with a strong focus on: ?

1. Productivity and resilience in agriculture?

• Comprehensive research setup review to raise productivity ?

• 1 crore farmers will be empowered with natural farming?

• 10,000 bio-input resource centers will be established?

• Large-scale vegetable production near consumption places?

• Shrimp farming and processing financing with the help of NABARD?

2. Employment & Skilling ?

• 1-month wage assistance (up to ?15,000) for new entrants?

• EPFO contributions reimbursement (up to ?3,000/month) for new hires?

• 50 lakh jobs are expected to create?

• 20 lakh youth will become skilled in 5 years?

• 1,000 Industrial Training Institutes will be upgraded?

3. Inclusive Growth

• Purvodaya plan for Eastern states?

• Pradhan Mantri Janjatiya Unnat Gram Abhiyan to boost their socio-economic condition of tribal communities?

• ?3 lakh crore for programme that will benefit women and girls?

• India Post Payment Bank expansion to Northeast?

4. Manufacturing & Services

• MSMEs enhanced with Mudra Loans will have limit increase to ?20 lakh?

• Industrial corridors and innovation hubs to be developed?

• 1 crore youth will now have internship opportunities within 5 years?

5. Urban Development?

• Infrastructure and services upgraded for urban populations?

• Women's property ownership encouraged by lowering stamp duties?

• Street food hubs and transit-oriented development?

• ?10 lakh crore will be allotted for urban housing investment to resolve housing issue?

6. Energy Security?

• Clean energy and nuclear power will be promoted?

• Electricity storage and renewable energy integration will be enhanced?

7. Infrastructure Development?

• Provision for ?11,11,111 crore investment (3.4% of GDP)?

• ?1.5 lakh crore interest-free loans to states?

• 25,000 rural habitations connected?

8. Innovation, research & development?

• Anusandhan National Research Fund for research and innovation?

• Private sector-driven initiatives will be supported?

• ?1,000 crore Space Economy venture capital fund is launched?

9. Next-Gen Reforms?

• Unique Land Parcel Identification Number (Bhu-Aadhaar) will be introduced?

• Digitized land records and GIS mapping will be implemented?

• Simplified FDI and overseas investment to encourage usage of INR in foreign investment?

?To know more about - Union Budget 2024-25 ?

Summary?

The new budget is great for India's growth and fairness. A new budget will?help us to improve our skills, save on taxes, and create jobs for everyone to enhance the economy. By understanding his budget, we can work together to make Indian economy better. It shows us the way forward, and now it is?time to act and make it happen!

For more detailed information- Budget at glance ? ????????

What are your views on the new budget? Comment below! ?