The Union Budget 2024, which Finance Minister Nirmala Sitharaman presented in Parliament on Tuesday, aims to significantly boost job creation with a focus on the country’s youth, empower women, and raise farmers’ incomes.
With a budget of Rs 2 lakh crore, the Finance Minister unveiled a five-program Prime Minister’s Package to facilitate employment and skill development. According to the Finance Minister, programs that will help more women enter the workforce and contribute to the country’s inclusive development in accordance with the Viksit Bharat goal have received up to Rs 3 lakh crore from the budget.
In a similar vein, a substantial sum of Rs. 5.2 lakh crore has been allocated to the agricultural and related industries in order to increase farmers’ incomes.
In order to develop climate-resilient varieties and boost productivity, the Finance Minister stated that the government will conduct a comprehensive review of the agricultural research infrastructure.
This research will be overseen by experts in the field to ensure its relevance and effectiveness. “The garib, mahilaye, yuva, and annadata must be our primary focus. For annadata, we fulfilled our promise by announcing higher MSP for all major crops a month ago.
More than 80 crore individuals have benefited from the five-year extension of the PM Garib Kalyan Anna Yojana. “FM Sitharaman made the observation that administrative actions for the approval and implementation of various schemes announced in the interim budget are well underway.
She said that work creation in the assembling area will be boosted through a plan connected to the work of first-time representatives. For each additional employee, the government will reimburse employers up to Rs 3,000 per month for two years toward EPFO contributions. The goal of this initiative is to encourage 50 lakh more people to work.
The Money Priest reported business connected skilling through plans as a feature of the PM’s bundle. In all formal sectors, first-timers will receive one month’s pay upon entry. Up to Rs 15,000 in three installments, a direct benefit transfer (DBT) of one month’s salary will be made available.
It is anticipated that 2.1 lakh youths will benefit from this benefit, which will have an eligibility limit of Rs 1 lakh per month. The financial plan has likewise concurred high need to miniature little and medium ventures as they have the ability to make an enormous number of occupations.
“To work with term credits for MSMEs for the acquisition of hardware and gear without security and assurance, another plan will be presented. The Finance Minister stated, “This guarantee fund will provide guarantees of up to Rs 100 crore.”
She also said that the government will try to keep the infrastructure sector’s strong fiscal support going because it boosts growth and creates more jobs. This year, Rs 11.11 lakh crore, or 3.4% of India’s GDP, has been allocated for capital expenditure.
The Money Priest further expressed that under PM Awas Yojana, Metropolitan 2.0, the lodging needs of the metropolitan poor and working class will be tended to with a speculation of Rs 10 lakh crore. She also said that new power projects, like a 2400 MW power plant at Pirpainti in Bihar, would be built at a cost of Rs 21,400 crore. In Bihar, new sports infrastructure, medical colleges, and airports will be built. The Bihar government’s requests for external assistance from multilateral development banks will be processed more quickly.
Additionally, the Finance Minister stated that the government has attempted to fulfill the Andhra Pradesh Reorganisation Act’s commitments. “Perceiving the state’s requirement for capital, we will work with unique monetary help through multilateral organizations.
With additional funds in subsequent years, arrangements will be made for Rs 15,000 crore this fiscal year. She continued, “Our government is completely committed to the prompt completion and financing of the Polavaram irrigation project, which is the lifeline for the farmers of Andhra Pradesh.”
