Finance Minister Nirmala Sitharaman has commenced her presentation of the Union Budget 2024-25 today, July 23, marking her seventh consecutive Budget address in Parliament. This achievement makes her the first finance minister to deliver seven consecutive Budget speeches, surpassing the previous record held by former Prime Minister Morarji Desai, who presented six consecutive budgets between 1959 and 1964.
Key Highlights From The Budget
Employment and Skilling:
- Launch of five schemes to target 4.1 crore youth over the next five years, with a central allocation of Rs. 2 lakh crore.
- A comprehensive internship program aimed at one crore youth in leading companies over five years.
- Employment-linked incentives, including wage support for first-time employees.
- Specialized skilling programs for women and initiatives to boost their workforce participation.
Support for MSMEs and Manufacturing:
- Focus on enhancing support for MSMEs and the manufacturing sector.
- Introduction of a credit guarantee scheme and term loans for machinery acquisition.
- A technology support package for MSMEs.
- Expansion of SIDBI with 24 new branches to cater to MSME clusters.
Financial Initiatives:
- Increase in Mudra loan limit from Rs. 10 lakh to Rs. 20 lakh for previous borrowers.
- Financial backing for higher education loans up to Rs. 10 lakh in domestic institutions.
- Development of an integrated technology system for the Insolvency and Bankruptcy Code (IBC).
Agriculture and Rural Development:
- Allocation of Rs. 2.66 lakh crore for rural development.
- Focus on transforming agricultural research to enhance productivity and develop climate-resilient crops.
- Initiative to introduce one crore farmers to natural farming over two years.
Infrastructure and Regional Development:
- Provision of rental housing in PPP mode for industrial workers.
- Special financial aid of Rs. 15,000 crore for Andhra Pradesh.
- Development of new airports, medical facilities, and sports infrastructure in Bihar.
Economic Outlook:
- Inflation trending towards the 4% target.
- India’s economic growth described as a “shining exception.”
- Emphasis on job creation and boosting consumption, with potential benefits for the consumer goods, real estate, and auto sectors.
Nine Priority Areas:
- Agriculture
- Employment
- Inclusive Development
- Manufacturing and Services
- Urban Development
- Energy
- Infrastructure
- Innovation and R&D
- Next-Generation Reforms
Women-Led Development:
- Allocation of over Rs. 3 lakh crore for schemes benefiting women and girls.
Social Welfare:
- Extension of the PM Garib Kalyan Anna Yojana (PMGKAY) for an additional five years, benefiting over 80 crore people.
Digital and Technological Advancements:
- Development of Digital Public Infrastructure (DPI) applications for credit, e-commerce, law and justice, and corporate governance.
