Key Features of Budget 2024-2025 July, 2024
‘Annadata’ (Farmer) Focus on 4 major castes ‘Mahilayen’ (Women) ‘Yuva’ (Youth) ‘Garib’ (Poor) Budget Theme 01 02 03 04 Employment Skilling MSMEs Middle Class 1
01 Productivity and resilience in Agriculture Transforming Agriculture Research Comprehensive review of the agriculture research setup to bring focus on raising productivity and developing climate resilient varieties. National Cooperation Policy Atmanirbharta For systematic, orderly and all-round development of the cooperative sector Vegetable production & supply chain Promotion of FPOs, cooperatives & start-ups for vegetable supply chains for collection, storage, and marketing. For oil seeds such as mustard, groundnut, sesame, soyabean and sunflower Release of new varieties 109 new high-yielding and climateresilient varieties of 32 field and horticulture crops will be released for cultivation by farmers Natural Farming • • 1 crore farmers across the country will be initiated into natural farming, supported by certification and branding in next 2 years. 10,000 need-based bio-input resource centres to be established. Shrimp Production & Export • Financing for Shrimp farming, processing and export will be facilitated through NABARD. Digital Public Infrastructure (DPI) • • • DPI for coverage of farmers and their lands in 3 years. Digital crop survey in 400 districts 2 Issuance of Jan Samarth based Kisan Credit Cards 2
02 Employment & Skilling PM’s Package (3 schemes for Employment Linked Incentive) - One-month wage to new entrants in all formal sectors in 3 instalments up to ₹15,000 . - Expected to benefit 210 lakh youth Scheme A First Timers Scheme B Job Creation in Manufacturing - Government will reimburse EPFO contributions of employers up to ₹3000 per month for 2 years for all new hires. - Expected to generate 50 lakh jobs - Linked to first time employees - Incentive to both employee & employer for EPFO contributions in the specified scales for the first 4 years - Expected to benefit 30 lakh youth - Loans up to ₹7.5 lakh with a guarantee from a government promoted Fund. - Expected to help 25,000 students every year. - Financial support for loans upto ₹10 lakh for higher education in domestic institutions. - Direct E-vouchers to 1 lakh students every year. - Annual interest subvention of 3% Skilling Programme • 20 lakh youth will be skilled over a 5-year period. • 1,000 Industrial Training Institutes will be upgraded in hub and spoke arrangements with outcome orientation. • Course content & design aligned as per skill needs of industry. PM’s Package (4th scheme) - Facilitate higher participation of women in the workforce through setting up of working women hostels in collaboration with industry, and establishing creches. Scheme C Support to Employers 3 3
Inclusive Human Resource Development and Social Justice 03 Purvodaya: Vikas bhi Virasat bhi • Plan for endowment rich states in the Eastern parts covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh for generation of economic opportunities to attain Viksit Bharat. Amritsar Kolkata Industrial Corridor with development of an industrial node at Gaya. • Allocation of more than ₹3 lakh crore for schemes benefitting women and girls. Pradhan Mantri Janjatiya Unnat Gram Abhiyan: Improving the socio-economic condition of tribal communities covering 63,000 villages benefitting 5 crore tribal people. More than 100 branches of India Post Payment Bank will be set up in the North East region. Andhra Pradesh Reorganization Act: • • • Financial support of ₹15,000 crores will be arranged in FY 2425. Completion of Polavaram Irrigation Project ensuring food security of the nation. Essential infrastructure such as water, power, railways and roads in Kopparthy node on the Vishakhapatnam-Chennai Industrial Corridor and Orvakal node on Hyderabad-Bengaluru Industrial Corridor. 4 4
04 Manufacturing & Services Credit Guarantee Scheme for MSMEs in the Manufacturing Sector Enhanced scope for mandatory onboarding in TReDS MSME Units for Food Irradiation, Quality & Safety Testing Twelve industrial parks under the National Industrial Corridor Development Programme Critical Minerals Mission for domestic production, recycling and overseas acquisition. Strengthening of the tribunal and appellate tribunals to speed up insolvency resolution and additional tribunals to be established Mudra Loans: The limit enhanced to ₹ 20 lakh from the current ₹ 10 lakh under the ‘Tarun’ category. Credit Support to MSMEs during Stress Period Internship Opportunities • Scheme for providing internship opportunities in 500 top companies to 1 crore youth in 5 years. • Allowance of ₹5,000 per month along with a one-time assistance of ₹6,000 through the CSR funds. PM’s Package (5th scheme) Rental housing with dormitory type accommodation for industrial workers in PPP mode with VGF support. New assessment model for MSME credit 5 5
05 Urban Development Stamp Duty Encouraging states to lower stamp duties for properties purchased by women. Transit Oriented Development Street Markets Envisioning a scheme to develop 100 weekly ‘haats’ or street food hubs in select cities Transit Oriented Development plans for 14 large cities with a population above 30 lakh Water Management Promote water supply, sewage treatment and solid waste management projects and services for 100 large cities through bankable projects. Housing Needs PM Awas Yojana Urban 2.0 Needs of 1 crore urban poor and middle-class families will be addressed with an investment of ₹10 lakh crore Enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place. 6 6
06 Energy Security Initiatives with private sector in Nuclear Energy • Setting up Bharat Small Reactors • R&D of Bharat Small Modular Reactor and newer technologies for nuclear energy AUSC Thermal Power Plants A joint venture between NTPC and BHEL will set up a full scale 800 MW commercial plant. 1 crore Households obtain free electricity Muft Bijli Yojana • Financial support for shifting of micro and small industries to cleaner forms of energy Facilitate investment grade energy audit in 60 clusters, next phase expands to 100 clusters. PM Surya Ghar • Energy Audit Pumped Storage Policy For electricity storage and facilitation of smooth integration of the growing share of renewable energy Up to 300 Units every month 1.28 crore Registrations and 14 lakh applications so far 7
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