Highlights from Nirmala Sitharaman's Union Budget 2024-25 Presentation

Key Highlights

• ₹1.52 lakh crore allocated for agricultural development.
• ₹3 lakh crore for women-focused schemes and skill-building.
• 4 crore new jobs and ₹1,000 crore for employment and skills development.
• Revised tax slabs with significant relaxations and reduced GST.

Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2024-25 in the Lok Sabha today. Her budget speech began at 11 AM, where she made significant announcements on the government's plans for the development of farmers, youth, the poor, and women in India. The theme of this year's budget is 'Sabka Saath, Sabka Vikas,' emphasizing inclusive growth.

Focus on Farmers: Easy Funding and More Crop Varieties

The government has given significant attention to the farming sector. Here are the key initiatives:

Financial Support and Development

• Pradhan Mantri Kisan Samman Nidhi: Continued allocation of ₹60,000 crore.
• Irrigation Schemes: Allocation of ₹11,500 crore.
• Overall Agricultural Sector: ₹1.52 lakh crore allocated for development.

Specific Initiatives

• Natural Farming: Education on natural farming for over one crore farmers with certification for authenticity.
• Oilseeds and Pulses: Improved production, storage, and marketing infrastructure to make India self-sufficient in edible oils.
• Digital Infrastructure: Promotion of digital public infrastructure for farming modernization.
• Vegetable Production: Establishment of large-scale clusters for organized vegetable farming and improved supply chain.
• Crop Varieties: Introduction of nine new varieties of 32 crops adaptable to harsh climatic conditions.
• Kisan Credit Card: A new credit card introduced in five states to streamline credit facilities.
• Shrimp Farming: Increased support for shrimp farmers, recognizing its high potential.
• Digital Survey: Digital surveys for Kharib crops in 400 districts and integration of demographic details of over six crore farmers.

Women Empowerment: Skill-Building and Employment

The central government is investing ₹3 lakh crore in women-focused schemes. Key highlights include:

Skill Development and Employment

• Women-Specific Programs: Creation of skill-building programs and hostels for working women.
• Employment Initiatives: Increase in female workforce participation, which is currently at 24%.

Employment Generation: Schemes for Youth

The government has announced various initiatives to boost employment opportunities:

Employment and Skill Development

• Budget Allocation: ₹1,000 crore for employment and skills development, aiming to create 4 crore new jobs in the next five years.
• Manufacturing Sector: Creation of 30 lakh jobs.
• Education Loan Interest: Kept at 3% to promote education.
• Model Skill Loan Scheme: Loans up to ₹7.5 lakh for 25,000 students annually.
• Internship Opportunities: Internships for 1 crore youth with a monthly allowance of ₹5,000 and a one-time fund of ₹6,000.

Rural Development: Infrastructure and Connectivity

The government has prioritized rural development with significant investments:

Key Initiatives

• Road Connectivity in Bihar: ₹26,000 crore for projects like the Patna-Purnea expressway and new highways.
• Flood Prevention: Investment in infrastructure to prevent floods in Bihar.
• Vishwakarma Yojana and Tribal Advanced Village Campaign: Initiatives to develop rural areas and villages.
• Budget Allocation: ₹2.66 lakh crore for rural development, including proper road infrastructure for 25,000 villages.

Infrastructure Development: Housing and Solar Panels

The budget focuses on enhancing India's infrastructure:

Major Investments

• PM Awas Yojana-Urban 2.0: ₹10 lakh crore for housing 1 crore poor and middle-class families.
• Industrial Parks: Establishment of 12 new industrial parks.
• PM Suryaghar Muft Bijli Yojana: Free rooftop solar panels for 1 crore households, providing 300 units of free electricity monthly.
• Housing for Laborers: New housing schemes and efforts to ensure a continuous water supply.

New Tax Slabs and Tax Relaxations

The finance minister announced revised tax slabs and some tax relaxations:

Tax Slabs

Additional Measures

• GST Rate: Reduced to provide relief to middle-class families.
• TDS Exemptions: Significant exemptions for e-commerce operators.
• Angel and AR Corporate Tax: Reduced to promote start-ups and foreign investment.
• Standard Deductions: Increased to ₹75,000 for salaried employees and ₹25,000 for family pension.

Other Key Announcements

The finance minister also made several other announcements for the benefit of Indian citizens:

Additional Initiatives

• Tourism Development: Increased investment in promoting tourism.
• Transport Schemes: Introduction of new transport schemes in 14 cities.
• Export Policies: Simplification to strengthen the export landscape.
• Temple Development: Development of Vishnupad Temple and Mahabodhi Temple similar to Kashi Vishwanath Temple.
• Custom Duty Reductions: On three cancer medicines, mobile phones, and chargers.

This Union Budget aims to promote inclusive growth and development across various sectors, focusing on the welfare of farmers, women, youth, and rural areas, along with significant investments in infrastructure and tax reforms.

CMV360 Says

The Union Budget 2024-25 emphasizes inclusive growth with significant investments in agriculture, women empowerment, employment, rural development, infrastructure, and tax reforms. It aims to uplift various sectors, ensuring comprehensive development for farmers, youth, women, and the overall economy, driving India towards a prosperous future.