Union Budget 2024-25: Key Priorities Outlined by
Finance Minister Nirmala Sitharaman
In the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman, nine critical priorities were identified to generate ample opportunities and drive economic growth. These priorities include productivity and resilience in agriculture, employment and skilling, and manufacturing and services.
Nine Priorities for Economic Growth
While presenting the Union Budget in the Lok Sabha, Sitharaman emphasized sustained efforts across the following nine priorities:
1. Productivity and Resilience in Agriculture
2. Employment and Skilling
3. Inclusive Human Resource Development and Social Justice
4. Manufacturing and Services
5. Urban Development
6. Energy Security
7. Infrastructure
8. Innovation, Research, and Development
9. Next Generation Reforms
Focus on Key Areas
The interim budget in February 2024 highlighted the government's focus on four key areas: the poor, women, youth, and farmers. Notable initiatives include the extension of the Pradhan Mantri Garib Kalyan Anna Yojana for five years, benefiting over 80 crore people, and the announcement of higher Minimum Support Prices (MSPs) for all major crops.
Allocations for Education, Employment, and Skills
Sitharaman announced a budget allocation of Rs 1.48 lakh crore for education, employment, and skills. This includes strategies to enhance production and achieve self-reliance (Atmanirbharata) in pulses and oilseeds. Additionally, one crore farmers will be initiated into natural farming, supported by certification and branding, and 10,000 bio-input resource centers will be established.
Support for Women, Girls, and the Northeast
The budget allocates Rs 3 lakh crore for schemes benefiting women and girls, and more than 100 branches of India Post Payment Bank will be set up in the Northeast region.
Special Financial Support to Andhra Pradesh
Recognizing Andhra Pradesh's need for capital, Sitharaman announced Rs 15,000 crore for building the state capital Amravathi. The government also committed to financing and completing the Polavaram Irrigation Project, which is crucial for the state's farmers and food security.
Industrial Development and Infrastructure
Funds will be provided for essential infrastructure such as water, power, railways, and roads under the Andhra Pradesh Reorganisation Act. Additional allocations will be made for the Visakhapatnam-Chennai Industrial Corridor and the Hyderabad-Chennai Industrial Corridor. Grants for backward regions of Rayalseema, Prakasam, and North Coastal Andhra will also be provided.
Agricultural and Allied Sectors
A significant allocation of Rs 1.52 lakh crore has been made for agriculture and allied sectors. The budget emphasizes research and development, particularly for pulses and oilseeds, and aims to achieve self-reliance in oilseeds like mustard, groundnut, sesame, soybean, and sunflower. Large-scale clusters for vegetable production near major consumption centers will be developed to enhance supply chains.
Digital Public Infrastructure for Agriculture
A three-year plan will facilitate digital public infrastructure for agriculture, covering farmers and their lands comprehensively. This year, a digital crop survey for Kharif crops will be conducted in 400 districts, integrating the details of six crore farmers into registries.
Support for Aquaculture
Financial support will be provided for setting up nucleus breeding centers for shrimp broodstocks, with financing facilitated through NABARD.
National Cooperation Policy
A new national cooperation policy will be introduced to ensure systematic, orderly, and all-round development of the cooperative sector, aiming to fast-track rural economic growth and generate employment opportunities.
Employment Generation
The budget proposes creating employment for about 4.1 crore youth over the next five years with an allocation of Rs 2 lakh crore. For skilling, Rs 1.48 lakh crore has been allocated, aiming to skill 20 lakh youth over five years. Additionally, 1,000 industrial training institutes will be upgraded, and a one-time wage incentive will be provided to all first-time employees across sectors through Direct Benefit Transfer (DBT).
Internship Opportunities
The government will launch internship opportunities in 500 companies for one crore youth over five years, offering an allowance of Rs 5,000 per month and training costs covered by CSR funds.
Conclusion
The Union Budget 2024-25 focuses on comprehensive economic growth, prioritizing key sectors and ensuring support for various demographics, including farmers, women, youth, and the middle class.
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