New Delhi: Finance Minister Nirmala Sitharaman, presenting her seventh-consecutive Budget and her first in Modi 3.0, spotlighted nine priority areas for generating ample opportunities for all.
She also said that these nine priorities of Union Budget 2024 will form the foundation for future Budgets of the Modi government.
The nine priority areas include: Productivity and resilience in agriculture; employment and skilling; improved human resources; social justice; manufacturing and services; urban development; energy security; infrastructure; innovation; research and development and next-generation reforms.
Education, job generation, employment, skilling, MSMEs and the middle class are among the key thrust areas of this Budget.
It also presented a road map for accomplishing the Prime Minister’s package of five schemes for employment, skilling and other opportunities for 4.1 crore youth over a five-year period with a central outlay of Rs 2 lakh crore.
This year, a provision of Rs 1.48 lakh crore has been made for education, employment and skilling.
A provision of Rs 1.52 lakh crore has been made for agriculture and allied sectors.
The government will implement schemes for Employment Linked Incentive as part of Prime Minister’s package Scheme A: First Timers. This scheme will provide one-month’s wage to all persons newly entering the workforce in all formal sectors.
The job creation in manufacturing scheme will incentivise additional employment in the manufacturing sector, linked to the employment of first-time workers.
An incentive will be provided at specified scale directly both to the employee and the employer with respect to their EPFO contribution in the first four years of employment.
The scheme is expected to benefit 30 lakh youth entering the workforce, and their employers.
An employer-focused scheme will cover additional employment in all sectors. All additional employment within a salary of Rs 1 lakh per month will be counted. The government will reimburse to employers up to Rs 3,000 per month for two years towards their EPFO contribution for each additional employee.
The scheme is expected to incentivise additional employment of 50 lakh people. Over 20 lakh youth will be skilled over a five-year period.
Government will launch a comprehensive scheme for providing internship opportunities in 500 top companies to one crore youth in five years. Interns will gain exposure for 12 months to real-life business environments, varied professions and employment opportunities.
India the most exciting economic story in world: UKIBCNew Delhi: Calling India the most exciting economic story in the world, The UK India Business Council congratulated Finance Minister Nirmala Sitharaman and the government for an emphasis on facilitating foreign investments and commitment towards fiscal stability in the Union Budget 2024-25. The UKIBC hailed the Modi government’s proposal to reduce the corporate tax rate on foreign companies from 40 to 35 per cent and looks forward to continued progress towards parity. “UKIBC welcomes the announcement on corporate tax reduction for foreign firms, which provides great encouragement to foreign investors. Continued progress towards a level playing field for all investors will help unlock higher levels of international investment in India,” said Richard McCallum, Group Chief Executive Officer, UK India Business Council (UKIBC). The policy advocacy group said it is also encouraged to note the announcement on foreign direct investment (FDI) and look forward to the details once finalised and published. |
An internship allowance of Rs 5,000 per month along with one-time assistance of Rs 6,000 will be provided.
Model Skill Loan Scheme will be revised to facilitate loans up to Rs 7.5 lakh with a guarantee from a government promoted fund.
For helping youth who have not benefited under any government initiatives, financial support for loans upto rs 10 lakh for higher education in domestic institutions is planned.
Government will also support development of road connectivity projects, namely (1) Patna-Purnea Expressway, (2) Buxar-Bhagalpur Expressway, (3) Bodh Gaya, Rajgir, Vaishali and Darbhanga spurs, and (4) additional two-lane bridge over Ganga River at Buxar at a total cost of Rs 26,000 crore.
Recognising Andhra Pradesh’s need for a capital, the government will facilitate special financial support through multilateral development agencies. In the current financial year Rs 15,000 crore will be arranged.
Three crore additional houses under the PM Awas Yojana in rural and urban areas in the country have been announced, for which the necessary allocations are being made.
For promoting women-led development, the budget carries an allocation of more than Rs 3 lakh crore for schemes benefitting women and girls.
Under the PM Awas Yojana Urban 2.0, housing needs of one crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore.
Budget to benefit all segments of society: PM ModiNew Delhi: Prime Minister Narendra Modi said the Union Budget 2024-25 would ensure inclusive growth, benefiting every segment of society and pave the way for a developed India. "This is a Budget that will take the country's villages, poor and farmers on the path of prosperity. In the last 10 years, 25 crore people have come out of poverty," PM Modi said. "This Budget is also a Budget for the continuation of the empowerment of the newly emerged Neo Middle Class," he said. PM Modi said the Budget would be a catalyst for making India the third-largest economy in the world and for laying the strong foundation for the 'Viksit Bharat'. PM Modi underlined that the budget with its new schemes is aimed at strengthening the lives of the middle class, tribals, Dalits and Backward Classes. He further emphasised that this year's Budget would ensure economic partnerships for women while also laying down a new path for small businesses and MSMEs. |
