Union Budget 2024-25

India's economic growth continues to be the shining exception and will remain so in the years ahead. India's inflation continues to be low, stable and moving towards the 4 per cent target. Core inflation (non-food, non-fuel) currently is 3.1 per cent.

Budget 2024-25 focuses on employment, skilling, MSME's and middle class.

This budget envisages sustained efforts on the following 9 priorities for generating ample opportunities for all.

• Productivity and resilience in Agriculture
• Employment & Skilling
• Inclusive Human Resource Development and Social Justice
• Manufacturing & Services
• Urban Development
• Energy Security
• Infrastructure
• Innovation, Research & Development and
• Next Generation Reforms

Productivity and resilience in Agriculture

• A comprehensive review of the agriculture research setup to bring the focus on raising productivity and developing climate resilient varieties.
• New 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers.
• 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.
• Large scale clusters for vegetable production will be developed closer to major consumption centres.
• Financing for Shrimp farming, processing and export will be facilitated through NABARD.
• DPI for coverage of farmers and their lands in 3 years.
• Digital crop survey in 400 districts
• Issuance of Jan Samarth based Kisan Credit Cards

• One-month wage to new entrants in all formal sectors in 3 instalments up to ₹15,000, expected to benefit 210 lakh youth.
• 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
• Facilitate higher participation of women in the workforce through setting up of working women hostels in collaboration with industry, and establishing creches.
• 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.

Inclusive Human Resource Development and Social Justice

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 24- 25.
• 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.

Manufacturing & Services

• Mudra Loans: The limit enhanced to ₹20 lakh from the current ₹10 lakh under the 'Tarun' category.
• Credit Guarantee Scheme for MSMEs in the Manufacturing Sector
• Twelve industrial parks under the National Industrial Corridor Development Programme
• 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.
• Rental housing with dormitory type accommodation for industrial workers in PPP mode with VGF support.
• Critical Minerals Mission for domestic production, recycling and overseas acquisition.

Urban Development

• Encouraging states to lower stamp duties for properties purchased by women.
• 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.
• Promote water supply, sewage treatment and solid waste management projects and services for 100 large cities through bankable projects.
• 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.

Energy Security

• A joint venture between NTPC and BHEL will set up a full scale 800 MW commercial plant.
• Setting up Bharat Small Reactors
• R&D of Bharat Small Modular Reactor and newer technologies for nuclear energy
• For electricity storage and facilitation of smooth integration of the growing share of renewable energy
• 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.

Infrastructure

• Provision of ₹11,11,111 crore for infrastructure (3.4% of GDP).
• ₹1.5 lakh crore to states as longterm interest free loans to support resource allocation.
• Phase IV of PMGSY will be launched to provide allweather connectivity to 25,000 rural habitations.
• Financial support for projects with estimated cost of ₹11,500 crore such as the Kosi-Mechi intra-state link and 20 other ongoing and new schemes.

Irrigation and Flood Mitigation

• Assistance for flood management and related projects in Assam, Sikkim & Uttarakhand.
• Assistance for reconstruction and rehabilitation in Himachal Pradesh.

Tourism

• Development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor modelled on Kashi Vishwanath Temple Corridor
• Comprehensive development initiative for Rajgir will be undertaken which holds religious significance for Hindus, Buddhists and Jains.
• The development of Nalanda as a tourist centre besides reviving Nalanda University to its glorious stature.
• Assistance to development of Odisha's scenic beauty, temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes and pristine beaches making it an ultimate tourism destination.

Innovation, Research & Development

• Operationalization of the Anusandhan National Research Fund for basic research and prototype development.
• Private sector-driven research and innovation at commercial scale with a financing pool of ₹1 lakh crore
• Space Economy: A venture capital fund of ₹1,000 crore is to be set up

Next Generation Reforms

• Unique Land Parcel Identification Number or Bhu-Aadhaar for all lands.
• Survey of map sub-divisions as per current ownership
• Linkages to the farmers' registries
• Land records in urban areas will be digitized with GIS mapping
• Digitization of cadastral maps
• Establishment of land registry
• Taxonomy for Climate Finance: Enhancing the availability of capital for climate adaptation and mitigation related investments
• FDI and Overseas Investments: Simplified to facilitate FDIs and promote opportunities for using Indian Rupee as a currency for overseas investments.
• NPS Vatsalya: A plan for contribution by parents and guardians for minors.
• Improvement of data governance, collection, processing and management of data and statistics.
• New Pension Scheme (NPS): A solution that address the relevant issues, protects the common citizen and maintains fiscal prudence will be formed.

Budget Documents

The list of Budget documents presented to the Parliament, besides the Finance Minister's Budget Speech, is given below:

• Annual Financial Statement (AFS)
• Demands for Grants (DG)
• Finance Bill
• Fiscal Policy Statements mandated under Fiscal Responsibility and Budget Management (FRBM) Act, 2023
  • Macro-Economic Framework Statement
  • Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement