Budget 2024-2025 Highlights
➢ Interim Budget Focus:
• Four Major Castes: The interim budget focused on 'Garib' (Poor), 'Mahilayen' (Women), 'Yuva' (Youth), and
'Annadata' (Farmer).
• Initiatives include higher Minimum Support Prices for farmers and the extension of the Pradhan Mantri Garib
Kalyan Anna Yojana for five years, benefitting more than 80 crore people.
➢ Budget Theme: Employment, Skilling, MSMEs, and Middle Class.
• The budget emphasizes employment, skilling, and support for MSMEs and the middle class.
• The Prime Minister’s package includes five schemes and initiatives to facilitate employment and skilling
opportunities for 4.1 crore youth over five years with a central outlay of ₹2 lakh crore.
• A provision of ₹1.48 lakh crore is made for education, employment, and skilling.
9 Key Priorities
Areas Of Budget
Productivity and Inclusive
Employment & Manufacturing Urban
resilience in Development and Energy Security
Skilling Social Justice & Services Development
Agriculture
Innovation, Next Generation
Infrastructure Research & Reforms
Development
1.Agriculture and Farmers' Welfare:
• Promotion of Natural Farming: The government aims to transition 1 crore farmers to natural farming over the
next two years. This initiative will include support for certification and branding of organic products.
• New Crop Varieties: Introduction of 109 high-yielding and climate-resilient varieties of 32 field and horticulture
crops to enhance productivity and resilience against climate change.
• Self-Reliance in Oilseeds and Pulses: Strengthening the production, storage, and marketing of oilseeds and pulses
to achieve self-sufficiency.
• Digital Public Infrastructure for Agriculture: Expansion to cover all farmers and their lands within three years,
with digital crop surveys in 400 districts and issuance of Jan Samarth-based Kisan Credit Cards in five states.
• Budget Provision: ₹1.52 lakh crore allocated for agriculture and allied sectors.
2. Employment and Skilling Initiatives:
• Working Women Hostels and Creches: Collaboration with industries to set up hostels and creches to increase the
participation of women in the workforce.
• Subsidy for First-Time Employees: One-month wage subsidy of up to ₹15,000 for new entrants in all formal
sectors, expected to benefit 210 lakh youth.
• Incentives for Employers: Government reimbursement of EPFO contributions for first-time employees, up to
₹3000 per month, aimed at generating 50 lakh jobs.
• Support for Higher Education: Loans up to ₹10 lakh for higher education with a 3% annual interest subvention and
direct e-vouchers for 1 lakh students per year.
• Upgradation of Industrial Training Institutes (ITIs): Upgrading 1000 ITIs in collaboration with states and industry,
focusing on outcome and quality of skilling, benefiting 20 lakh students.
3. Inclusive Human Resource Development and Social Justice
• Women-Led Development: Allocation of over ₹3 lakh crore for schemes benefiting women and girls to enhance
their socio-economic status.
• Support for SC/ST and Other Marginalized Communities: Specific initiatives for the socio-economic development
of these communities.
4. Manufacturing and Services Sector
• MSME Support: Comprehensive support for MSMEs covering financing, regulatory changes, and technology
support. Includes a Credit Guarantee Scheme and new credit assessment models.
• Internship Opportunities: Scheme to provide internships in top companies for one crore youth over five years,
with a monthly allowance.
• Industrial Parks and Rental Housing: Development of investment-ready industrial parks and rental housing for
industrial workers.
5. Urban Development
• Cities as Growth Hubs: Development of cities through economic and transit planning.
• Creative Redevelopment and Transit-Oriented Development: Plans for creative redevelopment of existing cities
and transit-oriented development for large cities.
• Urban Housing: Addressing housing needs of urban poor and middle-class families under PM Awas Yojana Urban
2.0.
o Investment of ₹10 lakh crore to address housing needs of urban poor and middle-class families.
• Street Markets: Development of 100 weekly ‘haats’ or street food hubs.
• Transit-Oriented Development: Plans for 14 large cities with populations above 30 lakh.
• Water Management: Promote water supply, sewage treatment, and solid waste management projects in 100
large cities.
6. Energy Security
• Small Modular Reactors: Setting up research and development facilities for small modular reactors for efficient
energy production.
• Energy Audit and Pumped Storage Policy: Investment in energy audits and a pumped storage policy for cleaner
energy initiatives.
7. Infrastructure Development
• Interest-Free Loans to States: Provision of ₹1.5 lakh crore as interest-free loans to states for resource allocation
and infrastructure development.
• Phase IV of PMGSY: All-weather connectivity to 25,000 rural habitations through the Pradhan Mantri Gram Sadak
Yojana (PMGSY).
• Irrigation and Flood Mitigation: Financial support for projects like Kosi-Mechi intra-state link and schemes in
Himachal Pradesh, Assam, Sikkim, and Uttarakhand.
• Infrastructure Investment: Provision of ₹11,11,111 crore, equivalent to 3.4% of GDP.
8. Innovation, Research, and Development
• Anusandhan National Research Fund: Operationalization of the fund for basic research and prototype
development.
• Private Sector Innovation: Financing pool of ₹1 lakh crore for private sector-driven research initiatives.
• Space Economy: Venture capital fund of ₹1,000 crore for space-related ventures.
9.Next Generation Reforms
• Bhu-Aadhaar: Unique Land Parcel Identification Number for all lands with digitization and GIS mapping.
• Climate Finance Taxonomy: Enhancing capital availability for climate adaptation and mitigation investments.
• FDI Simplification: Facilitating foreign investments and promoting the use of Indian Rupee for overseas
investments.
• NPS Vatsalya: Contribution plan for minors by parents and guardians.
• New Pension Scheme: Solutions addressing citizen concerns and maintaining fiscal prudence.
• Data Governance: Improvement in the governance, collection, processing, and management of data and statistics.
➢ Specific Schemes and Allocations:
• Prime Minister’s Package
▪ Education, Employment, and Skilling Initiatives: Central outlay of ₹2 lakh crore for schemes to support 4.1
crore youth over 5 years.
• PM Vishwakarma and PM SVANidhi
▪ Support for Craftsmen and Artisans: Special schemes for self-help groups, SC/ST, women entrepreneurs,
and street vendors.
• Purvodaya
▪ Eastern States Development: Focus on human resource development, infrastructure, and economic
opportunities in Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
• Amritsar-Kolkata Industrial Corridor
▪ Industrial Node Development: Development at Gaya with a focus on industrial growth and cultural
heritage.
• Expressways and Infrastructure Projects
▪ Patna-Purnea Expressway and Other Projects: Infrastructure development with a total cost of ₹26,000
crore.
• Power Projects
▪ New 2400 MW Power Plant: Development at Pirpainti, Bihar with an investment of ₹21,400 crore.
• Andhra Pradesh Reorganization Act: ₹15,000 crore for the development of Andhra Pradesh, including the
Polavaram Irrigation Project.
• PM Awas Yojana: Provision for 3 crore additional houses in rural and urban areas.
• Pradhan Mantri Janjatiya Unnat Gram Abhiyan: Socio-economic development for tribal communities covering
63,000 villages.
• Bank Branches in North-East
▪ India Post Payment Bank: Establishment of 100+ branches in the North-East region.
➢ Budget Allocations:
Ministry-wise Allocations (in ₹ crore)
• Defence: 4,54,773 Scheme Allocations (in ₹ crore)
• Road Transport and Highways: 2,65,808 • MGNREGA: 60,000
• Agriculture and Allied Activities: 1,51,851 • Research and Development
• Home Affairs: 1,50,983 Projects: 1,200
• Education: 1,25,638
• IT and Telecom: 1,16,342
• Health: 89,287
• Social Welfare: 68,769
• Rural Development: 56,501
• Commerce & Industry: 47,559
➢ Other Key Points Of The Budget
• Tourism Development
o Temple Corridors: Projects like Vishnupad Temple Corridor and Mahabodhi Temple Corridor to boost religious
tourism.
o Comprehensive Development of Rajgir and Nalanda: Initiatives to develop these historical and religious sites,
including the revival of Nalanda University.
o Odisha Tourism: Development of scenic beauty, temples, monuments, craftsmanship, wildlife sanctuaries, and
beaches in Odisha.
• Economic Indicators
o Real GDP Growth: India grew at 8.2% in FY 2024.
o Current Account Deficit Improvement: Ongoing positive trends.
o Expansionary PMI Index: Indicating growth in services and manufacturing.
o FDI as Percentage of GDP: Steady growth over recent years.
o Taming Inflation: Measures to control inflation.
o Decreasing Fiscal Deficit: Fiscal prudence leading to reduced deficit.
o Decline in Gross NPAs: Improvement in the health of the banking sector.
• Tax Proposals
o Custom Duty Changes: Reduced duties on mobile phones, PCBA, chargers, gold, silver, platinum, shrimp, fish
feed, solar cells, and critical minerals.
o Direct Tax Proposals: New tax rates for financial and non-financial assets, increased standard deduction for
salaried employees, and removal of ANGEL tax for all classes of investors.
o Corporate Tax: Reduced tax rate for foreign companies from 40% to 35%.
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