UNION BUDGET 2024

• Union Finance Minister Nirmala Sitharaman presented the Union Budget
• This is her 7^th Union
• The four main focus points of the first budget under the Modi 0 government includes,
• Garib (Poor)
• Yuva (Youth),
• Annadata (Farmer)
• Nari (Women).

9 priorities of Budget 2024:

• Productivity and Resilience in agriculture
• Employment and
• Social justice
• Manufacturing and Services
• Urban Development
• Energy Security
• Infrastructure
• Innovation R&D
• Next gen

Agriculture

• Allocation: Agriculture and allied sectors were allocated 1.52 Lakh Crore in the Union Budget

2023-24.

• Release of new varieties: The new 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops will be provided to the farmers.
• Natural Framing: In the next two years, 1 crore farmers across the country will be initiated into natural farming.
• 10,000 need-based Bioinput research center will be
• Digital Public Infrastructure (DPI) for Agriculture: The government in partnership with states will facilitate implementation of DPI in three
• The government will enable Jan Samarth-based Kisan Credit cards in five states.

Employment and Skilling

• Allocation: The government announced Rs 48 lakh crore for education, employment and skill.
• Five schemes: It will be launched to provide employment and benefit 1 crore youth with an outlay of Rs 2 lakh crores.
• Three new employee-linked incentive schemes will be launched:
• Scheme A will support direct benefit transfer of one month salary for first-timers to benefit 210 lakh youths.
• Scheme B pertains to job creation in manufacturing to benefit 30 lakh youths entering employment, and their
• Scheme C is employer-focused scheme covering additional employees in all
• A new centrally sponsored scheme will be launched to skill 20 lakh youth over five Education
• Education loans of 10 lakh will be provided for students for higher education in domestic institutions.
• E-vouchers for this purpose will be given directly to one lakh students every
• One thousand industrial training institutes will be upgraded, and the model skill loan scheme will be revised to facilitate loans of up to Rs. 7.5 lakh.

Women

• More than Rs 3 lakh crore allocated for schemes benefitting women and
• Steps taken to facilitate Higher participation of women in the workforce are
• Establishment of working women’s hostels and creche facilities
• Women-specific skilling programmes
• Promotion of market access to women-led SHG (Self-Help Groups)
• Promotion of women-led
• Lower stamp duty rates for properties purchased by

Human Resource Development and Social Justice Purvodaya :

• A plan for the all-round development of the eastern region of the country covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh.
• This will cover human resource development, infrastructure, and generation of economic opportunities in these regions to attain Viksit Bharat.

Amritsar Kolkata Industrial Corridor:

• To support development of an industrial node at Gaya Development of road connectivity projects, namely
• Patna-Purnea Expressway
• Buxar- Bhagalpur Expressway
• Bodhgaya, Rajgir, Vaishali and Darbhanga spurs
• Additional 2-lane bridge over river Ganga at Buxar at a total cost of 26,000
• Pradhan Mantri Janjatiya Unnat Gram Abhiyan : To be launched to provide saturation coverage for tribal families in tribal-majority villages and aspirational districts, covering 63,000 villages and benefiting 5 crore tribal people.
• North East Region: More than 100 branches of India Post Payment Bank in NER

Manufacturing and Services for MSMEs

• Credit Guarantee Scheme for MSMEs in the Manufacturing Sector will be launched for purchase of machinery and
• A separately constituted self- financing guarantee fund to provide to each applicant, guarantee cover up to 100
• Small Industries Development Bank of India (SIDBI) will open new branches to expand its reach to serve all major MSME clusters within 3 years and provide direct credit to them.

For promotion of Manufacturing & Services

• Scheme for Internship:
• Government will launch a scheme for providing internship opportunities in 500 top firms to 1 crore youth in 5 years.
• Internship allowance of ₹5,000 per month along with one-time assistance of ₹6,000/- will be provided.

• Industrial parks will be established in 100
• Critical Mineral Mission: To be launched for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets to be set

Urban Development

• PM-AWAS Yojana Urban 0: To fulfil the housing requirements of 1 crore urban poor and middle-class families.
• Water Supply and Sanitation: Water supply, sewage treatment, and solid waste management projects and services will be improved in 100 major cities in collaboration with state governments and multilateral development banks.
• Street Markets: The government plans to assist in the establishment of 100 weekly haats or street food hubs for the next five years in lines with PM SVANidhi Scheme.

Energy Securities

• Nuclear Energy :
• Research and development of small and modular nuclear reactors
• The government will partner with the private sector for
• Setting up Bharat Small Reactors
• Research and Development of Bharat Small Modular Reactor
• Research and Development of newer technologies for nuclear

Note : As per the International Atomic Energy Agency (IAEA), the SMRs are advanced nuclear reactors with a power generation capacity ranging from less than 30 MWe to 300+ MWe.

• PM Surya Ghar Muft Bijli Yojana : Launched to install rooftop solar plants to enable 1 crore households to obtain to get free electricity up to 300 units per month.
• Advanced Ultra Super Critical Thermal Power Plants:
• An indigenous technology developed as a joint venture between NTPC and BHEL capable of producing 800 MW commercial plant.

Infrastructure

• Allocation: The government has allocated 11,111 crore for capital expenditure which would be 3.4 per cent of our
• Pradhan Mantri Gram Sadak Yojana (PMGSY): Phase IV of PMGSY will be launched to provide all-weather connectivity to 25,000 rural habitations.
• Irrigation and flood control: The government through the Accelerated Irrigation Benefit Programme and other sources, will provide financial support for Kosi-Mechi intra-state link and 20 other ongoing and new schemes.
• Tourism
• Vishnupad Temple at Gaya and Mahabodhi Temple at Bodh Gaya in Bihar will be developed on the lines of Kashi Vishwanath Temple Corridor
• Comprehensive development strategies for Rajgir (Bihar) and Nalanda (Bihar).
• Assistance to the development of important destinations in Odisha will be provided.

Innovation and Research & Development

• Basic research and prototype: Anusandhan National Research Fund will be operationalized for basic research and prototype development.

• Space Economy: To be expanded by 5 times in the next 10 years.

Next Generation Reforms

Rural & Urban Land related Reforms :

• Assignment of Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar for all lands.

Labour-related Reforms :

• A comprehensive integration of e-shram portal with other portals will facilitate such one-stop solution.
• Shram Suvidha and Samadhan portals will be revamped to enhance ease of compliance for industry and trade.

Taxonomy for climate finance:

• It will be developed for climate finance to enhance the availability of capital for climate adaptation and migitation.

NPS Vatsalya :

• A plan for contributions by parents and guardians for minors will be started .
• On attaining the age of majority, the plan can be converted seamlessly into a normal NPS

Ease of Doing Business

• The government is working on the Jan Vishwas Bill 0. to enhance the ease of doing business.

Tax – Related Proposals

• Simplifying New Tax Regime

• Comprehensive review of Income Tax Act, 1961:
• To make the Act concise, lucid, easy to read and
• This will reduce disputes and litigation, thereby providing tax certainty to the tax
• Abolition of Angel Tax: Angel tax on investors was abolished to boost
• Vivad Se Vishwas Scheme 2024: For resolution of certain income tax disputes pending in appeal.