Sitharaman announced that the Budget is focused on Gareeb, women, youth and farmers. FM Sitharaman announced plans to raise spending, create jobs and provide relief to the middle class. The government will allocate Rs 2 lakh crore for job creation over the next five years. She said that the Budget is focused on middle-class, employment, skilling, employment and MSMEs. FM announced new schemes for promoting agriculture and big road and expressway bonanza for Bihar.
The 2024 Budget presented by Finance Minister Nirmala Sitharaman marks a historic moment for India. As the first finance minister to present seven consecutive budget speeches, she surpasses former Prime Minister Morarji Desai's record of six consecutive budgets between 1959-64.
This monumental budget under the Modi 3.0 government brings forth significant reforms aimed at bolstering the economy and addressing key sectors such as youth employment, women's participation, MSMEs, and rural development. Here, we delve into the key announcements and their implications for the nation.
Budget India 2024 key announcements
Standard Deduction for Salaried Individuals Hiked
Sitharaman stated that employment linked incentive will be based on registration with the EPFO. 'One month wage to all workers newly entering the work cycle. Rs 15,000 to new entrants in EPFO for those with salary of up to Rs 1 lakh per month. This will benefit 210 lakh youth,' the Finance Minister said.
- Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crore
- Comprehensive internship scheme for one crore youth in top companies over five years
- Employment-linked incentives, including one month's wage support for first-time employees
- Women-specific skilling programs and increased workforce participation
- Special attention to MSMEs and the manufacturing sector
- Credit guarantee scheme and term loans for machinery purchase
- SIDBI to open 24 new branches to serve MSME clusters
- Financial support for higher education loans up to ₹10 lakhs in domestic institutions
- ₹2.66 lakh crore provision for rural development
- Initiative to introduce 1 crore farmers to natural farming over 2 years
- Rental housing in PPP mode for industrial workers
- New airports, medical facilities, and sports infrastructure for Bihar
- Focus on job creation and boosting consumption, potentially benefiting consumer goods, real estate, and auto sectors
- Over ₹3 lakh crore allocated for schemes benefiting women and girls
- Extension of PMGKAY (Pradhan Mantri Garib Kalyan Anna Yojana) for five years, benefiting over 80 crore people
Also Read: Budget Session 2024: PM Modi told what the budget of 2024 would be like
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