Positive and Powerful Highlights of Budget 24
Positive and Powerful Highlights of Budget 24
Finance Minister of Modi Government 3.0, Sita Nirmala Raman has presented the budget for the coming year before the Parliament on 23 July 2024. In this budget, important schemes for the general public, farmers, women and industrialists have been kept in mind.
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What became cheaper: Positive and Powerful Highlights of Budget 24
• Mobile phones • Cancer medicine • Mobile charger • Gold • Silver • Solar panel • Solar cell • X-ray machine
• Electronic vehicle • Leather shoes • Purse • Slippers • Ammonium nitrate • PVC flex banner • Plastic goods • Leather goods
• Platinum
What became expensive: Positive and Powerful Highlights of Budget 24
* Import duty on plastic goods increased
* Custom duty increased on petrochemical ammonium nitrate
* Telecommunication equipment
Details of expenditure in various sectors: Positive and Powerful Highlights of Budget 24
Sector Budget in crores
Defense – 4,54,773
Rural development – 2,65,808
Agriculture – 1,51,851
Home affairs- 1,50,983
Education – 1,25,638
IT and telecom – 1,16,342
Health- 89,287
Energy- 68,769
Social Welfare – 56,501
Industry- 47,559
Budget 2024 Budget Estimates 2024-25: Positive and Powerful Highlights of Budget 24
• Total receipts other than borrowings: ₹32.07 lakh crore
• Total expenditure: ₹48.21 lakh crore.
• Net tax receipts: ₹25.83 lakh crore
• Fiscal deficit: 4.9 per cent of GDP.
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Priorities of Developed India in nine sectors: Positive and Powerful Highlights of Budget 24
1. Bringing more productivity and resilience in agriculture
2. Employment and skills
3. Inclusive human resource development and social justice
4. Manufacturing and services
5. Urban development
6. Energy conservation
7. Infrastructure
8. Innovation, R&D
9. Next generation reforms
Employment and skill training : Positive and Powerful Highlights of Budget 24
- Scheme A
EPFO will provide direct benefit of one month’s salary up to ₹15000 in three installments to first time registered employees - Scheme B
Direct incentives will be provided to both employee and employer as per their EPFO contribution in the first 4 years of employment - Scheme C
Employers will be reimbursed their EPFO contribution up to ₹3000 per month for two years for each additional employee
Schemes worth Rs 3 lakh crore have been launched to benefit women and girls
More than 100 branches of India Post Payment Bank will be set up in the Northeast region
Many schemes were launched for Bihar and Andhra Pradesh in the budget-
Special schemes for Andhra Pradesh: Positive and Powerful Highlights of Budget 24
- Rs 15,000 crore will be allocated for Andhra Pradesh.
- The redressal of concerns under the Andhra Pradesh Reorganization Act will be expedited.
- Under this, funds will be released for important infrastructure like water, electricity, railways, roads.
- Financial assistance will be given to complete the Polavaram irrigation project of Andhra Pradesh.
- Funds will also be provided under the Act for the backward areas of Andhra Pradesh.
Thanking PM Modi, Andhra Pradesh Chief Minister N Chandrababu Naidu wrote on his social media platform X, “On behalf of the people of Andhra Pradesh, I thank PM Modi and Union Finance Minister Nirmala Sitharaman, for recognizing the needs of our state and focusing on the development of the capital, Polavaram, industrial nodes and backward areas in AP in the Union Budget for FY 24-25.
This support from the Center will greatly help in rebuilding Andhra Pradesh. I congratulate you for presenting this progressive and confidence-boosting budget…”
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Many schemes for Bihar: Positive and Powerful Highlights of Budget 24
- New medical colleges and airports will be built in Bihar.
- Sports infrastructure will be established in Bihar.
- Two dams will be built on the Ganga river.
- Rs 11,500 crore will be given for flood control and relief.
- Industrial development will be promoted in Gaya, Bihar on the Amritsar-Kolkata Industrial Corridor.
- Rs 26,000 crore will be allocated for several road projects in Bihar.
- Expressways connecting Patna-Purnia, Buxar-Bhagalpur and expressways connecting Bodhgaya, Rajgir, Vaishali and Darbhanga will be announced.
- A 24 MW power project will be set up in Pirpainti, Bihar at a cost of Rs 21,400 crore.
- Rs 11,500 crore will be given for flood control and relief.
- Mahabodhi Temple and Vishnupad Temple of Bihar will be developed.
Important policies for youth: Positive and Powerful Highlights of Budget 24
- Suru will provide internship to 1 crore youth.
Making a big announcement regarding employment of youth in the Union Budget, the Finance Minister said in his speech, ‘The government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies.
In this, internship stipend of Rs 5000 per month and one-time assistance of Rs 6000 will be given.’
Focus on development of small and modular nuclear reactors: Positive and Powerful Highlights of Budget 24
On the development of small and modular nuclear reactors in the country, the Finance Minister said, “The government will partner with the private sector for setting up small reactors, research and development of Bharat Small Modular Reactors and research and development of new technologies for nuclear energy…”
Rs 1 lakh crore allocated for development of infrastructure
More than Rs 11 lakh crore has been allocated for capital expenditure on infrastructure development which will be 3.4% of our GDP.
Private investment in infrastructure by the private sector will be promoted through viability gap funding and enabling policies.
Finance Minister’s statement on PM Surya ghar Free Electricity Scheme: Positive and Powerful Highlights of Budget 24
PM Surya ghar Free Electricity Scheme has been launched to enable 1 crore families to install rooftop solar panels to get free electricity up to 300 units every month. This scheme will be further encouraged.”
- Investment of Rs 10 lakh crore under PM Housing Scheme-Urban 2.0
- An investment of Rs 10 lakh crore under PM Housing Scheme-Urban 2.0 will meet the housing needs of 1 crore poor and middle class families.
- This will include central assistance of Rs 2.2 lakh crore over the next five years.
- Credit guarantee scheme for term loans to MSMEs will be launched.
- This scheme will work on reducing the credit risks of such MSMEs.
- A self-financing guarantee fund will provide cover of up to Rs 100 crore while giving loans to each applicant.
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Special scheme for middle class community, women, youth and farmers: Positive and Powerful Highlights of Budget 24
Finance Minister Nirmala Sitharaman said, ‘We need to focus on the poor, women, youth and farmers. For farmers, we announced higher MSP for all major crops a month ago, fulfilling our promise.
PM Garib Kalyan Anna Yojana extended for five years extended to Rs 1.52 lakh crore, benefiting over 80 crore people. Administrative action for approval and implementation of various schemes announced in the interim budget is progressing well.'”
Special provisions for agriculture sector: Positive and Powerful Highlights of Budget 24
- Allocation of Rs 1.52 lakh crore for agriculture and allied sectors.
- 109 new high-yielding and climate-resilient varieties of 32 regional and horticultural crops will be released for cultivation by farmers.
- 1 crore farmers across the country will be involved in natural farming with certification and branding in the next 2 years.
- 10,000 need-based bio-input resource center will be set up for natural farming.
- Digital Public Infrastructure (DPI) for agriculture will be implemented for coverage of farmers and their land in 3 years.
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