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The Budget for the fiscal year 2024-2025, presented in July 2024, sets forth a comprehensive roadmap for India's journey towards 'Viksit Bharat' or Developed India. This budget focuses on key sectors and introduces various initiatives aimed at enhancing economic growth, social justice, and sustainable development.
Budget Theme: Focus on Four Major Categories
The budget prioritizes the development of four key segments:
Vegetable Production & Supply Chain:
Promotion of Farmer Producer Organizations (FPOs), cooperatives, and startups to enhance vegetable supply chains, collection, storage, and marketing.
Release of New Varieties:
Introduction of 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops.
National Cooperation Policy (NCP):
A comprehensive policy to ensure systematic and all-round development of the cooperative sector.
Atmanirbharta in Oil Seeds:
Focus on self-reliance in oil seeds such as mustard, groundnut, sesame, soybean, and sunflower.
Transforming Agriculture Research:
A review of the agriculture research setup to focus on raising productivity and developing climate-resilient varieties.
Natural Farming:
Initiatives to introduce 1 crore farmers to natural farming, supported by certification and branding within two years, and the establishment of 10,000 bio-input resource centers.
Shrimp Production & Export:
Financial support for shrimp farming, processing, and export through NABARD.
Digital Public Infrastructure (DPI):
Development of DPI for farmers and their lands within three years, including a digital crop survey in 400 districts and issuance of Jan Samarth-based Kisan Credit Cards.
Higher Participation of Women:
Establishment of working women hostels and crèches in collaboration with industry to facilitate higher workforce participation.
Youth Employment Schemes:
Various schemes target job creation and support for new entrants in the formal sector, including wage support and EPFO contributions.
Skilling Programmes:
Skilling 20 lakh youth over five years and upgrading 1,000 Industrial Training Institutes with a hub-and-spoke model.
Purvodaya Initiative:
Economic opportunities in Eastern India, covering Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
Support for Women and Girls:
Allocation of more than ₹3 lakh crore for schemes benefitting women and girls.
Tribal Welfare:
The Pradhan Mantri Janjatiya Unnat Gram Abhiyan aims to improve the socio-economic conditions of tribal communities in 63,000 villages.
Infrastructure Development in Andhra Pradesh:
Financial support of ₹15,000 crores for the Polavaram Irrigation Project and other essential infrastructure developments.
Industrial Parks:
Development of twelve industrial parks under the National Industrial Corridor Development Programme.
Critical Minerals Mission:
Initiatives for domestic production, recycling, and overseas acquisition of critical minerals.
Support for MSMEs:
Enhanced credit support, new assessment models, and an increased limit for Mudra Loans.
Housing Initiatives:
Investment of ₹10 lakh crore under PM Awas Yojana Urban 2.0 to address housing needs of 1 crore urban poor and middle-class families.
Infrastructure Improvements:
Focus on water supply, sewage treatment, and solid waste management projects in 100 large cities.
Bharat Small Reactors:
Setting up small and modular nuclear reactors and investing in R&D for new nuclear technologies.
Renewable Energy Integration:
Policies to facilitate electricity storage and integration of renewable energy sources.
PM Surya Ghar Muft Bijli Yojana:
Financial support for shifting micro and small industries to cleaner energy forms, and energy audits in industrial clusters.
Long-term Loans:
Provision of ₹1.5 lakh crore as long-term interest-free loans to states for resource allocation.
Irrigation and Flood Mitigation:
Financial support for projects like the Kosi-Mechi intra-state link and other ongoing schemes.
Reconstruction Assistance:
Support for flood-affected regions in Himachal Pradesh, Assam, Sikkim, and Uttarakhand.
National Research Fund:
Operationalization of a fund for basic research and prototype development.
Private Sector-Driven Research:
A financing pool of ₹1 lakh crore to support private sector research and innovation.
Tourism Development
Spiritual and Cultural Tourism:
Development of corridors and initiatives in regions with significant religious and cultural importance, including the Vishnupad and Mahabodhi Temples, and Nalanda.
Land Reforms:
Unique Land Parcel Identification Number (Bhu-Aadhaar) and digitization of land records in urban areas.
Climate Finance:
Enhancing capital availability for climate adaptation and mitigation investments.
Pension Schemes:
New plans for minors and revisions to the New Pension Scheme for better fiscal prudence and citizen protection.
Tax Proposals
Custom Duty Changes:
Reductions in customs duties on various goods including mobile phones, gold, silver, and critical minerals.
Direct Tax Proposals:
Adjustments to long-term and short-term capital gains tax rates and increased exemption limits for financial assets.
Standard Deductions:
Increased standard deductions for salaried employees and pensioners.
The Budget 2024-2025 aims to steer India towards a more inclusive, sustainable, and developed future through strategic investments and reforms across various sectors. The emphasis on women, youth, poor, and farmers, combined with robust infrastructure and innovation initiatives, lays a strong foundation for achieving government’s dream of 'Viksit Bharat'.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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