The Finance Minister, Nirmala Sitharaman, presenting her seventh consecutive Budget and her first in Modi 3.0, said that she had identified nine priority areas that would create wide-ranging opportunities for all. She added that these priorities will form the foundation or blueprint for subsequent Budgets by the Modi government.
The Union Budget 2024 has picked nine priorities as follows :
1. Relieving Agrarian Distress- increasing production and making agriculture resilient
2. Jobs creation and skill development
3. Strengthening human resources and social justice
4. Increasing manufacturing and services
5. Promoting urban development
6. Ensuring energy security
7. Upgrading infrastructure
8. Encouraging innovation and research
9. Next-generation reforms
The focus of the Budget remains on education, generating employment, skill development, facilitating MSMEs, and catering to the middle class at large.
Beginning with PM's initiative in the Budget and execution of that for providing 4.1 crore youth in the country during the five years with employment and skill opportunities, an amount of ₹2 lakh crore is allocated at the Centre. ₹1.48 lakh crore has been kept for education, employment, and skills in this year's Budget.
Now, the key inputs of nine priorities are on issues like agricultural productivity and resilience, which have been primarily featured in FM Sitharaman's speech:
₹1.52 lakh crore for Agriculture and related sectors. Introduction of 109 high-yielding and climate-resilient crop varieties, one crore farmers to be covered under natural farming in two years, and 10,000 bio-input resource centers. It would lead to the development of large-scale production clusters of vegetables near major consumption centers and Digital Public Infrastructure arrangement for covering farmers and their lands in three years.
Priority 2: Employment and Skilling
It has introduced three new schemes:
- Scheme A: Any new worker joining the formal sector will get one month's wage. This is subject to a maximum of ₹15,000 per person for those earning up to ₹1 lakh per month. It aims to benefit 210 lakh youth.
- Scheme B: Incentives for job creation in manufacturing, including EPFO contributions for those working for the first time. It will support 30 lakh youth.
Scheme C: The Centre would refund up to ₹3,000 every month for two years to each employer for every new employee to encourage the creation of 50 lakh jobs. Besides, 1,000 Industrial Training Institutes would be upgraded and an internship scheme introduced to provide real-world business exposure to one crore youth over five years.
Priority 3: Human Resource Development and Social Justice
The Purvodaya plan will help in the development of eastern India, containing the states of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh by investing in road projects, power plants, new airports, and medical colleges. Andhra Pradesh will get special financial support for capital development and three crore new houses will be added under the PM Awas Yojana. More than ₹3 lakh crore will be allocated to women and girls, while PM Janjatiya Unnat Gram Abhiyan will improve conditions in tribal-majority villages.
Priority 4: Manufacturing and Services
Introduce a new credit guarantee scheme that will enable MSME loans for machinery without any collateral and cover up to ₹100 crore. Increase in Mudra loan limit to ₹20 lakh and revision in threshold of buyer on TReDS platform. There would also be the development of industrial parks, and as part of the National Industrial Corridor Development Programme, 12 new parks would be developed.
Priority 5: Urban Development
Another key area is the development of 'Cities as Growth Hubs' through strategic economic and transit planning. PM Awas Yojana Urban 2.0 will ensure that there will be housing for one crore families. The investment for the same will be ₹10 lakh crore, with ₹2.2 lakh crore coming from central assistance.
Priority 6: Energy Security
Nuclear power will be further promoted through public-private partnership for R&D in Bharat Small Reactors and Modular Reactors. Cutting-edge technology to be set-up through a joint venture by establishing an 800 MW commercial plant.
Priority 7: Infrastructure
PMGSY phase IV will ensure connectivity to all the remaining 25,000 habitations. ₹1.5 lakh crore of interest-free loans will also be provided for State infrastructure projects.
Priority 8: Innovation and R&D
The Anusandhan National Research Fund will support basic research and prototype development. A ₹1 lakh crore financing pool shall incentive private sector innovation, and a ₹1,000 crore venture capital fund will expand the space economy.
Priority 9: Next Generation Reforms
Incentives to States for reforms in land use, including rural and urban land administration and planning. Digital mapping and property record systems for improved financial management and credit flow.
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