Budget 2024 Highlights: On July 23, 2024, Finance Minister Nirmala Sitharaman presented the Union Budget for the seventh consecutive year in Parliament. This year’s Budget introduces a series of key initiatives designed to stimulate economic growth, support various sectors, and improve the lives of citizens.
Here are the major Budget 2024 Highlights:
1. Empowering Youth with New Schemes (Budget 2024)
The Budget outlines five new schemes aimed at benefiting 4.1 crore youth over the next five years, with an allocation of ₹2 lakh crore. These initiatives are geared towards enhancing employment opportunities and skill development, addressing the needs of the younger generation.
2. Internship Opportunities (Budget 2024)
A notable addition is an internship program set to provide one crore young people with valuable internship experiences in leading companies. This program, spanning five years, is intended to offer practical exposure and improve job readiness for fresh graduates.
3. Employment-Linked Incentives (Budget 2024)
To promote job creation, the Budget includes employment-linked incentives. Specifically, there will be a wage support equivalent to one month’s salary for businesses hiring first-time employees. This incentive aims to ease the financial burden on employers and encourage new hiring.
4. Support for MSMEs (Budget 2024)
Micro, Small, and Medium Enterprises (MSMEs) will receive significant support under the new Budget. A credit guarantee scheme and term loans for machinery purchases are introduced, along with a technology support package to help MSMEs adopt new technologies and improve efficiency.
5. Expansion of SIDBI Branches (Budget 2024)
The Small Industries Development Bank of India (SIDBI) will expand its operations by opening 24 new branches in MSME clusters across the country. This expansion is expected to enhance access to financial services for small and medium businesses, aiding their growth and development.
6. Increased Mudra Loan Limit (Budget 2024)
The Mudra loan scheme, which provides financial assistance to small businesses, will see an increase in the loan limit from ₹10 lakh to ₹20 lakh. This adjustment is aimed at enabling more entrepreneurs to access funds for their business needs.
7. Support for Higher Education Loans (Budget 2024)
The Budget also includes provisions for higher education loans, offering financial support for loans up to ₹10 lakh. This measure is designed to reduce the financial burden on students pursuing higher education and make advanced studies more accessible.
8. Investment in Rural Development (Budget 2024)
A substantial allocation of ₹2.66 lakh crore has been made for rural development projects. This funding will be used to enhance infrastructure, healthcare, and living conditions in rural areas, promoting balanced regional development.
9. Special Financial Support for Andhra Pradesh (Budget 2024)
Andhra Pradesh will receive a special allocation of ₹15,000 crore for various development projects. This funding will support infrastructure improvements and social welfare programs, aiming to accelerate growth in the state.
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10. Development Initiatives in Bihar (Budget 2024)
Bihar will benefit from investments in key areas, including the development of new airports, medical facilities, and sports infrastructure. These initiatives are expected to improve connectivity, healthcare services, and sports facilities in the state.
11. Inflation Management (Budget 2024)
The Budget addresses inflation concerns, with measures aimed at bringing the inflation rate closer to the 4% target. This indicates a focus on maintaining price stability and ensuring economic balance.
12. Funding for Women and Girls (Budget 2024)
The Budget allocates over ₹3 lakh crore to schemes that benefit women and girls. This funding will support various programs in education, health, and empowerment, aiming to enhance opportunities and improve the quality of life for women and girls across the country.
In summary, the Budget 2024 introduces a range of measures aimed at fostering economic growth, supporting different sectors, and improving the overall quality of life. With significant investments in youth employment, MSME support, rural development, and regional initiatives, the Budget seeks to create a more inclusive and dynamic economy.
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