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Budget 2024-25 - Focus On 9 Priorities

CS Swati D Rawat
Employment and skilling incentives to boost hiring plus revised skill loan guarantees and MSME credit support for business growth. Budget proposals provide wage and hiring incentives for new workforce entrants, scaled employee-employer incentives in early employment years, a revised model skill loan framework with higher limits and government promoted fund guarantees, internship stipends and one time assistance, credit guarantee schemes for manufacturing MSMEs, and administrative measures to simplify the tax structure and integrate worker registration portals to streamline benefits delivery and compliance. (AI Summary)

Finance Minister Nirmala Sitharaman presented her Seventh consecutive Budget in Parliament today - Tuesday, July 23.

Key highlights - Focus On 9 Priorities

  • Productivity and resilience in agriculture
  • Employment and skilling 
  • Improved human resources, social justice
  • Manufacturing and services
  • Urban development
  • Energy security
  • Infrastructure
  • Innovation, research and development
  • Next generation reforms

Budget to focus on employment, skilling, MSMEs, middle class.

India's inflation continues to be low, stable, moving towards 4% target.

1 crore farmers to be initiated into natural farming over 2 years.

Scheme for first timers - Government will provide 1 month wage to all people newly entering workforce in all sectors.

Incentive to be provided at specified scale both to employee, employer in first four years of employment.

Model skill loan scheme to be revised to facilitate loans up to ₹ 7.5 lakh with guarantee from government-promoted fund.

Bihar Upliftment - Four expressway and bridge projects worth ₹ 26,000 crores for Bihar.

Credit guarantee scheme for MSMEs in manufacturing to be introduced.

For development of capital for Andhra Pradesh in FY25  Rs.15,000 crore to be arranged.

Enhancement of Mudra loans limit to ₹ 20 lakh from ₹ 10 lakh.

Upliftment of Internship schemes - Internship in 500 top companies to be encouraged. Internship allowance of ₹ 5000 and one-time assistance of ₹ 6,000 to be provided under internship scheme.

Rental housing with dormitory-type accommodation for industrial workers.

Formulation of Transit oriented development programmes for 14 large cities with population above 30 lakh 

Launching scheme to develop 100 street food hubs in select cities over five years.

Prime Minister Surya Ghar Muft Bijli launched to install roof-top solar for 1 crore households.

Financial assistance to Assam for flood management, irrigation projects.

Extensive development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor.

Encourage space technology development Venture capital fund of ₹ 1000 crore set up.

Comprehensive integration of e-Shram portal with other portals to be undertaken.

Simplify and rationalize the tax structure for ease of business.

Budget - Tax Proposals
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