PaperDabba News Desk: July 23, 2024
The much-awaited Union Budget 2024-25 was presented by Finance Minister Nirmala Sitharaman in the Lok Sabha today. This budget focuses on urban housing, rural development, and infrastructure, ensuring inclusive growth for all sections of society. Here are the major highlights:
Massive Allocation for Urban Housing
The budget has allocated ₹10 lakh crores for urban housing construction, aiming to provide millions with affordable homes.
Sanitation Initiatives in 100 Cities
Special measures for sanitation management in 100 cities are introduced to ensure cleanliness and hygiene.
PM Surya Ghar Mukt Bijli Yojana
Under this scheme, one crore houses will receive up to 300 units of free electricity, promoting sustainable energy use.
Focus on Nuclear Power
The budget emphasizes nuclear power and plans to set up new reactors to meet the growing energy demands.
PM Awas Yojana Boost
Under the PM Awas Yojana, three crore houses will be constructed, with one crore houses specifically in urban areas.
Rural Infrastructure Development
The PM Gram Sadak Yojana will see significant investments, with 25,000 new roads planned for rural areas.
Flood Management Projects
₹11,500 crores are allocated for projects on the Kosi and interlinking rivers in Bihar, aiming to mitigate flood damage. Assam will see a significant push for Brahmaputra flood management projects.
Special Assistance to Flood-Hit States
Special assistance will be provided to Sikkim and Uttarakhand, which have faced severe losses due to floods and heavy rains.
Heritage and Tourism Development
Funds are allocated for developing corridors in Gaya and Bodh Gaya, similar to the Kashi corridor. Additionally, special funds are earmarked for the development of temples in Odisha.
Focus on Andhra Pradesh
The budget provides special allocations for Andhra Pradesh, with ₹15,000 crores earmarked for the development of Amaravati as the capital. The Chennai-Visakhapatnam industrial corridor is also a major highlight.
Enhanced Mudra Loan Limits
The Mudra loan limits are increased to ₹20 lakhs, benefiting small businesses and entrepreneurs.
Special Schemes for Marginalized Groups
The budget introduces special schemes targeting low-income people, women, farmers, and youth, ensuring inclusive growth and support.
Central Allocation for Education and Skill Development
₹1.48 lakh crores are allocated for education and skill development, aiming to improve the overall quality of education and enhance skill development initiatives.
Significant Investment in Agriculture
The agriculture sector will receive ₹1.52 lakh crores, focusing on enhancing productivity and developing climate-resilient crops.
Support for MSMEs
The budget substantially supports MSMEs, recognizing their crucial role in the economy.
Infrastructure Development
A massive allocation of ₹11.11 lakh crores is made for infrastructure development, equivalent to 3.4% of the GDP, ensuring the creation of robust infrastructure across the country.
Focus on Employment and Skill Development
The government emphasizes employment and skill development, introducing schemes to assist job seekers significantly. For the first time, individuals starting formal employment will receive a month’s salary as a direct benefit transfer up to a maximum of ₹15,000 in three instalments. This initiative is expected to benefit 2.10 crore youth.
The budget has been termed as a key “Amrit Kaal” budget by Prime Minister Narendra Modi, setting the direction for the next five years and laying the foundation for a developed India by 2047.
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