BUDGET SPEECH 2024: FM

SELECTED EXTRACTS-PART-1

EXTRACTED BY:SARASIJ MAJUMDER

 

The global economy, while performing better than expected, is still in the grip of policy uncertainties. In this context, India’s economic growth continues to be the shining exception and will remain so in the years ahead.

In the interim budget, we need to focus on 4 major castes, namely ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer). For Annadata, we announced higher Minimum Support Prices a month ago.

Administrative actions for approval and implementation of various schemes announced in the interim budget are well underway. The required allocations have been made.

In this budget, we particularly focus on employment, skilling, MSMEs, and the middle class. I am happy to announce the Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of ` 2 lakh crore.

Priority Sectors:--

1) Productivity and resilience in Agriculture 2) Employment & Skilling 3) Inclusive Human Resource Development and Social Justice 4) Manufacturing & Services 5) Urban Development 6) Energy Security 7) Infrastructure 8) Innovation, Research & Development and 9) Next Generation Reforms

Scheme A: First Timers registered in EPFO: This scheme will provide one-month wage to all persons newly entering the workforce in all formal sectors, will be paid directly to their accounts in 3 instalments. Maximum limit-Rs15,000/-

Scheme B: Job Creation in manufacturing : This scheme will incentivize additional employment in the manufacturing sector, linked to the employment of first-time employees, for a period of 4 years .

Scheme C: Support to employers : This employer-focussed scheme will cover additional employment in all sectors. All additional employment within a salary of Rs. 1 lakh per month will be counted. The government will reimburse to employers up to ` 3,000 per month for 2 years towards their EPFO contribution for each additional employee. The scheme is expected to incentivize additional employment of 50 lakh persons.

Women: We will facilitate higher participation of women in the workforce through setting up of working women hostels in collaboration with industry, and establishing creches. In addition, the partnership will seek to organize women-specific skilling programmes, and promotion of market access for women SHG enterprises.

Skilling Programme: 20 lakh youth will be skilled over a 5-year period. The Model Skill Loan Scheme will be revised to facilitate loans up to ` 7.5 lakh with a guarantee from a government promoted Fund. A financial support for loans up to Rs. 10 lakh for higher education in domestic institutions is provisioned .

Purvodaya,  A scheme is provisioned for the all-round development of the eastern region of the country covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh.

On the Amritsar Kolkata Industrial Corridor, we will support development of an industrial node at Gaya.

BIHAR; We will also support development of road connectivity projects, namely (1) Patna-Purnea Expressway, (2) Buxar-Bhagalpur Expressway, (3) Bodhgaya, Rajgir, Vaishali and Darbhanga spurs, and (4) additional 2-lane bridge over river Ganga at Buxar at a total cost of Rs 26,000 crore. Power projects, including setting up of a new 2400 MW power plant at Pirpainti, will be taken up at a cost of Rs. 21,400 crore. New airports, medical colleges and sports infrastructure in Bihar will be constructed.

Our government has made concerted efforts to fulfil the commitments in the Andhra Pradesh Reorganization Act, and early completion of the Polavaram Irrigation Project.

Three crore additional houses under the PM Awas Yojana in rural and urban areas in the country have been announced, for which the necessary allocations are being made.

For promoting women-led development, the budget carries  allocation of 3 lakh+ crore.

For improving the socio-economic condition of tribal communities, we will launch the Pradhan Mantri Janjatiya Unnat Gram Abhiyan by adopting saturation coverage for tribal families in tribal-majority villages and aspirational districts. This will cover 63,000 villages benefitting 5 crore tribal people.

More than 100 branches of India Post Payment Bank will be set up in the North East region to expand the banking services. This year, I have made a provision of Rs. 2.66 lakh crore for rural development including rural infrastructure.

This budget provides special attention to MSMEs and manufacturing, particularly labour-intensive manufacturing.

The limit of Mudra loans will be enhanced to ₹ 20 lakh for those entrepreneurs who have availed and successfully repaid previous loans under the ‘Tarun’ category.

Our government will facilitate development of investment-ready “plug and play” industrial parks with complete infrastructure in or near 100 cities, in partnership with the states and private sector. Twelve industrial parks under the National Industrial Corridor Development Programme also will be sanctioned.

Rental housing with dormitory type accommodation for industrial workers will be facilitated in PPP mode with VGF support and commitment from anchor industries.

 

TO BE CONTINUED

Ref.-- Budget Speech by FM.  IMAGE:- GOOGLE. Credit Acknowledged. Non commercial BLOG.