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.
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