Priorities in the Union Budget 2024
July 23, 2024
Priority 1 -Productivity and Resilience in Agriculture
• Raising Productivity and Climate Resilient Varieties
• Thrust on Natural Farming: 2 crore farmers to be supported in next 2 years(certificates)
• Atma Nirbharta in Oil Seeds
• Vegetable Production: Large Scale Clusters
• DPI in Agri Infrastructure: Coverage of Farmers and their Land in three years. Digital Crop Survey in 400 districts this year only. Issuance of Jan Samarth based certificates.
• Shrimp Brood Stocks. Shrimp Farming.
• National Co-operation Policy for Co-operative Sector.
Priority 2 – Skilling
• First Timers Scheme – 1 month wage to all persons newly entering the workforce in all formal sectors will be provided by the government in 3 installments. Direct benefit transfer to employees upto Rs 15,000 will be done. This will be applicable to those getting salary upto Rs 1 lakh per month. 2.1 crore youth to be benefitted
• Manufacturing Jobs Assistance- Incentive of specified scale directly to employee and employer in first 4 years of employment will be provided to employees entering manufacturing jobs. This will benefit 30 lakh youth and employers.
• Support to employers- Additional employment in all sectors within a salary of 1 lakh/month will be provided Rs 3,000 per month for 2 years to cover EPFO charges. This will incentivise additional employment of upto 50 lakh persons.
• 20 lakh youth will be skilled over 5 years.
• Education Loans: Financial Support up to 10 lakhs for higher education in domestic institutions. Annual Interest Subvention for 3 percent
Priority 3 -Inclusive Development
• Towards achieving saturation of Social Justice
• PM Vishwakarma, Swanidhi, NRLM.
• Purvodaya: A plan for all round development for eastern region of country covering br,jh,od,ap. This will cover human resource development.
• Amritsar-Kolkata Corridor. It will catalyze industrial development for eastern region particularly Gaya. Vikas Bhi Virasat Bhi
• Patna Purniya , Buxar Bhagalpur, Bodhygaya-Rajgir-Dharbhnaga Expressways to be Developed and Bridge over Ganga in Buxar at Rs.2600 crore.
• New Medical Colleges and Sports Infra in Bihar will be constructed.
• Multilateral Bank Support to Bihar.
• AP Reorganisation act: Recoginizing state’s need for capital a financial support will be provided through multilateral agencies. Rs.15,000 crore will be arranged in future years.
• PMAY: 3 crore additional houses in rural and urban areas in the country
• Women Led Development: Budget carries an allocation more than Rs.3 lakh crore.
• PM Jan Jatiya Unnat Gram Abhiyan: Adopting saturation coverage in tribal families and aspirational districts.
Priority 4 – Manufacturing and Services
• Will make MSME to compete globally
• Credit Guarantee for MSME.
• Build In House capability for MSMEs.
• Paradigm change in New Credit assessment model for MSME for credit eligibility.
• SMA Accounts for MSME in Stress.
• MUDRA Loans: limit enhanced to 20 lakhs from 10 lakhs in Tarun category.
• Converting trade receivables to cash: turnover brought down from Rs.500 to Rs.250 crore
• SIDBI branches in MSME Cluster: new branches to be opened in 3 years in MSME clusters over 3 years
• E-commerce export hubs: to enable traditional artisans and MSME to launch their product in international markets
• A scheme to provide internship in top 500 companies to 1 crore youth in 5 years. They will gain exposure to real life business. Interns will be given Rs.5,000 per month along with one time assistance of Rs.6,000.
• 12 industrial parks under National Industrial Corridor Program will be Sanctioned.
• Rental housing for industrial workers will be facilitated in PPP Mode.
• Shipping: Ownership leasing and flagging reforms will be initiated.
• Critical Minerals Mission: mandate will include tech development, skilled workforce and suitable financing mechanism.
• DPI Applications: Development of DPI applications.
• Integrated tech platform for IBC services: consistency, transparency and better oversight.
• Voluntary closure for LLPS.
• IBC has resolved more than 1, 000 companies- giving Rs.3.3 lakh crore to creditors
• Debt Recovery: Additional tribunals to be established
Priority 5 – Urban Development
• Urban Housing: Urban 2.0. one crore houses for urban poor, allocation of ten lakh crore rupees.
• Enabling policies and regulations for transparent renting house markets
• Services for 100 large cities for urban development
• Street Markets: Svanidhi has transformed lives of street vendors. Support for urban haats
• Stamp Duty: Encourage states to charge high stamp duty to moderate the rates for all. Slashing of duties for women
Priority 6 – Energy Security
• A policy document for energy pathways
• PM Suryaghar Muft Bijli Yojana: launched to install rooftop solar plants to enable one crore households to obtain free electricity for 300 units every month. Remarkable response from the public.
• Pump Storage Policy
• Newer tech for nuclear technology.
• Advanced ultra super critical thermal power plants. 800 mw plants will be set up.
• Dev of indigenous capacity
• Support to micro and small industries.
Priority 7 – Infrastructure
• Strong fiscal support to Infra over next 5 years
• This Year’s CAPEX allocation: Rs. Eleven Lakh Eleven Thousand One Hundred and Eleven Crore Rupees. 3.4 percent of GDP.
• Private Investment in INFRA: Have to be Promoted through VGF
• PMGSY 4.0 will be launched: 25,000 new rural habitations.
• Irrigation and Flood: Plans to build flood control structure through financial support of Rs.11,500 crore. Kosi related flood mitigation will be taken
• ASSAM: Assistance to assam for flood management.
• HP: assistance to state for reconstruction ravaged with floods
• Uttarakhand: Assistance to states
• Sikkim: Assistance to state
• Tourism: Vishnupath temple at Gaya and Mahabodhi temple in Bodhgaya will be constructed like Kashi Vishwanath corridor. Rajgir: preservation of hot springs. Development of NALANDA.
• Support for development of Odisha’s temples, scenic beauties, natural landscapes and pristine beaches;
Priority 8 – Innovation, R&D
• A mechanism will be established to spur private-driven research at a commercial scale, supported by a financial pool of Rs 1 lakh crore
• The govt will partner with the private sector for setting up Bharat small reactors, research and development of Bharat small modular reactors & research and development of newer technologies for nuclear energy.
Priority 9 – Next Gen Reforms
• Next Gen reforms for high growth and employment
• Improving productivity of factors of development.
• Facilitating market and sectors.
• Effective implementation require building consensus between states and center.
• 50 year interest free loan to states who undertake reforms.
• Land reforms in rural areas and urban areas.
• Rural land related action: Bhu AADHAR (ULPIN) for all lands, digitization of terrestrial maps, sub divisions survey of maps as per current ownership, establishment of land registry, linking to farmers registry.
• Land records in urban areas to be digitized.
• Ease of Compliance for trade.
• Taxonomy for Climate Finance
• Rules for FDI will be simplified. Using Indian Rupee for overseas trade.
• EODB: Jan Vishwas Bill.
• Data and Stats: different sectoral databases under Digital India Mission will be established.
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