Budget 2024-25: Strategic Planning for “Viksit Bharat”

Budget is a six-letter word but makes a huge impact on the financial planning of individuals as well as the whole country. In India, people eagerly wait every year and keep huge expectations from the Government to seek relief in taxes and new opportunities for growth. Just like every year this year the Budget was presented by our Honourable Finance Minister Nirmala Sitharaman in which she stated a road map to achieve the “Viksit Bharat”. 

Major Focus

The Government of India has focused on four major castes and they are:

1. Annadata (Farmer)
2. Garib (Poor) 
3. Mahilayen (Women)
4. Yuva (Youth)

1. Annadata (Farmer)

Finance Minister Nirmala Sitharaman has stated that 11.8 crore farmers in India provided financial help in the Pradhanmantri KISAN Yojana. The minimum support price for farmers has been increased. Focusing on Productivity and Resilience in Agriculture in the next 2 years, the Government of India will help 1crore farmers to initiate natural farming supported by certification and branding.

2. Garib (Poor)

Prime Minister Garib Kalyan Anna Yojana is extended for the next five years which will benefit more than 80 crore people. 3 crore additional houses under PM AWAS Yojana will be made in rural as well as urban areas.

3. Mahilayen (Women)

The Government of India has taken the initiative for women's empowerment, and they will facilitate higher participation of women in the workforce by setting up working women hostels with collaborating industries. Through this, they will organize women-specific skilling programmes and promote market access for women SHG enterprises.

4. Yuva(Youth)

An internship opportunity for youth will be launched by the Government of India for 1 crore youth in 500 top companies. Apart from this government has also introduced higher education loans for youth with minimal interest rates.

Employment & Skilling

There are 3 schemes that will be implemented by the Government of India to enhance employment and skill development.

Scheme A: First Timer

• One month's wage will be given to the new joiner in any formal sector which will be in three instalments up to 15,000.
• The eligibility for this scheme will be a salary of Rs.1 lakh per month.
• This scheme will benefit the 210 lakh youth in the country.

Scheme B: Job Creation in Manufacturing

• This scheme is for first-time employee 
• According to this scheme, an incentive will be provided to both the employees and the employers in their EPFO contribution in the first 4 years of employment.
• This scheme will benefit 30 lakh employee and their employer.

Scheme C: Support to Employer

This scheme is beneficial to the employer in India because under this scheme government of India will reimburse the EPFO contribution of the employer up to Rs.3000 per month for 2 years for all new hires.

Purvodaya: Vikas Bhi Virasat Bhi

The Government of India has selected some states in the eastern part of the country because they are rich in endowment and have strong cultural traditions. The plan “Purvodaya” will do an all-round development of the Eastern region of India in which states like Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh are included. Human resource development, infrastructure, and pool of economic opportunities will be done to make the eastern region attain Viksit Bharat.

Women-Led Development

To promote women-led development, more than Rs.3 lakh crore is allocated in Budget 2024 for schemes that will benefit the women and girls of India. This will enhance the women’s role in economic development.

Pradhan Mantri Janjatiya Unnat Gram Abhiyan

To improve the socioeconomic condition of tribal communities in India, the government will launch Pradhan Pradhan Mantri Janjatiya Unnat Gram Abhiyan. Under this Abhiyan village will be adopted by the government and saturation coverage will be given to tribal families in tribal-majority villages and aspirational districts. This will cover 63,000 villages benefitting 5 crore tribal people. 

Bank Branches in North-Eastern Region

To expand the banking services in the North East region set up of more than 100 branches of  India Post Payment Bank will be done.

Support for the Promotion of MSMEs

According to the Budget 2024 government has given special attention to the MSMEs( Ministry of Micro, Small & Medium Enterprises). The government has designed a package in which they have covered financing, regulatory changes and technology support for MSMEs. It will help MSMEs to grow and compete globally with the leader of this sector from another country.

Tax Slab

According to the new tax regime, the tax structure designed and revised by the government of India is as follows:

FAQs

Ques 1. What are the highlights of budget 2024?

Ans. There are many key highlights from the Budget 2024 but the Government of India has prioritised these 9 areas and they are as follows:

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

Ques 2. Which category accounts for the highest expenditure in the budget for 2024-25?

Ans. The highest expenditure in budget 2024-25 is done on defence which is 4,54,773 crore.

Ques 3. What are the schemes in the interim budget 2024?

Ans. There are different types of scheme proposed by the Government of India and they are:

• Scheme A: First Timers
• Scheme B: Job Creation in Manufacturing
• Scheme C: Support to employers 
• PM Surya Ghar Muft Bijli Yojana
• Pradhan Mantri Janjatiya Unnat Gram Abhiyan
• PM Awas Yojana Urban 2.0

Ques 4. What is the budget of rural development in 2024-25?

Ans. In Budget 2024-25 government has allocated Rs.2.66 lakh crore for rural development and rural infrastructure.