23 Jul 2024

Comprehensive-Overview-of-Key-Features-of-Budget-2024-2025

Comprehensive-Overview-of-Key-Features-of-Budget-2024-2025

Comprehensive Overview of Key Features of Budget 2024-2025

The Budget 2024-2025, presented in July 2024, delineates a comprehensive roadmap for India's pursuit of 'Viksit Bharat'. This detailed article explores the major themes and highlights across various sectors, reflecting the government's commitment to inclusive development and economic growth.

Sector

Initiative

Details

Agriculture and Allied Activities

Vegetable Production & Supply Chain

Promotion of FPOs, cooperatives, and start-ups for better collection, storage, and marketing of vegetables.

 

Release of New Varieties

Introduction of 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops.

 

National Cooperation Policy

Systematic and orderly development of the cooperative sector.

 

Atmanirbharta in Oil Seeds

Emphasis on mustard, groundnut, sesame, soybean, and sunflower.

 

Transforming Agriculture Research

Focus on productivity and climate resilience through a comprehensive review.

 

Natural Farming

Initiation of one crore farmers into natural farming with certification and branding support.

 

Shrimp Production & Export

NABARD to facilitate financing for shrimp farming, processing, and export.

 

Digital Public Infrastructure (DPI)

Digital crop surveys in 400 districts and issuance of Kisan Credit Cards.

Employment and Skilling

Women Workforce Participation

Setting up working women hostels and crèches in collaboration with industry.

 

Wage Incentives

One-month wage in three installments up to ?15,000 for new entrants in formal sectors.

 

PM's Package for Employment

Three schemes providing EPFO contributions and reimbursements for new hires.

 

Skilling Programs

Training 20 lakh youth over five years with upgraded ITIs.

Inclusive Human Resource Development and Social Justice

Purvodaya

Economic development in Eastern states like Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.

 

Women's Welfare

Over ?3 lakh crore allocated for schemes benefiting women and girls.

 

Tribal Development

Improving socio-economic conditions of tribal communities in 63,000 villages.

 

North East Development

Setting up more than 100 branches of India Post Payment Bank.

 

Infrastructure Support

Financial support for the Polavaram Irrigation Project and other essential infrastructure in Andhra Pradesh.

Manufacturing and Services

Industrial Parks

Development of twelve industrial parks under the National Industrial Corridor Development Programme.

 

Internship Opportunities

Providing internships in 500 top companies for one crore youth.

 

Rental Housing

PPP mode rental housing with dormitory-type accommodation for industrial workers.

 

Credit Support

Credit Guarantee Scheme and enhanced Mudra Loans for MSMEs.

 

MSME Development

Units for food irradiation, quality, and safety testing.

Urban Development

Lower Stamp Duties

Encouraging states to lower stamp duties for properties purchased by women.

 

Street Markets

Developing 100 weekly 'haats' or street food hubs.

 

Transit-Oriented Development

Plans for 14 large cities.

 

Water Management

Promoting water supply, sewage treatment, and solid waste management in 100 large cities.

 

PM Awas Yojana Urban 2.0

Addressing housing needs of one crore urban poor and middle-class families.

Energy Security

Bharat Small Reactors

Development and R&D of small modular reactors.

 

Energy Audit

Investment grade energy audits in 60 clusters.

 

Pumped Storage Policy

Setting up an 800 MW commercial plant through NTPC and BHEL.

 

AUSC Thermal Power Plants

Promoting cleaner forms of energy for micro and small industries.

Infrastructure Development

PMGSY Phase IV

Providing all-weather connectivity to 25,000 rural habitations.

 

Flood Management

Financial support for projects in Himachal Pradesh, Assam, Sikkim, and Uttarakhand.

 

Anusandhan National Research Fund

Operationalizing funds for basic research and prototype development.

Innovation, Research & Development

Private Sector-Driven Innovation

Financing pool of ?1 lakh crore for private sector innovation.

 

Space Economy

Venture capital fund of ?1,000 crore for space-related projects.

Next Generation Reforms

Unique Land Parcel Identification Number

Digitization and mapping of land records.

 

Climate Finance Taxonomy

Enhancing capital availability for climate adaptation and mitigation.

 

NPS Vatsalya

Contribution plans for minors by parents and guardians.

 

New Pension Scheme

Addressing relevant issues with fiscal prudence.

Economic Indicators

Real GDP Growth

India grew at 8.2% in FY 2024.

 

Fiscal Management

Decreasing fiscal deficit as a percentage of GDP and improving current account deficit.

 

Tax Proposals

Simplification of taxes, litigation and appeal processes, and sector-specific customs duty adjustments.

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Article Compiled by:-

~Neel Lakhtariya & Mayank Garg

+91 9582627751

(LegalMantra.net Team)

Disclaimer: Every effort has been made to avoid errors or omissions in this material in spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition In no event the author shall be liable for any direct indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information Many sources have been considered including Newspapers, Journals, Bare Acts, Case Materials , Charted Secretary, Research Papers etc.