Highlights and Breakdown of Union Budget 2024-2025 – A Deep Dive into Major Priorities

Introduction to the Union Budget 2024-2025

  • Recently, the Union Budget 2024-2025 was presented in Parliament, marking the first general budget of the 18th Lok Sabha.
  • The Union Budget 2024-25 accentuates employment, skilling, support for MSMEs, and the middle class.
  • A staggering allocation of Rs 1.48 lakh crore is dedicated for education, employment, and skilling.
  • Other crucial allocations include Rs 1.52 lakh crore for agriculture and allied sectors, and Rs 2.66 lakh crore for rural development and infrastructure.

Focus Areas and Major Priorities

  • The Budget primarily zeroes in on four major demographics: 'Garib' (Poor), 'Mahilayen' (Women), 'Yuva' (Youth), and 'Annadata' (Farmers) .

Nine Dominant Priorities

Productivity and Resilience in Agriculture

  • -Introduction of 109 new high-yielding crop varieties.
  • -Support for natural farming, bio-input centres, and policies for self-sustainability.

Employment & Skilling

  • -Initiatives for skilling 20 lakh youth and upgrading 1,000 Industrial Training Institutes.
  • -Financial support for higher education, and skill-based loans.

Inclusive Human Resource Development & Social Justice

  • -Policy emphasis on marginalised groups, tribal communities, and women entrepreneurs.
  • -Launch of Pradhan Mantri Janjatiya Unnat Gram Abhiyan.

Manufacturing & Services

  • -Policies  advocating  for  MSMEs  and labour-intensive manufacturing.
  • -A proposal for the revision of Mudra loan limits and internships in top companies.

Urban Development

  • -Allocation of Rs 10 lakh crore for PM Awas Yojana Urban 2.0.
  • -Initiatives for water supply, sewage treatment, and solid waste management.

Energy Security

  • -PM Surya Ghar Muft Bijli Yojana for providing free electricity.
  • -Asserts the importance of nuclear energy in India's energy mix.

Infrastructure

  • -Rs 11,11,111 crore allocation for capital expenditure.
  • -Financial aid for disaster management projects in Assam, Himachal Pradesh, Uttarakhand, and Sikkim.

Innovation, Research & Development

  • -Establishment of Anusandhan National Research Fund with an allocation of Rs 1 lakh crore.
  • -Establishing a Rs 1,000 crore venture capital fund for expanding the space economy.

Next Generation Reforms

  • -Plans for an Economic Policy Framework, labour reforms, and simplification of FDI regulations.
  • -Introduction of Jan Vishwas Bill 2.0 to improve Ease of Doing Business.

Noteworthy Aspects of the Union Budget 2024-25

  • Direct Tax Reforms proposed a comprehensive review and simplification of direct and indirect tax regimes.
  • Budget Estimates 2024-25 dropped total receipts and expenditure figures standing at Rs 32.07 lakh crore and Rs 48.21 lakh crore, respectively.
  • The net tax receipts are estimated to be at Rs 25.83 lakh crore, and the fiscal deficit is estimated at 4.9% of GDP.
  • The gross and net market borrowings through dated securities are figured at Rs 14.01 lakh crore and Rs 11.63 lakh crore respectively.

 

With the focus on diverse sectors, the Union Budget 2024-2025 aims to foster a more inclusive and resilient economy, intending to privilege various groups, significantly dominants – the poor, women, the youth, and farmers.