Quick And Easy Guide To The Key Highlights of the Union Budget: Fostering Tradition And Tradition

News Mania Desk/Agnibeena Ghosh/24th July 2024

The Union Budget outlines several crucial initiatives aimed at ensuring India’s economic stability, empowering farmers, boosting employment, and promoting inclusive development. Here are the main points from the budget’s key areas:

1. India’s Economic Stability Amid Global Uncertainties

• Global Economic Climate: Despite global challenges, India continues to experience robust economic growth.
• Economic Stability: Factors such as prudent fiscal policies and targeted government measures have contributed to maintaining low and stable inflation rates.
• Future Outlook: The government’s strategic approach is expected to sustain economic growth and stability in the coming years.

2. Empowering Farmers: Government Initiatives for Agricultural Resilience

• Agricultural Importance: Recognizing the vital role of agriculture, the government is investing in comprehensive agricultural research.
• New Crop Varieties: Introduction of high-yielding and climate-resilient crop varieties to enhance productivity.
• Natural Farming: Promotion of natural farming techniques and bio-input resources.
• Self-Sufficiency: Strategies to achieve self-sufficiency in pulses and oilseeds.
• Vegetable Production: Development of vegetable production clusters to boost output.
• Digital Infrastructure: Implementation of digital public infrastructure for agriculture.
• Financial Support: Financial aid for shrimp farming and exports.
• Rural Economy: National Cooperation Policy aimed at fostering rural economic growth.

3. Boosting Employment and Skilling: New Government Schemes

• Employment Initiatives: Three new employment-linked incentive schemes to enhance job creation.
  • Scheme A: One-month wage subsidy for first-time employees.
  • Scheme B: Job creation incentives in the manufacturing sector.
  • Scheme C: Support for employers creating additional employment.
• Women’s Workforce: Initiatives to increase women’s participation in the workforce.
• Skilling Programs: Introduction of a new centrally sponsored skilling program and loans for higher education.

4. Inclusive Human Resource Development and Social Justice

• Development Commitment: A comprehensive approach to social justice and economic activities for artisans, SHGs, and marginalized communities.
• Eastern Region Development: Purvodaya plan for developing the Eastern region.
• Infrastructure Projects: Support for industrial and infrastructure projects in Bihar and Andhra Pradesh.
• Housing and Women-Led Development: Allocation for PM Awas Yojana and initiatives for women-led development.
• Tribal Development: Pradhan Mantri Janjatiya Unnat Gram Abhiyan for tribal communities.

5. Revitalizing Manufacturing and Services Sectors

• MSME Focus: Special measures for MSMEs, including credit guarantees and new credit assessment models.
• Credit Support: Mechanisms to provide credit during stress periods and enhanced Mudra loan limits.
• E-Commerce: Establishment of E-Commerce Export Hubs and financial support for food irradiation and safety testing.
• Youth Opportunities: Internship opportunities in top companies and investment-ready industrial parks.

6. Transforming Urban Development in India

• Urbanization Significance: Framework for creative brownfield redevelopment and transit-oriented development plans.
• Urban Housing: Initiatives under PM Awas Yojana Urban 2.0, along with water supply and sanitation projects.
• Street Markets: Support for street markets and food hubs.
• Stamp Duty: Encouragement for states to moderate stamp duty.

7. Ensuring Energy Security for a Sustainable Future

• Energy Transition: Policy document on energy transition pathways and the PM Surya Ghar Muft Bijli Yojana for free rooftop solar electricity.
• Electricity Storage: Promotion of pumped storage projects and partnerships for small and modular nuclear reactors.
• Clean Energy: Roadmap for emission targets in hard-to-abate industries and support for traditional industries to adopt cleaner energy.

8. Building Robust Infrastructure for India’s Growth

• Infrastructure Investment: Central government investments and encouragement for state-level and private sector investments.
• Rural Connectivity: Launch of PMGSY Phase IV for rural connectivity.
• Flood Mitigation: Irrigation and flood mitigation projects in several states, along with tourism development initiatives.

9. Fostering Innovation, Research, and Development

• Innovation Role: Operationalization of the Anusandhan National Research Fund and mechanisms for private sector-driven research.
• Space Economy: Expansion of India’s space economy, emphasizing innovation as a driver for future growth.

10. Implementing Next Generation Reforms for Sustainable Development

• Economic Reforms: Formulation of an Economic Policy Framework focusing on productivity and market efficiency.
• Land and Labour Reforms: Comprehensive land-related and labour-related reforms.
• Financial Sector: Vision and strategy for future growth, climate finance taxonomy, and simplification of FDI regulations.
• Digitalization and Ease of Doing Business: Technological advancements and initiatives to improve ease of doing business.

The Union Budget’s extensive measures aim to strengthen various sectors, ensuring sustainable development and economic resilience for India.