Budget 2024

Union Budget 2024: Government Unveils Ambitious Plans to Boost Economy and Employment"

Union Budget 2024: Priorities, Initiatives, and Economic Impact

Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25, outlining the government's strategic focus on nine key priority areas aimed at fostering economic growth and social development. The budget, Sitharaman's seventh consecutive, emphasizes initiatives to address various sectors crucial to India's progress.

Among the major announcements, Sitharaman introduced five schemes targeting 4.1 crore youth over five years, with a substantial ₹2 lakh crore allocation. These initiatives include an internship scheme aimed at providing one crore youth opportunities in top companies, along with employment-linked incentives such as one month's wage support for first-time employees.

Significant support measures were also earmarked for Micro, Small, and Medium Enterprises (MSMEs), including credit guarantee schemes, term loans for machinery purchase, and technology support packages. The Mudra loan limit was increased from ₹10 lakh to ₹20 lakh to further empower small businesses.

Education and skilling received a boost with financial support for higher education loans up to ₹10 lakhs, and a renewed focus on demand-driven skilling initiatives to align workforce readiness with industry needs.

In the agricultural sector, the government pledged resources for research-based setups to enhance productivity and develop climate-resistant crops. This move is expected to benefit companies like Kaveri Seeds and Dhanuka Agritech, focusing on innovations in agriculture.

The budget also allocated substantial funds for rural development, with ₹2.66 lakh crore dedicated to upliftment initiatives. Additionally, special financial support of ₹15,000 crore was earmarked for Andhra Pradesh, while Bihar is set to receive new infrastructure developments including airports, medical facilities, and sports infrastructure.

Reflecting on economic targets, Defence Minister Rajnath Singh praised the budget's comprehensive approach towards achieving inclusive development and elevating India's growth trajectory. The aim is to propel India towards becoming a five trillion dollar economy by 2027 through bolstered sectors like infrastructure, agriculture, banking, energy, industry, research and development, MSMEs, and defence.

Home Minister Amit Shah echoed these sentiments, highlighting the budget's role in harnessing India's youth and women power, and bolstering employment opportunities across the nation.

Industry leaders and analysts welcomed the budget's focus on job creation and economic resilience.  TeamLease Degree Apprenticeship lauded the initiatives aimed at creating internship opportunities and integrating practical training into educational curricula, emphasizing their potential to bridge the gap between education and employment.

The fiscal framework for 2024-25 forecasts a fiscal deficit of 4.9% of GDP, with total receipts projected at ₹32.07 lakh crore and expenditures estimated at ₹48.21 lakh crore. The budget aims to stimulate demand, support growth, and lay the groundwork for sustainable economic recovery.

In conclusion, the Union Budget 2024 sets a robust agenda for economic revival and social empowerment, marking a pivotal step towards India's aspirations for inclusive and sustainable development in the coming years.