Budget 2024: Major Moves for Youth Empowerment and Growth

The Union Budget for 2024-25 was presented by Union Finance Minister Nirmala Sitharaman today, revealing a detailed plan aimed at bolstering employment, enhancing skilling programs, and promoting economic growth. The budget centers on empowering the youth, boosting agricultural productivity, and advancing industrial development.

Summary of the Union Budget 2024-2025

🔰India’s inflation continues to be low, stable and moving towards the 4% target

🔰PM’s package of 5 schemes and initiatives with an outlay of ₹2 lakh crore to facilitate employment, skilling and other opportunities for 4.1 crore youth in… pic.twitter.com/R3pvXrQ9qe

— PIB India (@PIB_India) July 23, 2024

Let's have a look at key highlights from the budget:

Finance Minister Smt. Nirmala Sitharaman outlined the budget's core focus areas: employment, skilling, MSMEs, and support for the middle class. The Prime Minister’s new package includes five schemes designed to offer employment and skilling opportunities to 4.1 crore youth over the next five years, with a total investment of Rs 2 lakh crore. For this fiscal year alone, Rs 1.48 lakh crore has been allocated to education, employment, and skilling initiatives.

Prime Minister’s package worth ₹2 lakh crore central outlay announced

The package aims to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period

🔰Three schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s… pic.twitter.com/TQt5YreR4Q

— PIB India (@PIB_India) July 23, 2024

Nine Strategic Priorities for Development

The budget identifies nine strategic priorities for achieving national development goals:

1. Enhancing Agricultural Productivity
2. Expanding Employment and Skilling Programs
3. Promoting Inclusive Human Resource Development and Social Justice
4. Strengthening Manufacturing and Services Sectors
5. Advancing Urban Development
6. Securing Energy Resources
7. Investing in Infrastructure
8. Fostering Innovation and Research
9. Implementing Next Generation Reforms

Youth Empowerment Initiatives

A standout feature of the budget is the Rs 2 lakh crore package dedicated to youth empowerment. This initiative will support employment and skilling programs for 4.1 crore youth over five years. Additionally, a new scheme will create internship opportunities at 500 leading companies for 1 crore youth during the same period.

Agricultural Advances

The budget introduces 109 new high-yielding and climate-resilient crop varieties. Aiming to modernize farming practices, 1 crore farmers will be trained in natural farming techniques over the next two years. The agriculture sector will receive a substantial boost with a Rs 1.52 lakh crore allocation.

Industrial and Regional Development Plans

The budget includes plans to upgrade 1,000 industrial training institutes and significantly expand the space economy with a Rs 1,000 crore venture capital fund. The Purvodaya initiative will focus on the development of the eastern region, including states like Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.

Women and Rural Development

More than Rs 3 lakh crore is allocated to schemes benefiting women and girls. Rural development will receive Rs 2.66 lakh crore, covering rural infrastructure improvements. The Phase IV expansion of the Pradhan Mantri Gram Sadak Yojana (PMGSY) will enhance connectivity to 25,000 rural areas.

Housing and Tax Relief

PM Awas Yojana Urban 2.0 will address housing needs for 1 crore urban poor and middle-class families, with a Rs 10 lakh crore investment. Tax relief for 4 crore salaried individuals and pensioners includes an increase in the standard deduction from Rs 50,000 to Rs 75,000.

Custom Duty Adjustments

The budget reduces custom duties on X-ray panels, mobile phones, and PCBAs to 15%. Duties on precious metals like gold and silver are also reduced to 6%, making these items more affordable.

The Union Budget for 2024-25 focuses on critical areas such as employment, agriculture, and industrial advancement. With substantial funding and new initiatives, the government aims to drive economic development, enhance agricultural practices, and support various social and infrastructural needs.

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