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Budget 2024 PDF
The presentation of the Union Budget 2024-25 by the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, marks a pivotal moment in shaping the economic landscape of the nation. This budget, designed to propel the vision of ‘Viksit Bharat,’ outlines a strategic roadmap encompassing nine key priorities aimed at fostering holistic growth and creating abundant opportunities for all segments of society.
One of the primary focal points highlighted by the Finance Minister is the imperative need for enhancing productivity and resilience in the agricultural sector. This emphasis underscores the government’s commitment to bolstering the agricultural economy, ensuring sustainable practices, and fortifying the livelihoods of farmers across the country. By prioritizing agricultural development, the budget aims to cultivate a robust foundation for food security and economic stability.
The budget underscores the critical importance of addressing the challenges related to employment and skilling initiatives. By emphasizing the promotion of employment opportunities and skill development programs, the government aims to empower individuals with the requisite expertise to thrive in a rapidly evolving job market. This strategic focus on enhancing employability and fostering skill acquisition is pivotal in driving economic growth and fostering a skilled workforce capable of meeting the demands of a dynamic global economy.
The budget underscores the significance of inclusive human resource development and social justice initiatives. By advocating for inclusive policies that cater to the diverse needs of society, the government aims to create a more equitable and just environment where every individual has access to opportunities for growth and development. This commitment to social justice underscores the government’s resolve to build a more inclusive society that upholds the principles of equality and fairness for all its citizens.
New Budget 2024 Highlights
- The Prime Minister’s Package of 5 Schemes and Initiatives represents a transformative endeavor aimed at fostering employment, skilling, and diverse opportunities for a substantial number of youth across the nation over a 5-year horizon. These schemes, meticulously designed to empower and uplift the youth demographic, stand as a testament to the government’s unwavering commitment to nurturing talent and fostering economic growth.
- Scheme A, aptly named “First Timers,” embodies a proactive approach to supporting first-time employees by offering a one-month salary incentive of up to `15,000 disbursed in three installments. This initiative, targeted at individuals registered in the EPFO, not only serves as a financial boost but also acts as a catalyst for encouraging young individuals to enter the workforce with confidence and enthusiasm.
- Scheme B, focusing on job creation in the manufacturing sector, introduces a compelling incentive structure designed to stimulate growth and innovation. By providing incentives directly tied to EPFO contributions for both employees and employers during the initial four years of employment, this scheme incentivizes sustained engagement and commitment within the manufacturing landscape, thereby fostering a conducive environment for economic expansion and industrial development.
- Scheme C underscores the government’s proactive stance in supporting employers by offering financial assistance in the form of reimbursement up to `3,000 per month for a duration of two years towards EPFO contributions for each additional employee. This strategic measure not only alleviates the financial burden on employers but also incentivizes the creation of new job opportunities, thereby bolstering workforce participation and economic resilience.
- The introduction of a new centrally sponsored initiative aimed at skilling 20 lakh youth over a 5-year period underscores the government’s emphasis on fostering a skilled workforce equipped to meet the demands of a rapidly evolving economy. By upgrading 1,000 Industrial Training Institutes in hub and spoke arrangements, this initiative lays the foundation for empowering youth with the necessary skills and expertise to succeed in a competitive job market.