Budget 2024

1. Boosts productivity with support for natural farming and climate-resilient crops.
2. New schemes to aid 2.1 crore youth entering the workforce.
3. Major investments in urban housing, disaster management, and energy security.


New Delhi, July 23: The Budget 2024 focuses on enhancing agricultural productivity, skilling youth, and fostering inclusive development.

Key initiatives include support for natural farming, new skilling schemes, infrastructure upgrades, and energy security measures.

Major investments are planned for urban housing, MSMEs, and disaster management, strongly emphasising infrastructure and rural development.

The Union Budget 2024 outlines several key priorities:

Priority One in Budget -Productivity and Resilience in Agri

• Raising Productivity and Climate Resilient Varieties

• Thrust on Natural Farming: 2 crore farmers to be supported in the next 2 years(certificates)

• Vegetable Production: Large Scale Clusters

• DPI in Agri Infrastructure: Coverage of Farmers and their Land in three years. Digital Crop Survey in 400 districts this year only. Issuance of Jan Samarth-based certificates.

• Shrimp Brood Stocks. Shrimp Farming.

• National Co-operation Policy for Co-operative Sector.

Priority Two in Budget – Skilling

• First Timers Scheme – 1-month wage to all persons newly entering the workforce in all formal sectors will be provided by the government in 3 instalments. Direct benefit transfers to employees up to Rs 15,000 will be done. This will apply to those getting a salary up to Rs 1 lakh per month. 2.1 crore youth to be benefitted.

• Manufacturing Jobs Assistance- Incentive of specified scale directly to employee and employer in first 4 years of employment will be provided to employees entering manufacturing jobs. This will benefit 30 lakh youth and employers.

• Support to employers- Additional employment in all sectors within a salary of 1 lakh/month will be provided Rs 3,000 per month for 2 years to cover EPFO charges. This will incentivise additional employment of up to 50 lakh persons.

• 20 lakh youth will be skilled over 5 years.

• Education Loans: Financial Support up to 10 lakhs for higher education in domestic institutions. Annual Interest Subvention for 3 percent

Priority 3 -Inclusive Development

• Towards achieving saturation of Social Justice
• PM Vishwakarma, Swanidhi, NRLM.
• Purvodaya: A plan for all-round development for the eastern region of the country covering BR, JH, OD, and AP. This will cover human resource development.
• Amritsar-Kolkata Corridor. It will catalyze industrial development for the eastern region, particularly Gaya. Vikas Bhi Virasat Bhi
• Patna Purniya, Buxar Bhagalpur, Bodhygaya-Rajgir-Dharbhnaga Expressways to be Developed and Bridge over Ganga in Buxar at Rs.2600 crore.
• New Medical Colleges and Sports Infra in Bihar will be constructed.
• Multilateral Bank Support to Bihar.
• AP Reorganisation act: Recognizing the state’s need for capital financial support will be provided through multilateral agencies. Rs.15,000 crore will be arranged in future years.
• PMAY: 3 crore additional houses in rural and urban areas in the country
• Women Development: The budget carries an allocation more than Rs.3 lakh crore.
• PM Jan Jatiya Unnat Gram Abhiyan: Adopting saturation coverage in tribal families and aspirational districts.


Also Read: Budget 2024 Key Highlights: Will Nirmala Sitharaman Outline the Vision 2047 Roadmap?

Priority 4 in Budget Manufacturing and Services

• Will make MSME to compete globally
• Credit Guarantee for MSME.
• Build In House capability for MSMEs.
• Paradigm change in the New Credit assessment model for MSME for credit eligibility.
• SMA Accounts for MSME in Stress.
• MUDRA Loans: limit enhanced to 20 lakhs from 10 lakhs in the Tarun category.
• Converting trade receivables to cash: turnover brought down from Rs.500 to Rs.250 crore
• SIDBI branches in MSME Cluster: new branches to be opened in 3 years in MSME clusters over 3 years
• E-commerce export hubs: to enable traditional artisans and MSMEs to launch their products in international markets
• A scheme to provide internships in top 500 companies to 1 crore youth in 5 years. They will gain exposure to real-life business. Interns will be given Rs.5,000 per month along with one-time assistance of Rs.6,000.
• 12 industrial parks under the National Industrial Corridor Program will be Sanctioned.
• Rental housing for industrial workers will be facilitated in PPP Mode.
• Shipping: Ownership leasing and flagging reforms will be initiated.
• Critical Minerals Mission: The mandate will include tech development, a skilled workforce and a suitable financing mechanism.
• DPI Applications: Development of DPI applications.
• Integrated tech platform for IBC services: consistency, transparency and better oversight.
• Voluntary closure for LLPS.
• IBC has resolved more than 1, 000 companies- giving Rs.3.3 lakh crore to creditors
• Debt Recovery: Additional tribunals to be established

Priority 5 in Budget Urban Development

• Urban Housing: Urban 2.0. one crore houses for urban poor, allocation of ten lakh crore rupees.
• Enabling policies and regulations for transparent renting house markets
• Services for 100 large cities for urban development
• Street Markets: Svanidhi has transformed the lives of street vendors. Support for urban haats
• Stamp Duty: Encourage states to charge high stamp duty to moderate the rates for all. Slashing of duties for women

Priority – 6 Energy Security

• A policy document for energy pathways
• PM Suryaghar Muft Bijli Yojana: launched to install rooftop solar plants to enable one crore households to obtain free electricity for 300 units every month. Remarkable response from the public.
• Pump Storage Policy
• Newer tech for nuclear technology.
• Advanced ultra-supercritical thermal power plants. 800 MW plants will be set up.
• Dev of Indigenous capacity
• Support to micro and small industries.

Priority – 7 Infrastructure

• Strong fiscal support to Infra over the next 5 years
• This Year’s CAPEX allocation: Rs. Eleven Lakh Eleven Thousand One Hundred and Eleven Crore Rupees. 3.4 percent of GDP.
• Private Investment in INFRA: Have to be Promoted through VGF
• PMGSY 4.0 will be launched: 25,000 new rural habitations.
• Irrigation and Flood: Plans to build flood control structure through financial support of Rs.11,500 crore. Kosi-related flood mitigation will be taken
• ASSAM: Assistance to Assam for flood management.
• HP: assistance to the state for reconstruction ravaged with floods
• Uttarakhand: Assistance to states
• Sikkim: Assistance to state
• Tourism: Vishnupath temple at Gaya and Mahabodhi temple in Bodhgaya will be constructed like the Kashi Vishwanath corridor. Rajgir: preservation of hot springs. Development of NALANDA.
• Support for the development of Odisha’s temples, scenic beauties, natural landscapes and pristine beaches.