Key Features of the 2024-2025 Budget: A Roadmap to ‘Viksit Bharat’

Key Features of the 2024-2025 Budget:

The 2024-2025 budget is a comprehensive blueprint aimed at driving India toward the vision of ‘Viksit Bharat,’ a developed India. This budget introduces numerous initiatives and policy changes designed to boost various sectors of the economy, enhance social welfare, and promote sustainable development. Here’s an in-depth look at the key features and priorities outlined in this ambitious budget.

Budget Theme: ‘Viksit Bharat’

The overarching theme of this budget is the pursuit of a developed India. The budget focuses on four major groups:

1. Women (Mahilayen)
2. The Poor (Garib)
3. Youth (Yuva)
4. Farmers (Annadata)

These groups are central to the budget’s mission, ensuring that growth and development are inclusive and equitable.

Agriculture and Food Security

1. Vegetable Production & Supply Chain: The budget promotes Farmer Producer Organizations (FPOs), cooperatives, and startups to enhance the vegetable supply chain, focusing on collection, storage, and marketing.
2. Release of New Varieties: 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops will be introduced to support farmers.
3. National Cooperation Policy: This policy aims for the systematic and orderly development of the cooperative sector.
4. Atmanirbharta in Oil Seeds: Emphasis on self-reliance for oil seeds like mustard, groundnut, sesame, soybean, and sunflower.
5. Transforming Agriculture Research: A comprehensive review of the agriculture research setup to increase productivity and develop climate-resilient crops.

Employment and Skilling

1. Women in Workforce: Setting up working women hostels and establishing creches in collaboration with industry to facilitate higher participation of women in the workforce.
2. Incentives for New Entrants: One-month wage in three installments up to ₹15,000 for new entrants in all formal sectors, benefiting 210 lakh youth.
3. Skilling Programme: Skilling 20 lakh youth over five years, with 1,000 Industrial Training Institutes being upgraded.

Social Justice and Human Resource Development

1. Purvodaya: Vikas bhi Virasat bhi: Economic opportunities for Eastern states like Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
2. Tribal Development: The Pradhan Mantri Janjatiya Unnat Gram Abhiyan will improve the socio-economic condition of tribal communities, covering 63,000 villages and benefiting 5 crore tribal people.
3. Infrastructure Development in North-East: Over 100 branches of India Post Payment Bank will be set up in the North-East region.

Manufacturing and Services

1. Industrial Parks: Twelve industrial parks under the National Industrial Corridor Development Programme.
2. Internship Opportunities: Providing internships in 500 top companies to 1 crore youth over five years, with allowances and assistance through CSR funds.
3. Rental Housing: Developing rental housing with dormitory-type accommodations for industrial workers in PPP mode with VGF support.

MSMEs Support

1. Credit Support: Enhanced credit support during stress periods, with a new assessment model for MSME credit.
2. Mudra Loans: Increasing the limit for Mudra Loans under the ‘Tarun’ category from ₹10 lakh to ₹20 lakh.

Urban Development and Housing

1. Street Markets and Transit-Oriented Development: Developing 100 weekly ‘haats’ or street food hubs in select cities and transit-oriented development plans for 14 large cities.
2. PM Awas Yojana Urban 2.0: Addressing the housing needs of 1 crore urban poor and middle-class families with an investment of ₹10 lakh crore.

Energy and Infrastructure

1. Small Modular Reactors: Setting up Bharat Small Reactors and R&D for new nuclear energy technologies.
2. Pumped Storage Policy: Establishing a joint venture between NTPC and BHEL to set up an 800 MW commercial plant.
3. Infrastructure Investments: Provision of ₹11,11,111 crore for infrastructure development, including rural connectivity, flood mitigation, and irrigation projects.

Innovation, Research, and Development

1. Anusandhan National Research Fund: Operationalizing this fund for basic research and prototype development.
2. Space Economy: Establishing a venture capital fund of ₹1,000 crore to support space economy initiatives.

Tax Reforms and Proposals

1. Simplification in Taxes: Comprehensive review of the Income Tax Act 1961 and sector-specific customs duty proposals to ease trade and reduce disputes.
2. Direct Tax Proposals: Reducing compliance burden, promoting entrepreneurial spirit, and providing tax relief to citizens. This includes the abolition of ANGEL tax for investors and a simpler tax regime for the domestic cruise industry.

Conclusion

The 2024-2025 budget lays down a robust roadmap for achieving ‘Viksit Bharat.’ By focusing on agriculture, employment, social justice, manufacturing, MSMEs, urban development, energy, infrastructure, and innovation, the budget aims to foster sustainable economic growth and ensure that the benefits of development reach all sections of society. This comprehensive and inclusive approach is poised to drive India towards a prosperous and developed future.

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