Nirmala Sitharaman
Finance Minister Nirmala Sitharaman presents the Union Budget 2024-25 today, following the release of the Economic Survey. The budget is unveiled in Parliament at 11 a.m., marking the first budget of Prime Minister Narendra Modi’s third term.
In her address, Sitharaman acknowledges the people’s trust in the Modi-led government, stating, “I present the budget for 2024-2025. The people of India have reposed their faith in the government led by PM Shri Narendra Modi, who has been re-elected for a historic third term. We are grateful for the support, their faith, and trust in our policies. We are determined to ensure that all Indians, regardless of religion, caste, race, or age, make substantial progress.”
In her Budget Speech 2024, Sitharaman highlights the government’s commitment to four key groups: the poor, women, youth, and farmers. She announces, “As mentioned in the interim Budget, we need to focus on the poor, women, youth, and farmers. For farmers, we announced higher Minimum Support Prices (MSPs) a month ago for all major crops, fulfilling our promise. Additionally, the PM Garib Kalyan Anna Yojana has been extended for five years, benefiting over 80 crore people. Administrative actions for the approval and implementation of various schemes announced in the interim budget are progressing well.”
Sitharaman reveals five new schemes designed to support 4.1 crore youth over the next five years, with a central allocation of ₹2 lakh crore.
The Finance Minister outlines nine key priorities for the current year and beyond:
Sitharaman discusses plans for agricultural research, stating, “Agricultural research will be transformed to focus on raising productivity and climate-resilient varieties. We will undertake a comprehensive review of the farm research setup to develop climate-resilient crop varieties.” She further announces, “New 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers. In the next 2 years, 1 crore farmers will be introduced to natural farming, supported by certification and branding.”
With this budget, the government aims to address key issues, provide targeted support, and set a robust agenda for growth and development.
Nirmala Sitharaman announced employment-linked skilling through schemes as part of the PM’s package. She said, “These schemes will be based on enrolment in the EPFO, focusing on recognizing first-time employees. First-timers will receive one month’s wage upon entering the workforce in all formal sectors. A direct benefit transfer (DBT) of one month’s salary, up to ₹15,000, will be provided in three instalments. The eligibility limit for this benefit will be a salary of ₹1 lakh per month, and it is expected to benefit 2.1 lakh youths.”
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