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.
₹2.2 Lakh Crore to Enhance Urban Housing Affordability
Sitharaman announces a substantial ₹2.2 lakh crore initiative aimed at making urban housing more affordable. This funding is intended to support various measures and projects designed to ease housing costs in urban areas.
Sidbi to Expand with 24 New Branches
In a bid to better support Micro, Small, and Medium Enterprises (MSMEs), Sitharaman reveals that SIDBI will open 24 new branches. These branches will focus on serving MSME clusters, enhancing accessibility to financial services for small businesses.
New Internship Scheme for One Crore Youth
The Finance Minister introduces a new scheme to offer internships at top companies to one crore youth over the next five years. This initiative will provide an internship allowance of ₹5,000 per month and a one-time assistance of ₹6,000, aiming to improve employability and provide valuable work experience.
Credit Guarantee Scheme for MSMEs in Manufacturing
Sitharaman details a new credit guarantee scheme for MSMEs in the manufacturing sector. The scheme will facilitate term loans for machinery and equipment purchases without requiring collateral. A guarantee fund will offer cover up to ₹100 crore for eligible MSMEs.
₹2.66 Lakh Crore for Rural Development
The Finance Minister announces an allocation of ₹2.66 lakh crore for rural development, focusing on infrastructure improvements and enhancing quality of life in rural areas.
Additional Announcements
- Power Projects: Sitharaman outlines plans for power infrastructure, including a new 2400 MW power plant at Pirpainti, with an investment of ₹21,400 crore.
- Bihar Development: New infrastructure projects in Bihar will include power plants, airports, medical colleges, and sports facilities, with expedited assistance from multilateral development banks.
- Andhra Pradesh Support: Financial support of ₹15,000 crore for Andhra Pradesh will be arranged through multilateral agencies to meet the state’s capital needs, with a focus on completing the Polavaram irrigation project.
The budget presents a comprehensive framework for enhancing housing affordability, supporting MSMEs, improving rural and urban infrastructure, and advancing employment opportunities for youth.