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.
Budget Speech 2024 LIVE Analysis: Prime Minister’s Package for Employment and Skilling
In her speech, Sitharaman announces the implementation of three new schemes under the Prime Minister’s package aimed at boosting employment and skilling. She states, “Our government will implement three schemes for employment-linked incentives. These schemes will be based on enrollment in the EPFO and will focus on recognizing first-time employees while offering support to both employees and employers.”
FM Announces Financial Support for Higher Education Loans
Sitharaman also introduces a significant financial initiative for education, saying, “We are providing financial support for loans up to ₹10 lakh for higher education.” This move aims to alleviate the financial burden on students pursuing advanced studies and make higher education more accessible.
The Finance Minister’s budget speech reveals a concerted effort to enhance employment opportunities and support education. The new employment schemes are designed to incentivize hiring and skill development, particularly for new entrants to the workforce. The financial support for higher education loans is expected to benefit many students by making quality education more affordable.
The budget underscores the government’s commitment to fostering economic growth through strategic initiatives in employment and education, setting the stage for a productive year ahead.
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.”
FM Emphasizes Focus on the Poor, Women, Youth, and Farmers
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.”
FM Announces Five Schemes Targeting 4.1 Crore Youth with ₹2 Lakh Crore Allocation
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.
FM Outlines Nine Priorities for Modi 3.0 Government
The Finance Minister outlines nine key priorities for the current year and beyond:
- Enhancing productivity and resilience in agriculture
- Promoting employment and skill development
- Advancing inclusive human resource development and social justice
- Boosting manufacturing and services
- Urban development
- Ensuring energy security
- Developing infrastructure
- Fostering innovation and research & development
- Implementing next-generation reforms
Nirmala Sitharaman on Agriculture
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.
