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.
Government to Launch Internship Scheme for One Crore Youth
In a major announcement, Sitharaman reveals a new scheme designed to offer internships at top companies to one crore youth over the next five years. This initiative aims to provide valuable work experience and enhance employability for young people across the country.
Credit Guarantee Schemes for MSMEs in Manufacturing
Sitharaman introduces a new credit guarantee scheme to support Micro, Small, and Medium Enterprises (MSMEs) in the manufacturing sector. She explains, “To facilitate term loans for MSMEs for the purchase of machinery and equipment without requiring collateral or guarantees, a new scheme will be introduced. This guarantee fund will offer guarantees of up to ₹100 crore.”
₹2.66 Lakh Crore Allocated for Rural Development
The Finance Minister announces a significant allocation of ₹2.66 lakh crore for rural development. This funding is intended to improve infrastructure and support various development projects in rural areas, enhancing living standards and economic opportunities.
The budget outlines key initiatives to drive growth, support MSMEs, and improve rural infrastructure, setting a forward-looking agenda for India’s economic development.