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.
Nirmala Sitharaman on India’s Economic Growth
In her address, Sitharaman praises India’s economic performance, stating, “India’s economic growth continues to be the shining exception and will remain so in the years ahead. India’s inflation remains low and stable, moving towards the 4% target. I am pleased to announce the Prime Minister’s package of five schemes and initiatives designed to facilitate employment, skilling, and other opportunities for 4.1 crore youth over the next five years, with a central allocation of ₹2 lakh crores. For this year, we have allocated ₹1.48 lakh crores for education, employment, and skilling.”
FM’s Announcement on Increasing Women’s Workforce Participation
Sitharaman highlights plans to enhance women’s participation in the workforce, stating, “Increasing the participation of women in the workforce will be a priority. We will set up hostels and create partnerships to organize women-specific skilling programs.”
FM’s Employment Push Praised
Budget Speech 2024 LIVE Analysis: Milan Mody, Managing Partner at N.A. Shah Advisors, comments, “The budget proposes significant benefits for new and additional employment to drive growth. Three new schemes are announced, including one providing up to ₹15,000 for first-time employees with a salary up to ₹1 lakh. This benefit will be disbursed in three installments.”
FM Announces Financial Support for Higher Education Loans
Sitharaman also introduces a financial support scheme for education, saying, “We are providing financial support for loans up to ₹10 lakh for higher education.”
FM on Andhra Pradesh Reorganisation Act and Infrastructure Developments
Sitharaman addresses regional needs, stating, “Our government has made efforts to fulfill the commitments of the Andhra Pradesh Reorganisation Act. To support the state’s capital needs, we will facilitate special financial support through multilateral agencies. This fiscal year, ₹15,000 crore will be arranged, with additional amounts in future years.”
She also outlines plans for infrastructure development: “On the Amritsar-Kolkata industrial corridor, we will support the development of an industrial node at Gaya in Bihar to boost the eastern region’s growth. We will also fund road connectivity projects, including the Patna-Purnea expressway, Buxar-Bhagalpur highway, Bodhgaya-Rajgir-Vaishali-Darbhanga route, and an additional two-lane bridge over the Ganga River in Buxar, totaling ₹26,000 crores.”
Direct Benefit Transfer for First-Time Employees
Sitharaman further elaborates on the employment scheme: “One month’s wage will be provided to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month’s salary in three installments to first-time employees registered with the EPFO will be up to ₹15,000, with an eligibility limit of a salary of ₹1 lakh per month. This scheme will benefit 210 lakh youth.”
The budget sets a comprehensive agenda for economic growth, employment, and infrastructure development, aiming to foster a robust and inclusive economy.