UNION BUDGET 2024-25 FOCUSES ON JOBS, MSMES, AGRICULTURE SECTOR AND STARTUPS

Finance Minister Nirmala Sitharaman outlined a robust plan focusing on jobs, MSME, agriculture sector, startups, and economic growth amid global uncertainties while presenting Union Budget 2024-25 on Tuesday.

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According to a press release by the Ministry of Finance, India’s inflation remains low and stable, progressing towards the 4 per cent target, with core inflation (excluding food and fuel) at 3.1 per cent. Measures are being taken to ensure adequate market supply of perishable goods.

Sitharaman emphasized the interim budget’s focus on four key groups: the poor (Garib), women (Mahilayen), youth (Yuva), and farmers (Annadata).

Sitharaman unveiled the Prime Minister’s package, which includes five schemes aimed at providing employment, skills, and opportunities for 41 million youth over the next five years, with a central allocation of Rs 2 lakh crore.

This year, Rs 1.48 lakh crore is earmarked for education, employment, and skill development.

For the ‘Viksit Bharat’ vision, the budget outlines nine priorities to foster opportunities for all: enhancing productivity and resilience in agriculture, creating employment and skill development opportunities, promoting inclusive human resource development and social justice, boosting manufacturing and services, advancing urban development, ensuring energy security, improving infrastructure, supporting innovation, research, and development and implementing next-generation reforms, stated the press release.

The budget will support farmers with the release of 109 high-yielding, climateresilient crop varieties. Over the next two years, 10 million farmers will be introduced to natural farming, with support for certification and branding. Additionally, 10,000 bioinput resource centres will be established.

To achieve self-sufficiency in pulses and oilseeds, the government will enhance production, storage, and marketing, focusing on crops like mustard, groundnut, sesame, soybean, and sunflower.

The implementation of Digital Public Infrastructure (DPI) in agriculture will be facilitated to cover farmers and their lands within three years.