Finance Minister Nirmala Sitharaman on Tuesday presented Union Budget 2024-25 in Lok Sabha, focusing on bolstering agriculture, enhancing youth employment, accelerating infrastructure development, and empowering states with special financial support.
In her budget speech, Sitharaman announced Rs 1.52 lakh crore for agriculture and allied sectors along with the introduction of 109 high-yielding crop varieties and initiatives to promote natural farming among one crore farmers.
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She also allocated Rs 2 lakh crore over five years for youth employment, education, and skilling, with a dedicated internship scheme for youths in top 500 companies.
The budget also prioritized infrastructure projects across Bihar, including new roadways and a substantial investment in power generation. Furthermore, the finance minister also announced a special financial package of Rs 15,000 crore for Andhra Pradesh, a key demand from coalition partner N Chandrababu Naidu.
Below are the major announcements of Union Budget 2024-25
Agriculture sector
Sitharaman announced a substantial allocation of Rs 1.52 lakh crore for agriculture and allied sectors, emphasizing the government’s commitment to bolstering rural livelihoods.
Highlighting agricultural innovation, she introduced 109 high-yielding and climate-resilient crop varieties, aiming to enhance productivity and sustainability.
Over the next two years, the minister said one crore farmers will be initiated into natural farming practices, supported by certification and branding initiatives, to promote organic cultivation methods nationwide.
Youth employment and skill development
Sitharaman unveiled a comprehensive prime minister’s package with an outlay of Rs 2 lakh crore over five years, dedicated to employment generation, skill development, and fostering opportunities for 4.1 crore youth.
For the current fiscal year, Rs 1.48 lakh crore has been earmarked to empower the youth through education and skill enhancement programs.
Additionally, the government will launch a scheme offering internship opportunities to one crore youth in top companies, providing financial support through a monthly stipend and one-time assistance, aimed at enhancing employability and practical skills acquisition.
“The government will launch a scheme to provide internship opportunities to one crore youth in 500 top companies with Rs 5,000 per month as internship allowance and one-time assistance of Rs 6,000,” she said.
Infrastructure development
Turning to infrastructure, Sitharaman underscored strategic projects aimed at enhancing connectivity and industrial growth. She announced the development of an industrial node at Gaya in Bihar under the Amritsar-Kolkata corridor, alongside major road connectivity initiatives like the Patna-Purnea Expressway, Buxar-Bhagalpur Highway, and the Bodhgaya-Rajgir-Vaishali-Darbhanga route.
Notably, Rs 26,000 crore has been allocated for the construction of a new two-lane bridge over the Ganga in Buxar, reflecting the government’s commitment to improving transport infrastructure.
Special Financial Support for States
Addressing demands of key coalition partner and Andhra Pradesh CM Chandrababu Naidu, Sitharaman announced a special financial support amounting to Rs 15,000 crore will be facilitated through multilateral agencies, with additional allocations planned for future years.
She emphasized the government’s dedication to advancing projects critical to Andhra Pradesh’s growth, including the Polavaram irrigation project, essential for enhancing agricultural productivity and supporting local farmers.
MSMEs
In a bid to bolster growth in MSME sector, Sitharaman announced the introduction of a credit guarantee scheme aimed at facilitating term loans, thereby mitigating credit risks for small and medium enterprises.
Under the scheme, a self-financing guarantee fund will provide coverage of up to Rs 100 crore per applicant, enabling larger loan amounts and fostering entrepreneurial growth.
Women Empowerment and Education
Sitharaman reiterated the government’s commitment to gender equality and women’s empowerment through initiatives such as the establishment of working women hostels and the promotion of higher workforce participation.
She announced the National Cooperation Policy aimed at comprehensive development and pledged financial support for higher education loans up to Rs 10 lakh in domestic institutions, underscoring the government’s vision for inclusive growth and socio-economic empowerment.
