The approval limit at the departmental minister level will be increased from ₹10 crore to ₹50 crore. Projects costing ₹50–150 crore will be approved by the Finance Minister, and those above ₹150 crore will require the Chief Minister’s approval.
The Economic Survey admits that the employment situation is serious. To meet the backlog of employment and ensure development, employment generation of 80 lakh per annum is necessary up to 2030. Before going into further detail, let us see the budget proposals on job creation.
Mr Gandhi said his expectation was this Budget would favour farmers, youth, labour and small businesses, but this was nowhere evident. He said the Budget “Halwa” ceremony picture had no Dalits or backwards and this also proved the Budget’s sweetness was meant for just a few.
Dravida Munnetra Kazhagam (DMK) on Saturday held protests across Tamil Nadu against the Centre, alleging that the state was neglected in the Union Budget 2024.
Speaking about major themes, he said unemployment is the biggest challenge. The Centre for Monitoring Indian Economy (CMEI) estimated the all India unemployment rate in June 2024 at 9.2 per cent. It may have come down, but a wrong picture has been projected.
Finance Minister Nirmala Sitharaman proposed that the short term gains on certain financial assets shall attract a tax rate of 20%, while that on all other financial assets and all non-financial assets shall continue to attract the applicable tax rate.
According to the MSME Department, about 22 lakh new entrepreneurs will be created only through this scheme.
He said that the budget appears discriminatory towards states, with the Finance Minister ignoring a majority of them, including Kerala.
The CM said that this budget presented with 9 priorities including agriculture, employment, social justice, innovation, energy, security, infrastructure will pave the way for becoming India the third biggest economy, from the present fifth place in the world.
The Lt Governor said the Budget-2024 will intensify economic growth, facilitate far-reaching reforms for 'Viksit Bharat’ and increase the 'Ease of Doing' Business' and the 'Ease of Living'.
