Union Finance Minister Nirmala Sitharaman presented the Union Budget 2024 on Tuesday. He highlighted four key points of the first budget under the Modi 3.0 government. They are ‘Kareeb’ (poor), ‘Yua’ (young man), ‘Annatada’ (farmer) and ‘Nari’ (women).
Here are the important features required for UPSC Syllabus.
Agriculture
- 1.52 lakh crore has been earmarked for agriculture and allied sectors in the Union Budget 2023-24.
- 109 new high yielding and climate resilient varieties of 32 field and horticultural crops will be introduced to the farmers.
- In the next two years, 1 crore farmers across the country will engage in organic farming. The government will set up 10,000 demand-based bioinput research centers.
- The government in collaboration with the states will help implement the DPI in three years. Government will implement Jan Samarth based Kisan Credit Cards in five states.
Employability and skills
- The government announced Rs 1.48 lakh crore for education, employment and skills. It will introduce five schemes to provide employment and benefits to 4.1 crore youth at a cost of Rs 2 lakh crore.
- Three new employee linked incentive schemes will be launched.
The scheme will support the direct benefit transfer of one month’s salary for the first time, which is expected to benefit 210 lakh youth. - The government will provide Rs 10 lakh education loan to students pursuing higher education in domestic educational institutions.
- The government announced measures to facilitate greater participation of women in the workforce, such as working women’s hostels and childcare facilities.
Human resource development and social justice
A plan for all-round development of the eastern part of the country covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh. This will include human resource development, infrastructure and economic opportunity creation, making the region an engine for achieving Vixit Bharat.
The Amritsar-Kolkata Industrial Corridor will support the development of an industrial hub at Gaya
Andhra Pradesh Reorganization Act
15,000 crore in the current financial year and provision will be made for an additional amount in the future. Funding will be provided for speedy completion of Polavaram Irrigation Project.
Manufacturing and Services
MSME
Lowering the turnover limit of buyers on the TREDS platform from Rs 500 crore to Rs 250 crore.
Street markets
The success of the Pradhan Mantri Swanidhi scheme has changed the lives of street vendors. The government plans to help establish 100 weekly caps or street food centers over the next five years.
stamp duty
States will be encouraged to charge higher stamp duty for all, as well as lower rates on properties bought by women. It will be an important component in urban development plans.
New Pension Scheme (NPS)
The Committee on NPS Review has made considerable progress in its work. A solution will be developed to address issues related to maintaining financial prudence to protect the common citizen.
