19/08/2024
of Major Data Points from India's Budget 2024-2025
Budget Theme
1. Roadmap for the pursuit of 'Viksit Bharat'
2. Focus on Women ('Mahilayen'), Poor ('Garib'), Youth ('Yuva'), and Farmers ('Annadata')
Agriculture
1. Vegetable Production & Supply Chain:
- Promotion of FPOs, cooperatives, and start-ups for vegetable supply chains.
2. New Varieties:
- Release of 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops.
3. National Cooperation Policy:
- Systematic development of the cooperative sector.
4. Atmanirbharta:
- Focus on oil seeds like mustard, groundnut, sesame, soybean, and sunflower.
5. Natural Farming:
- 1 crore farmers initiated into natural farming, supported by certification and branding.
6. Shrimp Production & Export:
- Financing for shrimp farming, processing, and export facilitated through NABARD.
7. Digital Public Infrastructure (DPI):
- DPI for farmers and their lands within 3 years, including a digital crop survey in 400 districts and issuance of Jan Samarth based Kisan Credit Cards.
Employment & Skilling
1. Women in Workforce:
- Establishment of working women hostels and creches in collaboration with industry.
2. PM’s Package:
- Multiple schemes for employment-linked incentives, including wage subsidies and EPFO contributions.
3. Skilling Programme:
- Skilling 20 lakh youth over 5 years, upgrading 1,000 Industrial Training Institutes.
Inclusive Human Resource Development & Social Justice
1. Purvodaya:
- Development plans for states in the Eastern region.
2. Women & Girls:
- Allocation of over ₹3 lakh crore for schemes benefitting women and girls.
3. Pradhan Mantri Janjatiya Unnat Gram Abhiyan:
- Socio-economic improvement for tribal communities covering 63,000 villages.
4. Andhra Pradesh Reorganization Act:
- Financial support of ₹15,000 crores and completion of Polavaram Irrigation Project.
Manufacturing & Services
1. Industrial Parks:
- Development of twelve industrial parks.
2. Internship Opportunities:
- Internship schemes for 1 crore youth with allowances.
3. MSME Credit Support:
- Enhanced scope for mandatory onboarding in TReDS and new MSME credit assessment models.
Urban Development
1. Stamp Duty Reduction:
- Encouraging states to lower stamp duties for properties purchased by women.
2. Weekly Markets:
- Development of 100 weekly 'haats' or street food hubs in select cities.
3. Transit Oriented Development:
- Plans for 14 large cities with a population above 30 lakh.
4. Water Management:
- Promotion of water supply, sewage treatment, and solid waste management projects for 100 large cities.
5. PM Awas Yojana Urban 2.0:
- Investment of ₹10 lakh crore for housing needs of urban poor and middle-class families.
Energy
1. Bharat Small Reactors:
- R&D for Bharat Small Modular Reactors and nuclear energy technologies.
2. Pumped Storage Policy:
- Setting up an 800 MW commercial plant by NTPC and BHEL.
3. Renewable Energy:
- Financial support for micro and small industries shifting to cleaner energy forms.
Infrastructure
1. Investment in Infrastructure:
- Provision of ₹11,11,111 crore (3.4% of GDP).
2. Irrigation and Flood Mitigation:
- Financial support for projects like the Kosi-Mechi intra-state link.
Innovation, Research & Development
1. Anusandhan National Research Fund:
- Operationalization for basic research and prototype development.
2. Space Economy:
- A ₹1,000 crore venture capital fund.
Next Generation Reforms
1. Unique Land Parcel Identification Number (Bhu-Aadhaar):
- Comprehensive land digitization and registry.
2. Climate Finance:
- Enhanced capital availability for climate adaptation and mitigation investments.
3. Foreign Direct Investment (FDI) Simplification:
- Promotion of FDIs and use of Indian Rupee for overseas investments.
Tax Proposals
1. Direct Tax Proposals:
- Simplified new tax regime, enhanced standard deduction, and rationalization of capital gains tax.
2. Customs Duty Changes:
- Reduction in duties for sectors like mobile manufacturing, gold and silver, shrimp and fish feed, and solar cells.
3. Sector-Specific Customs Duty:
- Comprehensive review for ease of trade and reduction of disputes.
Financial Overview
1. Revenue and Expenditure:
- Revenue Receipts: ₹26.3 lakh crore (2023-24 BE) to ₹31.3 lakh crore (2024-25 BE)
- Revenue Expenditure: ₹34.5 lakh crore (2023-24 BE) to ₹37.1 lakh crore (2024-25 BE)
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