Finance Minister Nirmala Sitharaman will lay out the first budget of Narendra Modi’s third consecutive term on Tuesday July 23. In India, such a style of presenting the budget is used every five years. During this particular fiscal year, two budgets are provided; an interim budget in February conducted by the previous government and a full budget conducted by the new government. Earlier, Sitharaman had brought out the interim budget for the ongoing financial year, that is, 2024-25 on February one.
Key Announcements in the Union Budget for Youth and Development
The Union Budget has introduced five major schemes that are focusing on 4.1 crore youth would be trained in the next five years itself and a fund of Rs. 2 lakh crore would be spent for this purpose.
1. Internship Scheme: In the next 5 years, one crore youths will get placements in largest corporate companies in the form of internships.
2. Employment-linked Incentives: Among the measures to create employment the first-time employees will be given one months wage support as part of the incentives.
3. Support for MSMEs:
– An example is credit guarantee for purchases and term loans for machinery acquisition.
– An ideal technology support that can be given to the MSMEs.
– SIDBI will open 24 new branches for the MSME Cluster Development.
4. Mudra Loan Limit Increase: Mudra loan: Mudra sanction has enhanced the maximum loan amount to ₹20, 00,000 against ₹10, 00,000 earlier.
5. Higher Education Financial Support: Scholarships will be done for the amount up to ₹ 10 lakhs for higher education loans.
6.Rural Development: Provision for rural development at ₹2.66 lakh crore
7.Special Financial Support for Andhra Pradesh: Such a new provision of ₹15,000 crore.
8.Infrastructure Development in Bihar: New airports for Bihar include :Medical facilities to include :Sports facilities to include :
9.Inflation Control: Measures are being taken to nudge up inflation to the magic figure of 4 per cent.
10.Women’s and Girls’ Welfare: More than ₹3 lakh crore spent for the schemes for women and girls.