9 Priorities of Union Budget 2024-25

The budget for the union of Bharat is an expansion of the interim budget that was given by the government at the beginning of 2024. Its primary focus is on four major classes: the Garib (the poor), the Mahilayen (the women), the Yuva (the youth), and the Annadata (the farmers). This time around, compared to the previous budget that was given with the theme of Sapatrishi, it has focused on four major classes, as noted above, for the purpose of “Viksit Bharat,” while also spreading is concerned over micro, small, and medium-sized enterprises (MSME), skill enhancement, special packages and initiatives, and nine priorities of the government. Here are the nine priorities of Union Budget 2024-25:

Productivity and Resilience in Agriculture:

The primary focus is on increasing productivity and developing new high-yielding field and horticulture crops. Priority is given to natural farming, and farmers will have access to a variety of initiatives that will allow them to learn about and go forward with natural farming. It is planned to provide seeds and the necessary support in order to accomplish the goal of creating “Atamnirbhar Bharat.” The relationship between the center and the state will also be taken into consideration for the same. Continued use of the Kisan Credit card and crop insurance will be implemented.

Employment and Skilling:

On the basis of enrolment in the EPFO, the Prime Minister’s package, which includes three different programs, will be available for employment-related incentives. The engagement of women in the workforce will also be encouraged through the implementation of assistance programs such as creches and hostels for women. The foundation for carrying out the purpose will consist of the development of skills, the loaning of model skills, and partnership with industry.  

Inclusive Human Resource Development and Social Justice:

Economic activities such as craftsmen, artisans, self-help groups, SC/ST/Women entrepreneurs, and street vendors will be supported through various schemes such as PM Vishwakarma, PM SVANidhi, National Livelihood mission, start-up India, and PM Janjatiya Unnat Gram Abhiyan, among others. This will be done in order to promote inclusive human resource development and social justice. The eastern region was given a package as part of the Purvodaya plan. 

Manufacturing & Services: 

The Mudra loans limit extension to 20 lakhs is the highlight in the category for raising entrepreneurs. It has been allocated to providing young people with the opportunity to participate in internships at prestigious companies. Support will be provided to the MSME sector in a variety of forms. In order to facilitate the access of micro, small, and medium-sized enterprises (MSMEs) and traditional craftspeople to foreign markets, e-commerce export hubs will be implemented.   

Urban Development: 

This includes provisions for urban development, which includes provisions for urban housing, water supply, and sanitation. In order to revitalize existing cities, brownfield redevelopment will be carried out. In few cities, it is planned to construct weekly haats or street food hubs in the cities. Housing for industrial workers in metropolitan areas will be made available using the public-private partnership (PPP) model. 

Energy Security: 

The Prime Minister’s Surya Ghar Muft Bijli Yojana was the most prominent program in the priority sector for the installation of rooftop solar pellets. The policy of storage encompasses the storage of power as well as the incorporation of renewable energy sources into the overall energy mix. The research and development of nuclear reactors and small reactors will be improved.

Infrastructure: 

The expenditure on infrastructure will amount to 11,11,111 crores, which is equivalent to 3.4% of GDP. Providing state governments with loans that are free of interest in order to facilitate the construction of infrastructure. For the purpose of attaining enhanced connectivity across the nation through the construction of several expressway projects, the Pradhan Mantri Gram Sadak Yojana shall be maintained. The infrastructure of states that have been affected by natural disasters such as flash floods, landslides, and cloud bursts will receive support of centre in that regard. The states of Bihar and Andhra Pradesh receive special financial assistance.

Innovation Research and Development:

When it comes to innovation research and development, the ‘Anusandhan’ National Research Fund will offer help to basic research and prototype development programmes. Private sector-driven research and innovation at commercial scale will get financial support. This support will be extended to the private sector. Additional funding has been dedicated to the expansion of the space economy.

Next Generation Reforms:

Furthermore, the digitalization of the economy is the primary focus of this segment, which is titled “Next Generation Reforms.” The most important aspects of this agenda are the Jan Vishwas bill and the reforms to the corporate sector. Providing incentives to states in order to encourage them to execute business reform action plans and digitalization. It is planned to enhance the sectoral database in order to better data governance and administration. The committee that has been established is going to perform an evaluation of the new pension scheme. In addition, labour reforms are implemented; the Shram Suvidha and Samadhan portals would be redesigned and maintained in order to ensure compliance. NPS Vatsalya (for minors), Foreign Direct Investment, and NPS also featured in the framework.

The budget for the union appears to be a continuation of the budgets for the past few years, with a few endorsements into the same. As a result of the fact that the number 9 is seen as extremely auspicious in Indian culture, and in light of all of these schemes and policies, the objective is to attain the goal of “Viksit Bharat.”