Union Budget 2024-25: Key Highlights

Union Budget 2024-25: Roadmap for Viksit Bharat with Focus on Employment, Skilling, MSMEs, and Healthcare

The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, outlines a comprehensive plan for economic growth and social development, focusing on various sectors to achieve the goal of a developed India (Viksit Bharat).

Indian Budget 2024-25

Here are the key highlights:

Employment & Skilling

• Employment Initiatives:

  • One-month wage to new entrants in all formal sectors up to ₹15,000, benefiting 210 lakh youth.

  • Incentives for EPFO contributions for the first 4 years for 30 lakh youth.

  • Government to reimburse EPFO contributions up to ₹3000 per month for 2 years for new hires, generating 50 lakh jobs.

• Skilling Programs:

  • Skilling 20 lakh youth over 5 years.

  • Upgrading 1,000 Industrial Training Institutes in a hub and spoke arrangement.

Support for Women, Youth, and Farmers

• Women:

  • Setting up working women hostels and establishing creches to increase workforce participation.

  • ₹3 lakh crore allocated for schemes benefiting women and girls.

• Youth:

  • Internship opportunities in 500 top companies for 1 crore youth over 5 years with a monthly allowance of ₹5,000.

• Farmers:

  • Financing for shrimp farming, processing, and export through NABARD.

  • Initiating 1 crore farmers into natural farming with certification and branding support.

Healthcare

• Healthcare Funding:

  • Total healthcare expenditure increased to ₹90,171 crore.

  • PMABHIM allocation doubled to ₹4,108 crore.

  • Ayushman Bharat - PMJAY allocation increased to ₹7,500 crore.

• Preventive Healthcare:

  • Cervical cancer vaccination for girls aged 9-14 years.

  • Comprehensive maternal and child health programs.

  • Upgradation of anganwadi centers under "Saksham Anganwadi" and "Poshan 2.0".

Infrastructure & Manufacturing

• Infrastructure Development:

  • ₹1.5 lakh crore to states as long-term interest-free loans.

  • Launch of PMGSY Phase IV to provide all-weather connectivity to 25,000 rural habitations.

  • Financial support for flood management and related projects in Assam, Sikkim, and Uttarakhand.

• Manufacturing & Services:

  • Credit support and enhanced scope for MSMEs.

  • Twelve industrial parks under the National Industrial Corridor Development Programme.

  • Critical Minerals Mission for domestic production and recycling.

Social Welfare

• Social Justice:

  • Pradhan Mantri Janjatiya Unnat Gram Abhiyan to improve the socio-economic condition of tribal communities.

  • More than 100 branches of India Post Payment Bank in the North East.

  • Financial support for Andhra Pradesh Reorganization Act projects.

Digital Public Infrastructure

• Digital Initiatives:

  • U-WIN platform for managing immunization.

  • Nationwide rollout of Mission Indradhanush for enhanced vaccination coverage.

  • Integration of digital technologies within the healthcare sector for better service delivery.

Taxation & Fiscal Policies

• Tax Proposals:

  • Short-term capital gains tax increased to 20%.

  • Long-term capital gains tax set at 12.5%.

  • Standard deduction for salaried employees increased to ₹75,000.

  • Angel tax abolished for all classes of investors.