India Union Budget 2024 Schemes: Union Finance Minister Nirmala Sitharaman presents the Union Budget 2024-25 today. Her speech began at 11 AM. The Budget Session of the Parliament began on July 22 and will conclude on August 12. There has been increased demand for higher allocation under MGNREGA and healthcare schemes. From PM AWAS to PM KISAN, we will soon know how much allocation has been done.
"Union Budget 2024-25 proposes revision of Model Skill Loan Scheme to help 25,000 students every year. E-vouchers for loans upto Rs. 10 lakh for higher education in domestic institutions to be given directly to 1 lakh students every year for annual interest subvention of 3% of loan amount," says Nirmala Sitharaman during her Budget speech.
Three crore additional houses under PM Awas Yojana in urban and rural areas, for which necessary allocations have been made, says Nirmala Sitharaman during her Budget speech.
Finance Minister Nirmala Sitharaman says, "Our govt will implement three schemes for employment-linked incentives as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of the first-time employees and support to employees and employers."
Prime Minister’s Package for employment and skilling: 3 schemes announced for ‘Employment Linked Incentive’
— Ministry of Finance (@FinMinIndia) July 23, 2024
🔆Scheme A: First Timers
🔆Scheme B: Job Creation in manufacturing
🔆Scheme C: Support to employers pic.twitter.com/NYDLNjEaea
"This year the allocation for agriculture and allied sectors is Rs 1.52 lakh crore," says Nirmala Sitharaman.
Finance Minister Nirmala Sitharaman says, "New 109 high-yielding and climate resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers. In the next 2 years, 1 crore farmers will be initiated into natural farming supported by certification and branding."
The Budget envisages sustained efforts on nine priorities for generating ample opportunities for all, says Nirmala Sitharaman.
Budget Priorities
🔹 The Budget envisages sustained efforts on 9⃣ priorities for generating ample opportunities for all #unionbudget2024 #budgetforviksitbharat #budget2024 pic.twitter.com/X6fo507LzX
— PIB India (@PIB_India) July 23, 2024
Nirmala Sitharaman in Parliament says, "Turning attention to the full year and beyond, in this budget, we particularly focus on employment, skilling, MSMEs, and the middle class. I am happy to announce the Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of Rs 2 lakh crore."
Finance Minister Nirmala Sitharaman began her Budget presentation in Lok Sabha at 11 AM. This is her seventh Budget presentation.
The Umbrella Programme for Development of Scheduled Tribes received Rs 3,825 crore in FY 2022-23. The Budget Estimates (BE) for 2023-24 increased to Rs 4,295 crore, with Revised Estimates (RE) for the same fiscal year adjusted to Rs 3,286 crore. For FY25, the Budget Estimates have been set at Rs 4,241 crore, indicating sustained financial commitment to the program. This programme aims to enhance the socio-economic development of Scheduled Tribes through various welfare and developmental projects.
In FY 2022-23, the Umbrella Programme for Development of Other Vulnerable Groups was allocated Rs 1,572 crore. The Budget Estimates (BE) for 2023-24 increased to Rs 2,194 crore, while the Revised Estimates (RE) for the same fiscal year were adjusted to Rs 1,918 crore. Looking ahead to FY25, the Budget Estimates have been set at Rs 2,150 crore, indicating sustained financial support for the program. This initiative focuses on enhancing the socio-economic status of various vulnerable groups through targeted welfare and development schemes.
National Social Assistance Program (NSAP) aims to provide financial assistance to the elderly, widows, and persons with disabilities living below the poverty line.
In FY23, the NSAP was allocated Rs 9,651 crore. The Budget Estimate (BE) for 2023-24 was set at Rs 9,636 crore, with the Revised Estimate (RE) later adjusted to Rs 9,652 crore. Similarly, the Budget Estimate for FY25 remains at Rs 9,652 crore.
In FY23, the Umbrella Programme for Development of Minorities, which aims to foster the socio-economic development of minority communities through various educational, skill development, and infrastructure projects, was allocated Rs 223 crore. The Budget Estimate (BE) for 2023-24 was set at Rs 610 crore, with the Revised Estimate (RE) later adjusted to Rs 555 crore. Looking ahead to FY25, the Budget Estimate has been increased to Rs 913 crore.
In FY23, the Mahatma Gandhi National Rural Employment Guarantee Program (MGNREGA) had a budget of Rs 90,806 crore. The initial Budget Estimate (BE) for FY24 was Rs 60,000 crore, but the Revised Estimate (RE) later adjusted to Rs 86,000 crore. For FY25, the Budget Estimate remains at Rs 86,000 crore, reflecting continuity in funding for the program aimed at rural employment generation.
MGNREGA plays a crucial role in providing livelihood security to rural households by guaranteeing 100 days of wage employment in a financial year.
In the interim Budget that was presented by Finance Minister Nirmala Sitharaman, she said that direct financial assistance has been given to 11.8 crore farmers under PM-KISAN, while crop Insurance has been given to 4 crore farmers under PM Fasal Bima Yojana.
Finance Minister Nirmala Sitharaman will present the Union Budget for the fiscal year 2024-25 today at 11 AM on Tuesday, July 24, 2024. The budget presentation is expected to outline the government's strategy to stimulate economic growth, address pressing challenges, and promote inclusive development across the nation. President Murmu had said that it will have several "historic" steps.
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Ahead of the Session, Prime Minister Narendra Modi on Monday said that this Union Budget 2024-25 is an important one for 'Amrit Kaal' and will lay a strong foundation for fulfilling our dream of a 'Viksit Bharat', a developed India, by 2047, when the country celebrates 100 years of independence.