Union Finance Minister Nirmala Sitharaman displays a red pouch carrying the Budget documents outside the Finance Ministry.
Credit: PTI Photo
Finance Minister Nirmala Sitharaman presented the first Budget in the third term of the BJP-led NDA government on Tuesday, July 23. After suffering a setback in this year's Lok Sabha elections, Sitharaman's first Budget under Modi 3.0 shifted focus on creating jobs, support to farmers, and offering tax relief to the middle-class, while making special allowances for Andhra Pradesh and Bihar.
The special attention to Andhra Pradesh and Bihar is significant as TDP and JD(U) had emerged as kingmaker allies in the NDA coalition post the Lok Sabha elections. In the evening, PM Modi lauded the Union Budget, saying that it will speed up the growth tarjectory of the country.
National Highways Authority of India (NHAI)
Finance Minister Nirmala Sitharaman retained the allocation to state-owned National Highways Authority of India (NHAI) at Rs 1.68 lakh crore for 2024-25. Sitharaman in her pre-election Budget earlier this year had allocated Rs 1.68 lakh crore to NHAI for 2024-25. The Budget for 2024-25 also retained the outlay of Rs 2.78 lakh crore for the highways sector. The pre-election Budget 2024-25 document had an outlay of Rs 2.78 lakh crore for the highways sector.
Special focus for development of Bihar, Andhra Pradesh
The Centre on Tuesday proposed an outlay of Rs 26,000 crore for various road projects in Bihar. Finance Minister Nirmala Sitharaman said the Union government will arrange financial assistance to Bihar through aid from multilateral development agencies.
Sitharaman also announced that Rs 15,000 crore will be allocated for the overall development of Amravati as Andhra Pradesh's capital. Moreover, the Centre allocated more than Rs 3 lakh crore for schemes benefiting women and girls and stated that it is fully committed for completion and financing of Polavaram irrigation project in Andhra Pradesh.
Internship opportunities to 1 crore youth over 5 years
The Centre announced plans of an ambitious scheme of providing internship opportunities in 500 top companies to 1 crore youth over a five-year period. Under the scheme, an internship allowance of Rs 5,000 per month along with a one-time assistance of Rs 6,000 will be provided.
Nuclear energy as crucial part of Viksit Bharat's energy mix
The government will partner with private firms to develop small and modular nuclear reactors and conduct research on newer technologies. The R&D funding announced in the interim budget will be made available for this sector also, Union Finance Minister Nirmala Sitharaman said during her Budget speech.
Loans for higher education in domestic institutions
The government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions. E-vouchers for this purpose will be given directly to one lakh students every year with interest subvention of 3 per cent of the loan amount.
Ministry of Women and Child Development
Nirmala Sitharaman said the Budget carries an allocation of more than Rs 3 lakh crore for schemes benefitting women and girls across various ministries. Sitharaman said the government will set up working women hostels to promote their participation in the workforce.
The SAMARTHYA sub-scheme, supporting projects such as Women Hostels, Swadhar Greh and Pradhan Mantri Matru Vandana Yojana, has been allocated Rs 2,516 crore, which is a slight increase from the previous revised Budget when Rs 2,325 crore was allocated.
Rs 1.52 lakh crore allocated for agriculture
Rs 1.52 lakh crore would be allocated for agriculture and associated sectors, Nirmala Sitharaman said. One crore farmers will be introduced to natural farming practices over the next two years.
The following measures will be taken to boost agriculture:
Focus on natural farming; Increased vegetable production; Digital agriculture infrastructure; National Cooperation Policy; Strengthening pulses production; Rural economic growth; Shrimp farming support.
Rs 11.11 lakh crore allocated for Infrastructure
FM said that capital expenditure on infrastructure will be Rs 11,11,111 crore, which is almost 3.4 per cent of the country's Gross Domestic Product (GDP).
The following measures will be taken to improve the country's infrastructure:
A provision of Rs 1.5 lakh crore for long-term interest-free loans will be arranged to support infrastructure investments by state governments. Under phase-4 of the central government's flagship road connectivity programme, it will provide all-weather connectivity to 25,000 rural habitations across the country. Central government will also offer assistance to Assam & Himachal Pradesh for flood management.
Rs 2.19 lakh crore allocated to home ministry
The Union Budget allocated Rs 2,19,643 crore to the Ministry of Home Affairs with the majority of it - Rs 1,43,275 crore - being given to central police forces like the CRPF, BSF, and CISF which are responsible for internal security, border guarding, and security of vital installations.
(With PTI inputs)
Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.