Union Budget 2024: Key Highlights

Key Highlights of the Budget:

• No clarity provided by the central government on the completion of the Polavaram project.
• Rs. 26,000 crore allocated for road connectivity projects.
• Rs. 2.66 lakh crore allocated for rural development.
• Establishment of an integrated tech platform to improve bank loan recovery under the Insolvency and Bankruptcy Code (IBC).
• Increase in Mudra loans from Rs. 10 lakh to Rs. 20 lakh.
• Credit Guarantee Scheme for MSMEs.
• Measures to ensure easy access to funds.
• Construction of two more bridges over the Ganga River.
• Construction of express highways in northeastern states.
• Establishment of 100 post-payment banks in northeastern states.
• Establishment of 12 industrial parks across the country.
• Funds allocated for the construction of Andhra Pradesh's capital.
• Construction of express highways in Bihar.
• Implementation of the Purvodaya scheme in Bihar and Andhra Pradesh.
• Support for Andhra Pradesh in water, power, railway, and road sectors.
• Full assistance for the Polavaram project.
• Rs. 15,000 crore allocated for the development of Amaravati.
• Support for the establishment of industries under the bifurcation act.
• Establishment of Visakhapatnam-Orvakallu and Hyderabad industrial corridors.
• Educational loans for 10 lakh students annually.
• Rs. 1.48 lakh crore allocated for education and skill development.
• Rs. 1.52 lakh crore allocated for agriculture and allied sectors.
• Special programs for women's skill development.
• EPFO scheme for new employees.
• Cash transfer through EPFO.
• Establishment of working women’s hostels.
• Skill policy for 40 million people.
• Roadmap for a developed India outlined in this budget.
• Emphasis on inclusive development.
• Five employment schemes for the youth.
• Efforts to provide employment to 40 million youth.
• Special program for the digitalization of agriculture.
• Budget decisions aimed at job creation, skill development, and establishment of institutions.
• Special measures for the production and supply of vegetables.
• Extension of the Pradhan Mantri Ann Yojana scheme for five years.
• Prime Minister Narendra Modi achieved a historic victory for a third term.
• This victory was possible due to fulfilling the aspirations of the people.
• Support prices increased nationwide.

Union Budget 2024-25 Live Updates and Highlights:

➤ Budget 2024-25 documents can be accessed using the 'Union Budget' mobile app, available on Android, iOS platforms, and the Union Budget web portal. These documents are available in English and Hindi.

➤ Implementation of the budget takes 1-2 months from the date of presentation. Previously, the budget was presented by the end of March and implemented by June. However, it is now presented in February and implemented by April-May.

➤ On February 1, 2020, Finance Minister Nirmala Sitharaman set a record with a two-hour forty-minute speech during the budget session.

➤ The Modi 3.0 government's first budget was approved by the Union Cabinet chaired by Prime Minister Narendra Modi.

➤ Today, Nirmala Sitharaman will present the Union Budget 2024 in Parliament, marking her seventh consecutive budget presentation, setting a record.

➤ Finance Minister Nirmala Sitharaman to present a budget for an eight-month period.

➤ Prime Minister Modi stated that the budget aims for a developed India.

➤ Finance Minister Nirmala Sitharaman arrived at Parliament and showcased the budget tab. She will present the first budget of the newly formed Modi government.

➤ The Jammu and Kashmir budget will also be presented in today's budget sessions.

➤ Before presenting the budget, Finance Minister Nirmala Sitharaman met with President Droupadi Murmu at the Rashtrapati Bhavan and then returned to Parliament.

➤ Copies of the Jammu and Kashmir budget have reached Parliament. Finance Minister Nirmala Sitharaman will present the Jammu and Kashmir Budget 2024-25 estimates.

➤ Nirmala Sitharaman arrived at the Rashtrapati Bhavan with her 'Bahi-Khata'. As in previous years, the Finance Minister will present the budget using a traditional 'Bahi-Khata' styled tab.

➤ Nirmala Sitharaman wore a white saree with a magenta silk border.

➤ After the COVID-19 developments, derivatives trading in the stock market increased significantly. The government and regulators consider this risky. Decisions on this may be included in the budget.

➤ Stock markets began trading positively on the day of the 2024-25 budget announcement.

➤ Jeffries believes that a tax of less than 5–7% may be imposed on the largest cigarette manufacturer, ITC.

➤ To promote the use of electric cars, the government has distributed Rs. 1.08 lakh crore in subsidies over five years, with a possibility of further increases.

Decisions for the Growth of the Agriculture Sector:

➤ According to the Economic Survey, experts believe that to boost agriculture, technological advancements must be improved. This decision is expected to be reflected in the budget.

➤ Calls for the introduction of modern skills in agricultural practices.

➤ Improvement of agricultural marketing channels is recommended.

➤ Stabilization of crop production prices is suggested.

➤ Government actions to foster innovations in agriculture are recommended.

➤ Changes in the use of fertilizers and water are needed.

➤ Decisions to improve agro-industrial relations are recommended.