UNION BUDGET 2024-25
By Abhyudit Chauhan
The Union Budget of India for 2024-25, presented by Finance Minister Nirmala Sitharaman on July 23, 2024, outlines the government's economic strategy and policy priorities for the financial year. The budget covers a wide range of areas, including allocations for agriculture, employment, inclusive development, manufacturing, urban development, energy, infrastructure, innovation, and next-generation reforms. It provides detailed information on sectoral allocations, employment and skilling initiatives, support for startups, and financial policies, offering a comprehensive financial plan that reflects the government's vision for the country's growth and development.
The government's first budget impacts the public with mixed emotions, focusing on employment, skilling, MSMEs, and the middle class. It offers students insights into the economic environment, shaping their career paths.
Understanding the budget enhances students' practical knowledge and critical thinking in economics. It inspires alignment with national priorities as well as fostering innovation. The budget provides opportunities for students to contribute to national development.
The Union Budget 2024-25 emphasizes on employment and skilling with a ₹2 lakh crore package, including direct benefits for new employees and incentives for job creation in manufacturing. Upgrading ITIs and a new internship program aiming to upskill youth, additionally, ₹3 lakh crore supports women empowerment, with allocations for hostels and skilling programs
Industrial sector initiatives include ₹11.11 lakh crore for capital expenditure on infrastructure projects, tax reforms to support domestic manufacturing, and the abolition of the Angel Tax to encourage startup investment.
Innovation and research are bolstered by a ₹1 lakh crore financing pool for private sector-driven R&D and emerging technologies. Collaborations with the private sector in nuclear energy and other fields aim to boost industrial growth and economic development.
Sources: investindia.gov.in , pib.gov.in & nextias.com