Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the parliament today. This is the first budget of Prime Minister Narendra Modi’s third term. The budget focused on nine key priorities to create opportunities for all sectors.
Macro-Economic Initiatives
The fiscal deficit target for FY25 has been reduced to 4.5%. The new regime introduced a revised income tax structure and increased the long-term capital gains tax.
Development Of Industrial Parks
A significant proposal includes developing investment-ready “plug and play” industrial parks in or near 100 cities. Additionally, 12 industrial parks have been sanctioned under the National Industrial Corridor Development Programme. Notably, the budget also mentions a Critical Mineral Mission to boost domestic production, recycling, and overseas acquisition of critical mineral assets.
Boost To Skilling Programs
The budget outlines a comprehensive skilling package:
- Upgrading Industrial Training Institutes: 1,000 ITIs will be upgraded in a hub-and-spoke arrangement over five years, focusing on outcomes and quality in collaboration with states and industry.
- Internships: Over the next five years, one crore youth will be skilled by top Indian companies, and a 12-month Prime Minister’s Internship will provide a monthly allowance of ₹5,000.
Support For M.S.M.E.s
The Centre also introduced several measures to support M.S.M.E.s:
- A new mechanism will facilitate the continuation of bank credit during stress periods.
- The Mudra loan limit will increase from ₹10 lakh to ₹20 lakh.
- The turnover threshold for mandatory onboarding on the TReDS platform reduces from ₹500 crore to ₹250 crore.
- Financial support for 50 multi-product food irradiation units.
- E-Commerce Export Hubs will be established in P.P.P. mode to help M.S.M.E.s and traditional artisans sell products internationally.
Revised Model Skill Loan Scheme
The Model Skill Loan Scheme will be revised to provide loans up to ₹7.5 lakh with a government-promoted fund guarantee, expected to benefit 25,000 students annually. E-vouchers up to ₹10 lakh for higher education in domestic institutions will be issued to 1 lakh students each year, with an annual interest subvention of 3%.
Employment-Linked Incentives
Three new schemes for employment-linked incentives were introduced:
- Scheme A: First-time employees will receive one month’s wage upon entering the workforce in all formal sectors, up to ₹15,000, provided in three instalments.
- Scheme B: Job creation in the manufacturing sector will be incentivized through a scheme linked to the employment of first-time employees, with incentives based on E.P.F.O. contributions for the first four years.
- Scheme C: Employers will be reimbursed up to ₹3,000 per month for two years towards their E.P.F.O. contribution for each additional employee, benefiting 2.1 lakh youths.
Agricultural And Allied Sector Support
The budget allocated ₹1.52 lakh crore to the agriculture and allied sectors. Key initiatives include:
- Establishing 10,000 bio-research centres.
- Initiating one crore farmers into natural farming over the next two years, supported by branding and certification.
- Developing large clusters for vegetable production and supply chains closer to consumption centres.
- Providing financial support for shrimp breeding centres, facilitated by N.A.B.A.R.D.
- Launching Kisan Credit Cards in five states.
- Releasing 109 varieties of 32 crops to help natural farmers with verification and branding.
- To bring six crore farmers and their land into the farmer and land registry to ensure self-sufficiency in pulses and oilseeds.
With all these allocations and initiatives, the budget is said to be one that will take India on the path of Viksit Bharat—the entire country, including Tamil Nadu.
However, Dravidianists and mouthpieces of the ruling DMK government felt otherwise. They felt that Tamil Nadu had not been specifically allocated any budgetary resources.
T.N.M Looking For Needle In Haystack
The News Minute’s Shabbir Ahmed posted a misleading post on his X handle. He mocked the budget for not “including/having anything for T.N.”.
Not found! #BudgetDay #Budget2024 pic.twitter.com/e2bFdCnx6M
— Shabbir Ahmed (@Ahmedshabbir20) July 23, 2024
The schemes and initiatives mentioned above are for women, the poor, farmers, tribals, and the youth. Netizens differed, asking whether this section of people was unavailable in Tamil Nadu.
The quality of journalism in the country!! Wont search schemes for women, poor, farmers, tribals, youth!! They are not in Tamil nadu? Straight a Tamil Nadu search dhaan!! The travails to score some brownie points! Since a tweet just gives option for 4 pics, giving sample. Please… https://t.co/DsJs5VoBiW pic.twitter.com/ayukOHHjzF
— S Sundar Raman (@ssundarraman) July 23, 2024
By Shabbir’s logic, if one searched for Kerala, Karnataka, UP, or M.P., one would not find any results. The budget is presented for the country as a whole and not per state.
Netizens also pointed out to Shabbir that the people of Tamil Nadu were also availing themselves of ELI-linked schemes, Mudra loans, and M.S.M.E. credits.
So what Shabir interpret s is 1 crore homes , ELI linked schemes , mudra loans MSME credits are all not for tamil nadu.. Oh man should you win your bread and butter like this ?
— Ramesh Kumar (@ramesh_5) July 23, 2024
Additionally, a part of the budget has been allocated for promoting industrial development, and funds would be provided for essential infrastructure such as water, power, railways, and roads in the Kopparthy node on the Vishakapatnam-Chennai Industrial corridor.
டேய் https://t.co/U4EYaAuoDH pic.twitter.com/cUFpDCcu74
— Bagavath Pratheep (@Bagavathprathee) July 23, 2024
Agreed that additional schemes and allocations have been made for Andhra Pradesh and Bihar. However, the allocations seem justified.
Additionally, Tamil Nadu did not vote for the B.J.P. but rather the I.N.D.I.Alliance, which has a habit of finding fault with every government scheme.
(with inputs from Live Mint)
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