Union Budget 2024: FM Sitharaman enlists nine priorities for this year and coming years | What Are These

Union Budget 2024: The much-anticipated Union Budget 2024 has been unveiled, outlining nine key priorities that aim to steer the nation towards a prosperous and resilient future. These priorities are set to shape the economic and social landscape in the coming years, addressing critical areas from agriculture to urban development, said Finanace Minister Nirmala Sitharaman while presenting the Union Budget.

Productivity and Resilience in Agriculture

The Budget places a strong emphasis on enhancing productivity and resilience in agriculture. This includes measures to modernise farming techniques, improve irrigation systems, and provide support to farmers to combat the challenges posed by climate change.

The Finance Minister announced that the government would conduct a thorough review of the agricultural research framework to boost productivity and develop climate-resilient crop varieties. This research would be supervised by domain experts to guarantee its effectiveness and relevance.

Employment and Skilling

Creating jobs and equipping the workforce with necessary skills is a major focus. Initiatives will be introduced to bridge the skills gap and ensure that the youth are prepared for the evolving job market. This includes vocational training programmes and partnerships with industries.

The Finance Minister has introduced employment-linked skilling schemes as part of the PM’s package. These initiatives will be based on enrolment in the EPFO and will focus on recognising first-time employees. New entrants to the workforce in all formal sectors will receive one month’s wage upon starting their jobs. A direct benefit transfer (DBT) of one month’s salary, up to Rs 15,000, will be disbursed in three instalments. The eligibility limit for this benefit is set at a monthly salary of Rs 1 lakh, and the scheme is expected to benefit 2.1 lakh youths.

The government also announced the financial support for loans up to Rs 10 lakh for higher education.

Inclusive HRD and Social Justice

The government is committed to inclusive human resource development and social justice. Policies will be directed towards ensuring equitable access to education, healthcare, and social services, with a special focus on marginalised communities.

Manufacturing and Services

Boosting the manufacturing and services sectors is crucial for economic growth. The Union Budget outlines strategies to enhance competitiveness, encourage investment, and support small and medium enterprises (SMEs) in these sectors.

Urban Development

Urban development is a key priority, with plans to improve infrastructure, housing, and public services in cities. The aim is to create sustainable and livable urban spaces that can accommodate the growing population.

Energy Security

Ensuring energy security is vital for economic stability. The Budget includes investments in renewable energy sources, modernisation of the power grid, and measures to reduce dependency on fossil fuels.

Infrastructure

Infrastructure development continues to be a cornerstone of the Budget. Significant investments will be made in transportation, communication, and logistics to enhance connectivity and support economic activities across the country.

Innovation, Research, and Development

Fostering innovation and supporting research and development is essential for maintaining a competitive edge. The budget allocates funds for scientific research, technological advancements, and collaboration between academia and industry.

Next-Generation Reforms

The government is set to introduce next-generation reforms to streamline regulations, enhance governance, and improve the ease of doing business. These reforms aim to create a conducive environment for investment and economic growth.