Finance Minister Nirmala Sitharaman unveiling the Union Budget for 2024-25, the government has reaffirmed its commitment to the four pillars of its development agenda: ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer). This year’s budget places a significant emphasis on enhancing self-sufficiency or ‘Atmanirbharta’ through strategic initiatives aimed at empowering these key demographics.
EMPOWERING THE YOUTH : ATMANIRBHARTA
A major highlight of the budget is the Prime Minister’s package designed to create opportunities for 4.1 crore youth over the next five years. However with, a central outlay of Rs 2 lakh crores, this initiative aims to address employment, education, and skilling needs. The government will provide a one-month PF contribution for 30 lakh youth entering the job market. New employees will receive a direct benefit transfer of up to Rs 15,000, with a salary limit of Rs 1 lakh per month. Financial support will be available for loans up to Rs 10 lakh for higher education. Furthermore, a new scheme will offer internships to 1 crore youth in top 500 companies, with an Rs 5,000 monthly allowance and a one-time assistance of Rs 6,000.
SUPPORTING WOMEN : ATMANIRBHARTA
The budget emphasizes the empowerment of women and girls with an allocation of Rs 3 lakh crore towards women-centric schemes. Moreover, it aims to boost female participation in the workforce. Working women will benefit from new hostels and creches, facilitating better work-life balance. In a move to support property ownership, relief on stamp duty for property registration in women’s names has been announced, providing significant financial relief during home purchases. Additionally, the budget includes various announcements related to housing, enhancing accessibility and affordability for women.
ADVANCING AGRICULTURAL RESILIENCE
A comprehensive review of agricultural research will focus on enhancing productivity and climate resilience. Funding through challenge mode, including private sector contributions overseen by domain experts, will drive innovation. The introduction of 109 new high-yielding and climate-resilient crop varieties aims to boost farmer output and climate adaptability. Over the next two years, 1 crore farmers will transition to natural farming practices supported by certification and branding. Scientific institutions and willing gram panchayats will oversee implementation, with 10,000 bio-input resource centers to be established. Building on successful pilots, the government aims to implement Digital Public Infrastructure (DPI) for agriculture within three years, covering farmers and their lands. This year, a digital crop survey for Kharif in 400 districts and integration of details for 6 crore farmers into registries will enhance agricultural data management. The issuance of Jan Samarth-based Kisan Credit Cards will also be facilitated in five states.
UPLIFTING THE POOR
Under the PM Awas Yojana-Urban 2.0, Rs 10 lakh crores will be invested to address the housing needs of 1 crore poor and middle-class families, with a central assistance of Rs 2.2 lakh crores over the next five years. Additionally, to improving the socio-economic condition of tribal communities, the government will launch the Pradhan Mantri Janjatiya Unnat Gram Abhiyan by adopting saturation coverage for tribal families in tribal-majority villages and aspirational districts. This initiative will cover 63,000 villages benefitting 5 crore tribal people.
