Next-Gen Reforms In Union Budget 2024-2025

Finance Minister Nirmala Sitharaman announced the Union Budget 2024-25, often searched by citizens in the Union budget 2024 pdf, as the 2024 Interim-Union Budget of India. She mentioned nine priorities for ‘Viksit Bharat’. The Union budget 2024 summary highlights employment, skilling, MSME and the middle class. The government is set to allocate Rs. 1.48 lakh crore for education, employment and skill development.

PM Narendra Modi said, "This budget will decide the direction of our work for the next five years, and this will lay the foundation of fulfilling our objective to make India a developed country by 2047”. Many people are also referring to the Union Budget 2024-25 pdf and the official Union Budget 2024-25 date to understand the full scope of the budget.

In the 2024 Interim-Union Budget of India, Nirmala Sitharaman also announced the commodities that are to be made cheaper and costlier, which further shaped the public’s Union budget 2024 25 expectations.

Also Read: Next-Gen Reforms To Look Out For In Union Budget 2024

9 Priorities Under Union Budget 2024

Let’s take a look at the nine priorities in the Nirmala Sitharaman budget announcement.

1. Productivity And Resilience In Agriculture

In the key Budget announcements, Nirmala Sitharaman announced that the budget aims to improve irrigation facilities, better access to credit for farmers, and promote modern agricultural practices. The Union Budget 2024-25 also focuses on motivating farmers into natural farming, achieving self-sufficiency in pulses and oilseeds, etc.

2. Employment And Skilling

The Nirmala Sitharaman budget announcement introduced three new employee-linked incentive government schemes. The three govt schemes are a part of the PM’s package and will also be a part of the Employee Provident Fund Organisation, and give importance to first-time employees as well as support old employees and their employers.

Students who are not part of any previous government schemes will get loans up to Rs. 10 lakhs for free education in institutions.

3. Inclusive Human Resource Development And Social Justice

The Union Budget 2024-25 aims to focus on improving healthcare facilities and ensuring access to quality healthcare for all citizens of India. The Budget 2024 highlights strengthening primary health care, increasing healthcare funding, and promoting preventive healthcare measures.

Also Read: Good News For Investors, Govt Lifts Angel Tax In Union Budget 2024

4. Support For The Promotion Of MSMEs

The Union budget announced the Poorvodaya plan for the development of the Eastern regions of India, including Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh. The government has allocated Rs. 2.66 lakh crore for rural development and Rs. 1.5 lakh crore for long-term interest-free loans to support states towards infrastructure development.

5. Infrastructure

The Union Budget 2024 announced the Poorvodaya plan for the development of the Eastern regions of India, including Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh. The government has allocated Rs. 2.66 lakh crore for rural development and Rs. 1.5 lakh crore for long-term interest-free loans to support states towards infrastructure development.

6. Manufacturing And Services

In the Budget 2024 Income Tax Updates, the government has decided to abolish the Angel tax for all categories of investors. However, a credit guarantee scheme will be implemented to facilitate term loans.

7. Urban Development

For urban development, the government is planning to focus on promoting a digital economy to enhance digital infrastructure, expand internet access, and encourage digital literacy. The Union budget 2024 summary also aims to support startups and innovations in the tech sector.

Also Read: Union Budget 2024: Revised Income Tax Slabs Under New Regime by FM Sitharaman

8. Energy Security

The government aims to ensure a reliable, sustainable energy supply for everyone. The government is planning to procure funds and investments for renewable energy sources like solar and wind energy. This will help secure energy for everyone as well as align with the global climate goals.

9. Innovative, Research And Development

The Union Budget 2024 pdf highlights the importance of innovation and research to help in the economic growth of the nation. The government is planning to promote innovative ideas and enhance research to provide the proper resources. This will ensure that India is up to date in all technological aspects and can compete in the market.