New Delhi. Finance Minister Nirmala Sitharaman presented her seventh consecutive budget in the Lok Sabha, highlighting the ongoing strength of India’s economy. Despite global challenges, India’s economy continues to perform well, with inflation remaining under control. Essential food items are affordable, and the government remains focused on supporting the poor, women, youth, and farmers.
Focus on Marginalized Groups: Poor, Women, Youth, and Farmers
Reaffirming the commitment made in the interim budget, the government is dedicated to uplifting marginalized groups. Sitharaman emphasized initiatives aimed at these four key demographics. A notable achievement is the recent increase in the Minimum Support Price (MSP) for major crops, benefiting farmers across the country. Additionally, the Pradhan Mantri Garib Kalyan Anna Yojana continues to provide essential food aid to over 80 crore people.
Internship Program for One Crore Youth
In a significant move to boost employment, the government announced an internship program targeting one crore youth. This initiative, involving 500 top companies, will provide an internship allowance of Rs 5000 per month and a one-time assistance of Rs 6000. This program aims to enhance the skills and employability of young Indians, preparing them for future job opportunities.
Major Announcements for Bihar
The budget includes substantial investments in Bihar to spur industrial development and improve infrastructure. Key projects include the construction of the Patna-Purnia Expressway, the Buxar-Bhagalpur Highway, and the Bodh Gaya-Rajgir-Vaishali-Darbhanga route. Additionally, a two-lane bridge over the Ganges in Buxar, costing Rs 26,000 crore, will enhance connectivity and support regional development.
Support for Women and Girls
A provision of Rs 3 lakh crore has been allocated for schemes benefiting women and girls. This includes the establishment of over 100 branches of India Post Payment Bank in the Northeast region. The completion of the Polavaram irrigation project will ensure national food security. Further funds are allocated for the development of the Kopparthi area in the Visakhapatnam Chennai Industrial Corridor and the Orvakal area in the Hyderabad-Bengaluru Industrial Corridor.
Enhancements in the Service Sector
The budget also focuses on supporting the private sector through government schemes. Rs 3.3 lakh crore has been provided to companies via the National Company Law Tribunal. Additional tribunals will be established to settle disputes and facilitate recovery. Policies for the creative redevelopment of cities will be introduced to modernize urban areas.
Boost for MSMEs
To support Micro, Small, and Medium Enterprises (MSMEs), the Mudra loan amount has been increased from Rs 10 lakh to Rs 20 lakh. New branches of the Small Industries Development Bank of India (SIDBI) will be opened, with 24 investigations starting this year. Additionally, 50 multi-product food units will be established, and MSMEs will receive assistance in setting up food safety labs. A scheme promoting e-commerce exports in collaboration with the private sector will further support MSMEs.
Seven Key Highlights of the Budget
- First-time job seekers with salaries under Rs 1 lakh will receive Rs 15,000 in three installments through EPFO registration.
- Education loans will be available for students not benefiting from other government schemes, with up to 3% of the loan covered by the government. E-vouchers will be introduced for one lakh students annually.
- Andhra Pradesh and Bihar will receive Rs 15,000 crore and Rs 41,000 crore, respectively, for infrastructure development.
- Various schemes will support farmers, youth, women, and the poor.
- Information on 6.6 crore farmers will be included in the land registry.
- New Kisan Credit Cards will be issued in five states.
- Special infrastructure development schemes will benefit Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
The budget underscores the government’s commitment to fostering economic growth, supporting marginalized groups, and creating job opportunities for the youth, ensuring a brighter future for India.
