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 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 govt 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 govt 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 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.

4. Support For The Promotion Of MSMEs

In the 2024 Interim-Union budget of India, the government aims to bring in all the private banks to help fund the MSMEs. MSMEs contribute a lot to the GDP and employment but still face various financial constraints. The government aims to ease the loan approval process with the help of private banks.

5. Infrastructure

The Union Budget 2024 announced the Poorvodaya plan for the development of 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 also aims to support startups and innovations in the tech sector.

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 recognises 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 give the proper resources. This will ensure that India is up to date in all technological aspects and compete in the market.