Union Budget: Union Budget gives major push to job creation with focus on youth, women & farmers
New Delhi, July 23 (IANS/WISHAVWARTA) Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2024 in Parliament aimed at giving a major push to job creation with a focus on the country’s youth, empowering women and improving the incomes of farmers. The Finance Minister announced a Prime Minister’s package of five schemes aimed at facilitating employment and skilling, with an allocation of Rs 2 lakh crore. The budget has allocated as much as Rs 3 lakh crore in programmes that will enable more women to enter the workforce and contribute to the country’s inclusive development aligned with the Viksit Bharat goal, the Finance Minister said. Similarly, a robust allocation of Rs 5.2 lakh crore has been made for the agriculture and allied sectors to enhance the earnings of farmers. The Finance Minister said that the government will undertake a comprehensive review of the agricultural research setup to increase productivity and develop climate-resilient varieties. Domain experts will oversee the conduct of this research to ensure its effectiveness and relevance. “We need to focus on the garib, mahilaye, yuva, and annadata. For annadata, we announced higher MSP a month ago for all major crops, delivering on our promise. The PM Garib Kalyan Anna Yojana was extended for five years, benefiting more than 80 crore people. Administrative actions for the approval and implementation of various schemes announced in the interim budget are well underway,” FM Sitharaman observed. She said that job creation in the manufacturing sector will be incentivised through a scheme linked to the employment of first-time employees. The government will reimburse employers up to Rs 3,000 per month for two years towards EPFO contributions for each additional employee. This initiative aims to incentivise the additional employment of 50 lakh people. The Finance Minister announced employment-linked skilling through schemes as part of the PM’s package. “First-timers will receive one month’s wage upon entering the workforce in all formal sectors. A direct benefit transfer (DBT) of one month’s salary, up to Rs 15,000, will be provided in three instalments. The eligibility limit for this benefit will be a salary of Rs 1 lakh per month, and it is expected to benefit 2.1 lakh youths.” The budget has also accorded high priority to micro small and medium enterprises as they have the capacity to create a large number of jobs. “To facilitate term loans for MSMEs for the purchase of machinery and equipment without collateral and guarantee, a new scheme will be introduced. This guarantee fund will provide guarantees of up to Rs 100 crore,” the Finance Minister said. She also said that the government will endeavour to maintain strong fiscal support for infrastructure as the sector has a multiplier effect on job creation and pushes up the growth rate. This year, Rs 11.11 lakh crore has been allocated for capital expenditure, which amounts to 3.4 per cent of India’s GDP. The Finance Minister further stated that under PM Awas Yojana, Urban 2.0, the housing needs of the urban poor and middle class will be addressed with an investment of Rs 10 lakh crore. She also announced the setting up of new power projects including setting up of a new 2400 MW power plant at Pirpainti in Bihar will be taken up at the cost of Rs 21,400 crores. New airports, medical colleges and sports infrastructure in Bihar will be constructed. The requests of the Bihar government for external assistance from multilateral development banks will be expedited. The Finance Minister also said that the govt has made efforts to fulfil the commitments in the Andhra Pradesh Reorganisation Act. “Recognising the state’s need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years. Our govt is fully committed to the early completion and financing of the Polavaram irrigation project which is the lifeline for Andhra Pradesh and its farmers,” she added. —