The Union Finance Minister Nirmala Sitharaman presented the full – budget 2024 today before the parliament at 11 am. This budget focuses on 9 priorities for generating ample opportunities for all.
The 9 priorities focused in the budget are:
The Economic Survey was presented in the has also suggested the government to focus on employment and skilling. It also stated that the country needs 78.5 Lakh Non-Farm Jobs Annually by 2030 to accommodate its expanding workforce.
The global labour market is undergoing a major transformation due to the fourth industrial revolution, and the survey highlighted that India will inevitably be affected by these changes. The Survey mentions that there is a scope to supplement the existing schemes of Production Linked Incentive (PLI) (60 lakh employment generation over 5 years), MITRA Textile scheme (20 lakh employment generation), MUDRA, etc., while boosting their implementation.
With regards to the priority of Manufacturing & Services, this budget will be supporting the MSMEs. A new credit assessment model will be introduced for providing the credit facilities to the MSMEs. The MSMEs under NPAs, the credit facility will be given on a guarantee from the government fund.
The finance proposed an Increase in Limit of Mudra Lakhs to 20 Lakhs from 10 Lakhs SIDBI will open new branches to reach MSMEs to grant credit within 3 years, said the FM before the parliament.
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