Finance Minister Nirmala Sitharaman created history when she presented the Union Budget for the seventh consecutive time. This Budget comes as the newly elected government takes office for the third time in a row, reflecting a continued mandate for their economic policies and vision for a ‘Viksit Bharat.’
A country that is sufficient in foodgrains and self-reliant in oilseed production, a youth that is well trained and job-ready, a society that thrives on entrepreneurship, research and innovation, infrastructure that is world class, sufficient energy sources – these are the areas of focus for Budget 2024.
Focusing on youth, women, farmers and the poor, the Finance Minister outlined the key priorities for the next few years for the country – improving agricultural, employment and skill development, inclusive priority and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation and research and finally next generation reforms. This article focuses on some of the various segments addressed in the Budget.
Employment
A standout feature of the Budget is the introduction of five comprehensive schemes designed to target the skilling and employment of more than four crore youth over the next five years, backed by a substantial budgetary allocation of ₹2 lakh crore.
These initiatives are geared towards enhancing the employability of the youth, providing substantial support for first-time employees, and incentivising job creation across various sectors.
Moreover, a new centrally sponsored skilling programme, developed in collaboration with State governments and industry, aims to upskill 20 lakh youth. The employment-linked incentive schemes will clearly draw more youth into the workforce and capitalise on India’s demographic advantage.
The entry-level jobs it will create in the manufacturing sector is expected to give a boost to the economy through increased disposable incomes.
Urbanization
The next few years are estimated to see a definite shift towards large-scale urbanisation. In order to facilitate a smoother shift, the Budget has ambitious plans to develop cities with proper housing, energy, water and other resources.
It is heartening to see the government embedding the impact of climate change across segments when new plans are being drawn. Such measures will ensure sustainability of infrastructure and provide liveable habitats to our people amidst rising incidence of climate impact.
Farmers
Annadatas have continued to receive attention in this budget, which will ensure the development in the economy.
With high-yielding crops that are resilient, cooperatives, Kisan credit cards, digital crop surveys, start-ups to set up supply chains, boost marketing the farm sector has a lot to look forward to. The Budget lays emphasis on natural farming with certification and branding clearly emphasising the government’s eagerness to promote organic farming.
Land records
A major initiative is the digitisation of land records, which are often hazy and untraceable in rural India. The digitalisation of land records across urban and rural India will introduce a lot of transparency in land dealing and reduce the burden of land disputes. This will also build a lot of confidence among investors — both Indian and international — and help the economy boom.
Assocham hails this Budget as a reinforcement of the government’s commitments towards long-term growth. The Budget aptly balances rural development, industrial growth and fiscal prudence.
The writer is Secretary General Assocham