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Union Budget 2024-25 | Nirmala Sitharaman
The most awaited budget is here and why it was most awaited
because this is the first time after elections We are presenting a budget in
front of you Finance Minister Nirmala Sitharaman has presented for the seventh
time budget in the Indian parliament and this budget will tell you the outlook
that what NDA government is going to do for the next one year Hello and welcome
to the In new series of Drishti IS I am Ritu and today session is about Union
Budget 2024 and 5 and what are the highlights of this budget and this session
is important for your GS th perspective so
Moving towards the points of discussion The themes then priority of the budget and also
what are the highlights and what are the grey areas of the budget and after
that we are going to discuss practice questions for prelims so like intended
this time also the union budget 2024 and five had focused on the Four
categories The first category is the youth The second is women The third is
poor and the fourth is annadaata which is farmer So these are the four categories
Annadaata farmers poor poor youth youth and women Women So these are the four
categories
which government has focused on this budget also now we will
come to the themes part that what are the themes of this budget so in her
budget speech finance minister nirmala sitharaman has said that i am happy to
announce the prime minister's package for five schemes and this The initiative
will facilitate the Employment and skills among the youth for the 4.
1 crore youth over the period of five years and this will
also benefit the 2 lakh crore it means that the government will spend 2 lakh
crore on the youth and this will benefit in terms of generation of employment
and the skills among them and they are also going to made a provision which is
that they will spend 1.48 lakh crore for education and employment and skilling
of the youth so we will talk about that what are the main themes of this Budget
so this is the employment skilling MSME and middle class so these are the most
important themes for this union budget 2024 and now we will come to the budget
priority that what
is the priority of budget this time so we have Productivity
and Regis Inn Agriculture Employment and Skilling Inclusive Human Resource
Development and Social Justice Manufacturing and Services Sustainability Urban
Development Energy Securities and Infrastructure So these are the priorities We
are going to discuss each priority So first we will take the productivity and
growth in agriculture So what this tells about That so there will be the
transformation of agricultural research and which will comprehensively review
the agriculture and research setup which will
Focus on raising the productivity and developing climate
resilient varieties which is very much important then there should be a
self-reliance because In this situation we have seen that self-reliance which
is self-dependent was so much focused by the Indian government and for all
seeds such as the mustards, groundnuts, sesame, soybean and sunflower because
these are the areas which are lacking Self-reliance So that 109 new high end
climate ridge varieties of 32 field horticulture crops will be released for
cultivation by farmers and there will also be focus on vegetable production and
Supply chain national cooperation will be implemented and
what is this Cooperation Policy About So this policy talks about the system and
all-round development of the cooperative sectors and India is a land of the
cooperative societies then there will be the focus on the natural farming and
around 1 crore farmers across the country will be initiated into the natural
Farming and there will be the certification and branding for the next two years
10000 need based bio input resources centers will be established and there will
be the promotion of shrimp production and exports through
NABARD and financing can be happen through NABARD after That
there will be the promotion of digital public infrastructure especially in
agriculture area and it will cover the farmers and their lands in three years,
digital crop survey in the districts and insurance of Jan Samarth based Kisan
Credit Card, so these are the first priority which is productivity And regions
in agriculture so these are the areas and those are the initiative which will
be taken by the government and they will invest so that will be more productive
and will be more result in terms of
agriculture then we have the second Priority second priority
is about employment and skilling so as you already know that this election also
there was a lot of news of unemployment unskilled level so this time the
government has focused on the employment and skilling so what will happen under
this one month way to New entrants in all formal sectors in Three installments
up to 15000 and expected to benefit 210 lakh units so there will be the 15000
will be given by the government Informal sectors in three installments so this
is a new initiative
Then the government will reimburse EPFO contribution to
the employee up to 3000 per month for two years for all new hires and these are
expected to generate around 50 lakh jobs and there will also be link to the
first time employees incentives to both employee and employer for EPFO
contribution expected to benefit 30 lakh units so these are the terms for the
employment here we will have a skilling program so around 20 lakh youth will be
skilled over a five year period of time 1000 industrial training institutes
will be upgraded in hub and spoke
Arrangements and course content design align as per the
skills needs of the industry so 1000 industrial training will be established
then what it will facilitate so there will be the higher participation of the
workers especially the women workforce by setting up the working women hostels
in collaboration with the industry and establishing crutches so there is a
particular focus given to the women workforce by providing them hostels by
providing crutches so that they can work effectively then loans up to ₹ 7.
5 lakh with a guarantee from the promoted fund and expected
to help 25000 students every year and then there will also be financial support
for loans up to 10 lakh for higher education direct e vouchers to 1 lakh
students every year annual interest subvention of 3 per cent so what all this
graph tells about so all this graph tells about that this time the government
has an vision that they will employ the youth and they will also make them
skilled so then they can get employment easily and if there is a problem of
what you can say unskilled labour in our country so by this means they are
going to eradicate such kind of
The problems now we will come to another one which is about
in such a way human resource development and social justice so first of all we
will discuss about the purvodaya and what is this purvodaya about so this will
be centered around the eastern parts of the country vikas bhi viraas bhi and
there are plans to endor rich states in eastern parts covering the bihar
jharkhand west bengal orissa andhra pradesh for generation of economic
opportunity to atan developed bharat and as we had already discussed in interio
that india has plan to achieve and to become developed bharat by
20147 so this is a plan of this vikas bhi and viraas bhi and
there is also amritsar kolkata industrial corridor with the development of
industrial node at gaya so special emphasis has been given to the Bihar in
eastern region because Bihar needs a special support because of backward areas
because of lack of infrastructure because of lack of various schemes in the
Bihar then there is an allocation of more than Rs 3 lakh crore for schemes
benefiting women and girls so here there is a special provision for women and
girls and also Pradhan Mantri Janjati Unnat Gram Abhiyaan so as the name
Suggest this is related to the tribal communities of this
country so this will improve socio economic condition of tribal communities of
this country which will cover 63000 villages benefiting 5 crore tribal people
so this is for the social justice here women are also covered the tribal people
are also covered the areas which lack what you can say upfront development so
those areas are also covered specially the eastern parts of the country now we
have Another program which is about more than 100 branches of India Post
Payment Bank will be set up in North Eastern region as you
Already know that this region also needs a special attention
and there so much ethnic clashes so much of lack of infrastructure development
in this region so these kind of schemes will benefit the development of the
North Eastern region and then there will be the Andhra Pradesh Reorganisation
Act and under this act there will be financial support given to the Andhra
Pradesh 15000 crore will be arranged in financial year 24 and 25 and then
completion of Polavaram irrigation project insurance of the nation essential
infrastructure such as water power railways and roads in co-operation node on
The Visakhapatnam Chennai Industrial Corridor and Ravva Kal
node on Hyderabad Bengaluru Industrial Corridor so we have seen that there will
be The financial support given to the state of Andhra Pradesh and there will be
the establishment and development of industrial corridors in the Andhra Pradesh
sled area now we will have fourth which is manufacturing and services so
manufacturing service what will happen under this credit guarantee scheme for
MSMEs in manufacturing sector there is scope of mandatory on boarding trades
MSMEs units for food irradiation and quality
Safety testing and new assessment model of MSME credit Mudra
loans the limit has to 20 lakhs under the current 10 lakhs under the Tarun
category so Tarun there are different categories under the Mudra loans so Tarun
category which consist more than 5 lakhs so under Tarun category there will be
the enhance to what you can get up to 20 lakhs credit suppose to MSMEs during
stress period so we have Already discussed in economic survey that MSME needs a
credit support There is a huge credit gap in MSME and that is fed and then
there is another kind of development 12 industrial parks under the
National Industrial Corridor Development Programme Rental
Housing with Dormitory Type of Accommodation You often have seen that so many
industrial workers are living in a tent living in a bamboo roof and under a
roof also so they sleep like this so this time the government has decided that
dormitory setup will be provided to them and with the support of public private
partnership and critical mineral mission domestic product recycling and
overseas acquisition and also there will be a special opportunity for the
interns of this country so schemes for providing internship opportunity in
500 top companies to 1 crore youth for five years and there
will be the allowance of 5000 per month and in order to that 6000 assistancia
responsibility so there will be the 5000 per month and another 6000 will be
given to them under the CSR Now we will come to the other one which is about
urban development so urban development is also needed and under this we are
going to study about the encouraging states to lower stem duties to properties
purchased by women here also special focus has been given to the women and then
envisioning a scheme to develop 100 weekly heart
Street food hubs to select cities so we have seen that there
is a special emphasis for the ua there is special emphasis for the women and
also transit oriented development plans for 14 large cities and with the
population of f 30 lakh so there will be other development and water management
because water crisis is especially in cities so there will be special focus for
the water management and there will be the promotion of the water supply sewage
treatment and solid waste management projects then we have this PM Awas Yojana
Urban 2.
0 And under this there will be the fulfillment of needs of 1
crore urban poor and middle class families with the investment of Rs 10 lakh
crore by the government and also there will be the enablement of the enabling
of the facility like transports from cities to different parts of the world
from residence place to other your work place so there will be the more focus
on the enabling policies and regulation for efficient transparent rental
housing market so there will also be a facility for the rental housing market
because so many people migrate to the cities and they need rent so
There will also be emphasis on the rental housing market
then we come to the other one which is about the energy security so energy
security what government has decided to do under this initiative with private
sector in nuclear energy setting up Bharat Small Reactors R ND for India Small
modular reactors then there will be the energy audit Financial support for
shifting of micro and small industries to cleaner forms of energy because we
had discussions about that MSME needs a credit growth and because of that lack
of finance lack of money give off on tend
To go very polluted methods because they lack different kind
of support so if the government will provide them credit support and financial
support then they will also shift to the more cleaner energy forms and
facilitate investment grade energy audit in 60 clusters next phase expand to
100 clusters pumped storage facility for electricity storage and facilitation
of smooth integration of growing share of renewable energy and then thermal
power plant so what all this energy shows is that they are focusing on the
solar they are focusing on wind energy then they are focusing on thermal
Power Plants Nuclear Energy So many forms of energy are
highlighted by the government this time and there will be the special focus on
PM Surya Ghar Muft Bijli Yojana under this what will happen that 1 crore
households get free electricity up to 300 units every month so this is about PM
Surya Ghar Muft Bijli Yojana now we will come to the other one which is about
the infrastructure so under this there is a provision of 11000 crore for
infrastructure which is 3.
4 of the GDP Total GDP ₹ 1.5 lakh crore to states as long
term interest free loans to support the resource allocation and there will also
be a connectivity weather connectivity to 25000 rural habitations irrigation
and flood mitigation they are a special because there are areas there are
fields which lack irrigation facility and flood is a constant phenomenon
specially In the states like Kerala Assam Bihar so there this time the
government has also decided that there should be a flood management so financial
support for projects with the estimated cost of Rs 11500 crores such as
Koshi Mechi interstate link and 20 on going new schemes
assistance for flood management and related projects in Assam Sikkim and
Uttarakhand assistance for reconstruction and rehabilitation in Himachal
Pradesh because these are the hilly areas and they lack infrastructure
development and there is a so much problem of flood in these area so the
government has decided that they will have a special focus on to these areas
now we have another one which is about the tourism so India's strength is
tourism because it is very historical cultural vibrant country so development
of Vishnu
Pat Temple Corridor and Mahabodhi Temple Corridor Model into
the Kashi Vishwanath Temple Corridor so recently we have seen that there was
Kashi establishment and development of Kashi Vishwanath Temple Corridor and on
this model there will be the development of Vishnu Pat Temple Corridor in Gaya
and Mahabodhi Temple Corridor and there will be the comprehensive development
initiative for Rajgir which is in Bihar because Rajgir is a very ancient city
and it is also one of the city which was the capital of the Magadh Han empire
so that and also we have recently seen that the Nalanda University was a new
Nalanda University was inaugurated by Prime Minister
Narendra Modi so there will be the special focus on the new Nalanda University
and development of Nalanda as a whole and there will also be assistant provided
to development of Orissa for this scenic Beauty and Temples Monuments
Craftsmanship Wild Life Sanctuaries So what this tourism sector tells about
that there are areas specially the Bihar tourism needs to develop and the
government has focused on Bihar and Orissa tourism so now we will come to the
other one which is about innovation research and development so under this
There will be operationalization of research National
Research for Basic Research and Prototype Development Private Sector Driven
Research and Innovation at Commercial Scale with Financing Pool of Rs 1 Lakh
Crore There will be special focus for the space economy A Venture Capital Fund
of Rs 1000 Crore is to be set up so this also tells that the government is also
working in the scientific development research development and they are
establishing various research sectors they are spending money but it needs to
be work more a now we have another one which is about the rural and urban land
Related Action So
This is about the next generation reform which is the ninth
one unique land parcel identification number of Bhu Aadhaar for all surveys of
map subdivisions as per current ownership linkages to the farmers registers
land records in urban areas will be digitized with GI mapping digitization of
cadastre blishment of land registry so we have lot of issues with the
distribution of land in our country so many lands are still disputed so its
high time that there should be digitization of land records and so that there
should be transparent system for the land allocation
In our country so when we talk about the land distribution
land purchasing and allocation of land it needs to be digitized so thatchi of
the budget a 2024 and 5 now we will come to the rob economic foundation so here
first of all we will See the improvement in current account deficit so we have
seen that there is an improvement in current account deficit than India grew at
8.
2% in financial year 2024 so this is the real GDP and this
is the real GDP growth so here we have seen that India growth was in 2022 was
fast but still it is lower but still it is going ahead so it is at 8.2% in
financial year 2024 so this is about that and now we will come to the
expansionary PMI index so this is a purchase managers index and in this two
sectors are only followed the first sector is services and the sector is
manufacturing and this is not by government index this is by the investors this
is by the business person
Who invest in such kind of business so they are saying that
these are Expansionary in nature both services are and manufacturing but if we
discuss about both the services are expanding more and rapidly then we will
have decline in gross NPS of SCB so scheduled commercial bank so there is a
decline in non performing assets which is a very positive side for the economy
then we have decrease in fiscal deficit of percentage of GDP then what we have
seen that what is the fiscal deficit so fiscal deficit that when your
expenditure exceeds the income so here we have improved
In fiscal deficit also and right now it is 5.6 per in of
financial year 2024 then there is a tame inflation so early there was so much
inflation you can see in 2022 it was 6.7 per but right Now it is 5.4 so what is
the tame inflation suggest so stemming inflation suggest that there are chances
and the inflation rate is improving day by day and there are chances to improve
the economy by robust economic policy by robust policies so in this way we can
control the inflationary things than sector specific custom duty proposal so
custom duty is that a kind of duty which a is
Revised on the products which are transportable in nature
and which can be transported to other parts of the country it means that there
is a revise of taxes of imports and exports so in this fully exam three more
cancer medicines for custom duties reduce BC SD to 15 per on mobile phones
mobile PCB and chargers reduce custom duty on gold and silver to 6 per and
platinum to 6.
Reduce 4 BCD and shrimp and fish feed by 5 per and fully
agent custom duties on 25 critical minerals so we have seen that government has
focused on critical minerals pharmaceuticals area gold and silver and specially
the shrimp thing now we will come to the other one which is about the direct
tax proposal so short term gains of financial assets to attract tax rates on 20
and financial and non financial assets of 12.
5 if we will talk about that government has abolished the
angel tax for all classes of investor so government wants that there should be
the promotion of angel investor in our country simpler tax regime operate
domestic cruise provide for safe harbour rates for foreign mining companies and
there is a decree in corporate tax rate on foreign companies which has been
reduced by 5 per so early it was 40 per and right now it is just 35 per so what
is corporate tax rate so it is a tax rate that if there is a corporate company
and if there is a profit of corporate company so the government imposes
tax on them so that tax has been reduced this time so early
right now it is 35 per now we will come to the other one which is about the
simplifying new tax regime mas so early it was up to 7 lakhs but right now it
is that your salary will be taxable from 3 lakhs onwards so for 0 to 3 lakhs it
is null and for 3 to 7 lakhs it is 5 per 7 to 10 lakhs 10 per then 10 to 12
lakhs 15 per then 12 to 15 lakhs 20 per and 15 lakhs and 30 per but here is a
twist that standard deduction for salaried employee has increased from 000 to ₹
75000 and for pension ₹ 15000 to 25000 so there is an increase
of 25000 here and there is an increase of 10000 here and
what is this standard deduction so by using standard deduction what ever the
taxable amounts you have you can use this standard deduction for the tax thing
and For to improve your tax structure and for also not to invite tax but to
give less tax to the government then we will come to the extent that rupee is
coming to the Indian economy so if we will talk about which has a more
contribution then 27 par has been which is the highest contribution by the
borrower and other liabilities than we have this income
Tax which is 19 par and in the comment section you have to
tell me that income tax is direct tax and indirect tax then we have union
excise duties 5 par GST and other taxes 18 par corporation tax 17 par so if we
will talk about the huge contribution than we have borrower and other
liabilities which is 27 par then we have income tax then we have corporation
tax and then GST if we will talk About the lowest contribution than non-deposit
a capital receipts than customs non-tax receipts 9 per and then we also have
union excise duty so these are the least
Contributors and these are the highest contributors now we
will come to that where rupees goes so most rupees if we will talk about that
most of the rupees where it goes so it goes to state share of taxes and duties
which is 21 per after that we have interest payment which is 19 per then we
have central sector scheme excluding capital outlay defence and subsidy which
is 16 per we will talk about the less so less goes to the pensions and other
expenditure 9 per centrally sponsored scheme just 8 per and then there is a
difference between central sector scheme and centrally sponsored scheme so in
the
Com section you have to also tell me that what is the
difference between central sector scheme and centrally sponsored scheme and
then also less on defence which is 8 per cent and subsidies just 6 per cent now
we will come to the expenditure of major items that on which areas government
is spending a lot so if we will talk about the defence so there is what you can
say a 45 lakh crore in defence then we have rural development 26 lakh crore
into this then we have a this agriculture and allied activities 15000 so if we
will talk about the least so least we have on the commerce and industry and
highest we have on the defence and and education also we
have reasonable amount of money which has been spent now we will come to the
other one which is about the allocation of major schemes in Rs crore so if We
will talk about the budget estimates of the last year and now so we will see
the significant change in this so if we will talk about the MG NREGA so it was
60000 crores and this time 86000 crores so there was an increase and also if we
will talk about nuclear power project 442 and there was a so much increase in
nuclear power project which is
2228 crores so there was a so much of a jump into this
project then if we will talk about the research and development project so it
was 840 crores early and now it is 1200 crores so this is also significant
development PLI for pharmaceutical industry 1200 and 2143 so this has also seen
a significant change so if we will talk about the most then most we have Seen
the nuclear power projects in expenditure now we have development of
semiconductors and display manufacturing there was a more than double jump into
this thing so from 3000 it has
Bought 6903 Direct Benefit Transfers LPG so 180 to 1500
crores so there was also what you can say so much of a jump into LPG then we
have what you can say Solar Power 4970 to 10000 so it is also more than double
because government is focusing a lot on renewable resources and natural
resources lines of credit under ITI scheme 1300 to 3849 so government has
significantly increased the expenditure and money into the development of this
area but most significant we have seen to what you can say nuclear energy Semiconductors
and PG now we will come to another one another one
is about revenue receipts so capital receipts and revenue
receipt so revenue receipts is obtained from the daily things by selling goods
and services and capital receipts has been given by creating liabilities
creating assets and by selling assets so this is the difference between revenue
receipts and capital receipts so what we have seen that it has increased 13.
13 and this capital receipt had decreases which is 16.9
crores and what we have here we have seen a revenue expenditure so revenue
expenditure has increased by 37.1 from 35.4 and effective capital expenditure
so it has also increased by 15 so this is about the budget this time and I hope
you got the highlights of the budget and you got the major idea of the budget
that government is Focusing on which sector so in all slide we have discussed
that government has focused a lot on the skills development among the youth
government has special focus on the men development they had focused on women
education women
Entrepreneurs started spending a lot on LPG scheme nuclear
energy because there was a constant thing related to the pollution then
government has also started spending on what you can say a different kind of
sectors which are related to digital infrastructure and it is trying to make
agriculture digitally viable and because there was a constant gap in digital
infrastructure specially in agriculture and we have seen that inflation is also
improving and we have the steaming inflation so what this budget suggest about
so this budget suggest about that
The The country is growing on a right path and till now it
has given a positive outlook and it has increased expenditure to many areas
especially to the marginalized section of the society those who are the needy
once so now we will come to the question part the question is in the recent
budget what is the primary focus with respect to employment and skilling
increasing foreign investments enhancing agriculture subsidies facilitating
employment and skilling opportunity for 4.
1 crore youth reducing defence spending so you have to
answer this in the comment section this is very easy one i hope you like this
budget session if you have any queries let this budget session kindly ask in
the comment section and do review this budget session by watching this video
again and again because this thing is very much important For your prelims
examination For your mains examination many of you are appearing for mains and
so they will give that how the budget has outlook about women about the youth
about the skills about different kind of defence thing so they can ask any area
they can ask about the pollution so you have to be
Aware about that what budget tells about so thank you and
have a nice day for more information to get the notifications
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