Union Budget 2024 Live Update

AP, Bihar gets allocations

Free electricity upto 300 units per month for 1cr household under solar panel scheme

The Finance Minister, Sitharaman, unveiled a rooftop solar panel program that will provide free electricity to one crore families for up to 300 units per month.

She stated that in order to provide 1 crore homes with free power up to 300 units per month, the M Suryaghar Muft Bijli Yojana has been initiated to install rooftop solar panels. This plan will support it even more.

She added that a combined venture between BHEL and NTPC will use advanced ultra supercritical (AUSC) technology to build a 100 MW commercial thermal plant.

Union Finance Minister Nirmala Sitharaman presented a proposal to create jobs for almost 4.1 crore young people over the next five years during her budget speech. This program has been given Rs 2 lakh crore by the government.

The finance minister also suggested spending Rs 1.48 crore to train residents to generate employment possibilities; the objective is to train 20 lakh youth in five years. Additionally, she declared that 1,000 industrial training facilities would be upgraded. Sitharaman suggested offering all new hires in all industries a one-time salary, with Direct Benefit Transfer (DBT) being used to administer the incentive. Over a five-year period, the finance minister announced the opening of internship opportunities for one crore youth in 500 firms.

Finance Minister Nirmala Sitharaman declared during her budget address for 2024–25 that a sizeable amount of Rs. 2.66 lakh crore has been set aside for the development of rural areas, including the improvement of rural infrastructure.

It is anticipated that this allotment will greatly enhance the standard of living and economic prospects in rural areas throughout the nation.

The Finance Minister also unveiled a bold plan to expand the PM Awas Yojana to include the construction of three crore new homes. These homes will be built in both rural and urban locations, offering many people access to inexpensive housing.

The Eastern Dedicated Freight Corridor will undergo significant growth with the establishment of the Gaya node along the Amritsar-Kolkata route. In the medium run, ports in eastern India will benefit.

The implementation of digital agriculture infrastructure, including an annual digital crop survey and the mapping of farmers to their land parcels, is expected to improve credit risk assessment and increase the current 60% formal loan penetration rate in agriculture.

climate-resilient varieties of seeds is salutary Perspective: It is beneficial that 109 high-yielding, climate-resilient seed types have been introduced. In the medium run, it will lessen production volatility and aid in price stabilization. This is especially important in light of the rising frequency of bad weather events in recent years, which have affected crop output and raised the price of food.

Finance Minister Nirmala Sitharaman announces PM-Awas Yojana Urban 2.0 for housing for all. Four key recommendations include

1) More focus on housing for poor and middle class

2) Govt to allocate Rs 2.2 lakh crore for urban housing plans under PMAY-U for five years

3) Interest subsidy under PMAY-U will also be provided

4) FM askes states to lower stamp duty for women homeowners

Finance Minister Sitharaman announced that the government will start an internship program for 1 crore young people at more than 500 companies, which would be a significant boost to the employment and skill development sectors. she said that the Government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs 5000 per month as internship allowance and one-time assistance of Rs 600.

4 key announcements so far

1) 3 crore additional houses PM Aways Yojana rural and urban

2) Rs 3 lakh crore for schemes benefitting women and girls

3) More than 100 branches of India Post Payment Bank to be set up in the North East region

4) Completion of Polavaram Irrigation Project to ensure food security of the nation