What’s in it for the Social Sector from Budget 2024-25?
The Interim Budget 2024-25’s focus has been on youth, women, farmers, and the poor. The key highlights of the budget are as follows:
Jobs and Employment
The government’s strategy for job creation is multifaceted. Implementation of schemes like Pradhan Mantri Kisan Sampada Yojana and Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana not only benefits farmers but also generates employment opportunities. Additionally, the introduction of Rs.1 lakh crore corpus for long-term financing in research and innovation aims to catalyze growth and employment. The increased capital expenditure outlay for infrastructure development and employment generation will boost economic activities and job opportunities.
The current tax rates for direct taxes will be maintained, noting a threefold increase in direct tax collection and a 2.4 times rise in return filers over the past decade. Additionally, tax benefits for Start-Ups are extended until 31.03.2025.
Reflecting on the government’s commitment to employment generation, Satyam Vyas (Founder and CEO, Arthan) said, “In the face of Budget 2024, it’s imperative to recognize the phenomenal growth in India’s job market and entrepreneurial landscape. With the number of Income Tax Return filers more than doubling from 3.25 crore to 8.25 crore and startups growing from a few hundred to over one lakh, India’s economic fabric is being rewoven. At Arthan, our vision aligns with this growth trajectory, advocating for policies that further boost employment and skill development. As we gear up to support this dynamic shift, we remain committed to enhancing workforce capabilities and job opportunities, aligning with India’s ambitious journey towards becoming a $7 trillion economy by 2030.”
The government’s commitment to social justice is through its focus on uplifting four major groups: ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth), and ‘Annadata’ (Farmers). Various initiatives, such as PM-SVANidhi, PM-JANMAN Yojana, PM-Vishwakarma Yojana, PM-KISAN SAMMAN Yojana, and PM Awas Yojana (Grameen), will be targeted for poverty alleviation, tribal development, artisan support, and rural housing respectively.
Gender and Empowerment
The government’s agenda on empowering women is through initiatives like providing 30 crore Mudra Yojana loans to women entrepreneurs and increasing female enrolment in higher education and STEM courses. Furthermore, the Ayushman Bharat healthcare coverage is extended to ASHA workers, Anganwadi Workers, and Helpers recognizing and supporting the crucial role played by women in healthcare.
Green Energy and Environment
The government will set up a coal gasification and liquefaction capacity of 100 MT by 2030. There will be mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes. The focus will be on green energy with rooftop solarization, offering 300 units of free electricity monthly, promoting savings and sustainability.
You can read all budget highlights here!