Union Budget 2024: Key takeaways from Modi 3.0's first budget

Finance Minister Nirmala Sitharaman on Tuesday presented the first Budget of Modi 3.0, which focuses on an economic vision that balances fiscal prudence. Sitaraman said that the nine priorities of the Union Budget include productivity, jobs, social justice, urban development, energy security, infrastructure, and reforms.

With a focus on employment generation, the FM on Tuesday announced that the government will launch three schemes.

BCCL

Incentives to youth entering job market

Sitharaman said the government will provide incentives to 30 lakh youth entering the job market by providing one month's PF (provident fund) contribution.

Sitaraman also announced a new centrally-sponsored scheme for skilling 20 lakh youth over the next five years. The minister said that the model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh.

1,000 ITIs will be upgraded

As part of boosting skilling efforts, 1,000 ITIs will be upgraded on the hub-and-spoke model. Besides, the government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions.

PTI

Internship opportunities to 1 crore youth

Further, she said the government will launch the scheme to provide internship opportunities to 1 crore youth in top 500 companies over the next five years. The Centre will also promote investment-ready industrial parks in 100 cities, the finance minister added.

Accomodation for working youth

The government will facilitate dormitory-type rental housing for industrial workers in public-private partnership (PPP) mode.

Financial assistance to Bihar

In her Budget for 2024-25, Sitharaman said the Union government will arrange financial assistance to Bihar through aid from multilateral development agencies.

The government will also set up airports, medical colleges and sports infrastructure in Bihar, she said.

The Centre will also formulate plan 'Purvodaya' for all-round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.

Sitharaman further said the government will support industrial corridor for development in the eastern region.

Infrastructure boost for Bihar

The Finance Minister said that new airports, medical colleges and sports infrastructure in Bihar will be constructed. An additional allocation to support capital investments will be provided, she said.

She said that the requests of the Bihar government for external assistance from multi-lateral development banks will be expedited. The FM also announce an allocation of Rs 11500 crore or flood control measures in Bihar.

Promote temple tourism in Bihar

Funds have also been provided for developing the Temple corridors in the iconic temples in NIhar. The Kashi Model will be implemented in Bodh Gaya. Special funds have also been provided for the Rajgir Jain Temple site.

Special financial support for Andhra

Andhra Pradesh also benefited from the Union Budget 2024-25 as the Finance Minister announced special financial support to the state, recognising the state's need for capital.

"Andhra Pradesh Reorganisation Act- Our govt has made efforts to fulfil the commitments in the Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies," Sitharaman said.

"In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years," she added.

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