New Delhi: Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget for 2024-25, highlighting nine strategic priorities aimed at invigorating the economy and addressing key developmental needs. These priorities encompass productivity enhancement, job creation, social justice, urban development, energy security, infrastructure, innovation, and comprehensive reforms.
Sitharaman, delivering her seventh consecutive budget, emphasized the government’s focus on agriculture and rural development. She announced plans to introduce 109 new high-yielding, climate-resilient seeds for 32 field and horticulture crops. Additionally, the government aims to engage one crore farmers in natural farming techniques over the next two years. To further bolster agricultural output, large-scale vegetable production clusters will be promoted.
In a significant move to support Micro, Small, and Medium Enterprises (MSMEs), Sitharaman revealed a new credit guarantee scheme designed to facilitate term loans without the need for collateral or third-party guarantees. Public sector banks will enhance their in-house credit assessment capabilities for MSMEs, and the turnover threshold for mandatory onboarding on the TReDS platform will be reduced from Rs 500 crore to Rs 250 crore. The Small Industries Development Bank of India (SIDBI) will also expand its reach by opening 24 new branches in MSME clusters.
The budget allocates Rs 2.66 lakh crore for rural development, underscoring the government’s commitment to enhancing infrastructure and services in these areas. Additionally, the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN) will see a saturation drive aimed at improving support for tribal communities across the country.
This budget outlines a robust framework for fostering economic growth, enhancing agricultural productivity, and strengthening support systems for small enterprises and rural communities, setting the stage for a transformative fiscal year.
Finance Minister Nirmala Sitharaman’s Union Budget for 2024-25 prioritizes economic growth, agricultural innovation, and MSME support with ambitious new initiatives. The budget allocates significant resources for rural development and introduces a new credit guarantee scheme for small businesses Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
