Finance Minister Nirmala Sitharaman presented her seventh consecutive budget on Tuesday for the fiscal year 2024-25, marking a significant moment with major announcements for Andhra Pradesh and Bihar. The budget includes substantial investments in infrastructure, education, agriculture, and youth employment, aiming to drive economic growth and development across these states.
Andhra Pradesh Capital Development
A landmark announcement was made for Andhra Pradesh, with the government pledging Rs 15,000 crore for the development of the state capital. This special financial support aims to transform the capital into a thriving hub of economic activity. Additionally, backward region grants will be provided to three districts in Andhra Pradesh, ensuring a balanced regional development.
Bihar’s Infrastructure and Educational Upliftment
For Bihar, the budget promises new airports, highways, and educational institutions, reflecting a comprehensive approach to infrastructure and human capital development.
Infrastructure Development:
- Industrial Node at Gaya: On the Amritsar-Kolkata industrial corridor, an industrial node at Gaya will be developed to boost the eastern region’s economy.
- Road Connectivity Projects: Major Road projects including the Patna-Purnea expressway, Buxar-Bhagalpur highway, Bodhgaya-Rajgir-Vaishali-Darbhanga corridor, and an additional two-lane bridge over the Ganga in Buxar will be initiated with an investment of Rs 26,000 crore.
Tourism Promotion:
- Temple Construction: The Vishnupath temple at Gaya and Mahabodhi temple in Bodhgaya will be developed akin to the Kashi Vishwanath corridor.
- Heritage Preservation: Rajgir’s hot springs will be preserved, and Nalanda’s development will be prioritized to boost tourism.
Power Projects:
- A new 2400 MW power plant at Pirpainti will be established at a cost of Rs 21,400 crore, enhancing Bihar’s energy infrastructure.
Agriculture and Rural Development
The budget emphasizes a substantial push for the agriculture sector with an allocation of Rs 1.52 lakh crore. Key initiatives include:
- Natural Farming: One crore farmer will be introduced to natural farming practices.
- Self-Reliance in Pulses and Oilseeds: Efforts will be made to enhance production, storage, and marketing of pulses and oilseeds.
- Kisan Credit Card Expansion: The Jan Samarth-based Kisan Credit Card will be introduced in five states to support farmers.
- Shrimp Farming Support: Financial assistance will be provided for shrimp farming and marketing.
- High-Yield Crop Varieties: Release of 109 high-yielding and climate-resilient varieties of 32 field and cultivation crops.
Youth Employment and Skill Development
The budget introduces five new schemes to generate employment and enhance skills among the youth, with a central outlay of Rs 2 lakh crore over five years, targeting 4.1 crore youths.
Key Employment Initiatives:
Employment-Linked Incentives: Three schemes will be implemented based on enrolment in the EPFO, focusing on first-time employees and support to both employees and employers. Benefits include one month’s wage to new employees in formal sectors and Direct Benefit Transfer of one month’s salary in three installments to first-time employees earning up to Rs 15,000 per month.
Skilling and Education: An allocation of Rs 1.48 lakh crore for education, employment, and skilling. A centrally-sponsored scheme for skilling will be launched in collaboration with states and industry, targeting 20 lakh youth over five years. The model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh.
Internship Opportunities: A comprehensive scheme will be launched to provide internship opportunities in 500 top companies for 1 crore youths over five years, offering exposure to real-life businesses and employment opportunities. Each intern will receive an allowance of Rs 5,000 per month and a one-time assistance of Rs 6,000, with companies bearing training costs and 10% of internship costs from their CSR funds.
The 2024-25 Union Budget, presented by Finance Minister Nirmala Sitharaman, underscores a focused approach towards regional development, infrastructure enhancement, agricultural growth, and youth empowerment. With significant financial commitments towards Andhra Pradesh and Bihar, the budget aims to drive holistic development, fostering economic growth and improving the quality of life for millions.
(With inputs from agencies)
