The Interim Budget 2024 had focused on the upliftment of four major groups: ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth), and ‘Annadata’ (Farmer). Despite these initiatives, FM Sitharaman proposed to retain the same tax rates for both direct and indirect taxes.
In the Union Budget 2024, several key initiatives have been announced aimed at enhancing education, employment, and agricultural productivity.
Financial Support for Higher Education Loans
The government has introduced a new measure to support students pursuing higher education by offering financial assistance for loans up to ₹10 lakh. This initiative is designed to ease the financial burden on students and make higher education more accessible.
Incentives for Job Creation in Manufacturing
To stimulate job creation in the manufacturing sector, the Finance Minister revealed a new scheme that rewards both employers and employees. This scheme will incentivize the hiring of first-time employees by covering EPFO (Employees' Provident Fund Organization) contributions for the first four years of their employment. Employers will receive up to ₹3,000 per month for two years for each new employee, aiming to create an additional 50 lakh jobs and benefit around 30 lakh youth across various sectors.
Enhanced Skilling Initiatives Linked to Employment
As part of the PM's employment package, the government has announced employment-linked skilling programs. These schemes will be connected with EPFO enrollment, offering first-time workers a direct benefit transfer (DBT) of one month's salary, up to ₹15,000, in three instalments. The eligibility for this benefit is set for those earning up to ₹1 lakh per month, with the program expected to aid 2.1 lakh young individuals.
Boost for Agricultural Research
In a bid to enhance agricultural productivity and develop climate-resilient crops, the Finance Minister also announced a comprehensive review of the agricultural research setup. This review will be overseen by domain experts to ensure effective and relevant advancements in agricultural practices.
Union Budget 2024: Will FM Sitharaman Increase Income Tax Rebate to Rs 7.5 Lakh?
FM Sitharaman Unveils Key Measures to Boost Business Environment in Economic Survey 2023-24
