Union Budget 2024-25: Fostering Inclusive Growth

Union Budget 2024-25: Fostering Inclusive Growth

The Union Budget 2024-25 reaffirms its commitment to empowering citizens, particularly the poor and marginalized. Building on the foundation laid since 2014, this budget aims to enhance the capabilities of all Indians to seize opportunities in the journey towards a Viksit Bharat (Developed India).

This year’s budget demonstrates a strong resolve to boost employment, elevate skilling initiatives, support MSMEs, and uplift the middle class. Furthermore, it outlines nine key priorities that span critical areas from agriculture to next-generation reforms. These priorities reflect a holistic approach to development, ensuring that growth is both inclusive and sustainable.

Focus on Inclusive Human Resource Development and Social Justice

As India moves towards its goal of becoming a developed nation by 2047, Priority 3 of the union budget emphasizes “Inclusive Human Resource Development and Social Justice.” This outlines several key initiatives aimed at uplifting marginalized communities and promoting balanced regional development.

Saturation Approach and Empowerment Initiatives

The saturation approach ensures that all eligible beneficiaries in targeted areas receive necessary support and resources for development, leaving no one behind. This approach enhances capabilities and empowers people through targeted interventions in education, health, and skill development.

• PM Vishwakarma: As of July 2024, the PM Vishwakarma Yojana continues to uplift artisans and craftspeople across India, certifying over 5,03,161 candidates nationwide.
• PM SVANidhi: Launched on June 1, 2020, this central sector initiative supports urban street vendors with collateral-free loans, incentivizing regular repayment and facilitating inclusive growth.
• Deendayal Antyodaya Yojana - National Rural Livelihood Mission (DAY-NRLM): This initiative organizes households into self-help groups (SHGs) to alleviate rural poverty.
• Stand-Up India: Promotes grassroots entrepreneurship to empower underrepresented demographics, focused on economic empowerment and job creation.

Purvodaya: Development of the Eastern Region

The eastern states of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh are rich in resources and cultural heritage. The Purvodaya initiative aims to transform this region into a growth engine for the nation through:

• Industrial Development: The Amritsar Kolkata Industrial Corridor will develop an industrial node at Gaya, blending cultural heritage with modern economic growth.
• Road Connectivity Projects: Projects such as the Patna-Purnea Expressway aim to enhance infrastructure and economic activities.
• Power and Infrastructure Projects: Significant investments include a new 2400 MW power plant and additional infrastructure developments in Bihar.

Commitments Under the Andhra Pradesh Reorganization Act

The government remains committed to fulfilling obligations under the Andhra Pradesh Reorganization Act with initiatives such as:

• Special Financial Support: Capital development through multilateral agencies.
• Polavaram Irrigation Project: Ensuring timely completion to enhance food security for farmers.
• Infrastructure Investments: Development across key industrial corridors.

PM Awas Yojana: Housing for All

The government has announced the construction of three crore additional houses under the PM Awas Yojana, ensuring necessary allocations for successful implementation.

Women-Led Development

Over ₹3 lakh crore has been allocated for schemes benefiting women and girls, highlighting the government’s commitment to enhancing women's roles in economic development.

Banking Services Expansion in the North-East

Proposals include setting up over 100 branches of India Post Payment Bank in the North-East, aiming to provide accessible banking services to underserved populations.

Conclusion

The Union Budget 2024-25 emphasizes Inclusive Development and Social Justice, representing a comprehensive approach to human resource development. By targeting marginalized groups and addressing regional imbalances, the government aims to foster a more equitable society. Monitoring the implementation and impact of these initiatives will be crucial in achieving inclusive growth.

Frequently Asked Questions (FAQs)

Q1. What are the key focuses of the Union Budget 2024-25?
Answer: The Union Budget 2024-25 focuses on empowering marginalized communities, boosting employment, supporting MSMEs, and promoting inclusive development through various initiatives.

Q2. How does the PM Awas Yojana contribute to housing?
Answer: The PM Awas Yojana aims to construct three crore additional houses, ensuring housing for all in rural and urban areas through necessary budget allocations.

Q3. What is the significance of the Purvodaya initiative?
Answer: The Purvodaya initiative aims to transform the eastern region of India into a growth engine, promoting industrial development and enhancing connectivity.

Q4. How does the government support women in economic development?
Answer: The government has allocated over ₹3 lakh crore for schemes specifically benefiting women and girls, emphasizing their economic empowerment.

Q5. What is the PM SVANidhi scheme?
Answer: The PM SVANidhi scheme provides collateral-free loans to urban street vendors, promoting their economic activities and encouraging regular repayment.