On 23 July 2014, the Union Budget of the year 202424 was presented by Smt. Nirmala Sitharaman the Finance minister. She has announced many new government schemes in the Budget and she also announces some changes to existing government schemes. In this, we have discussed the list of government schemes announced in the Budget and proposed changes to other pre-existing government schemes.
Government Schemes List in Budget 2024
Viksit Bharat by 2047
By 2047 we want to reach the milestone of Viksit Bharat and that is our target. The term ‘Viksit Bharat 2047’ includes all developmental sections across economic, environmental, good governance and social. Transforming India into a Viksit (developed) entity by the year 1940 is what it reflects. So, the budget 2024 made this announcement in line with Viksit Bharat-2047:
1) The government will come up with a plan ‘Purvodaya’ for the overall growth of the eastern region in India, encompassing Jharkhand among others along with Bihar, Odisha, West Bengal, and Andhra Pradesh. This would include aspects such as infrastructure, human resource development, and the generation of economic opportunities for making the region an engine to achieve Viksit Bharat.
2) Nuclear energy will also play a colossal role in Viksit Bharat. In this regard, the government has said it will work with the private sector in establishing Bharat Small Reactors (BSR), to pursue research and development of its small modular reactor solution termed ‘Bharat SMR’, and other indigenous technologies for nuclear energy.
Rooftop Solarisation Scheme
The government will introduce a new Rooftop Solar Scheme or PM Surya Ghar Muft Bijli Yojana under which rooftop solar is expected to provide 1 crore households with up to free electricity of Rs 300 units per month. The following are the benefits expected from this scheme:
Free solar electricity for households and selling the surplus to distribution companies leads to savings of Rs.15,000 – 18,000 per year, EVs Charge Any Time of Year.
Opportunity for Entrepreneurs in Solar Vendors Business of Supplying and Installing Solar Panels.
Job vacancies for the youth who have technical skills in the maintenance, manufacturing, and installation of solar panels.
Atma Nirbhar Oil Seeds Abhiyan
The government would then have a plan in place to accomplish ‘Atma Nirbharta’ for oil seeds like groundnut, mustard, soybean sesame, and sunflower. The above suggestion or Abhiyan will provide focus on the adoption of modern farming, high-yielding variety research & development, value chain, and logistics addition across the agriculture commerce activities including but not limited to daily procurement standards with support towards market linkage as well as crop insurance on a large scale. The initiative promotes self-sufficiency in oilseeds and pulses while also boosting their storage, production, and marketing.
Schemes of Employment Linked Incentive
The government seeks to introduce three new schemes for Employment Linked Incentive. The schemes will be on the lines of EPFO enrolment status and recognition of first-time employees, support to Employees & Employers. The three Employment Linked Incentive schemes are as follows:
Scheme A: First Timers
This scheme targets personnel contributing newly to the organized sector workforce. Those new joiners registered in the EPFO will get a one-month wage for an amount of up to Rs. 15,000 but this will be payable only when it is paid out in three installments as a direct transfer to them. Now, while the cut-off salary limit to get this benefit is Rs. 1 lakh per month – The scheme will benefit 210 lakh youth.
Scheme B: Growth in manufacturing employment
This scheme creates an incentive for additional jobs in the manufacturing sector associated with a first time. Incentives in a defined measure shall be given directly to the employee and employer about EPFO contribution within the first four years of employment 30 lakh youth & their employers will benefit.
Scheme C: Support to Employers
It is an employer-focussed scheme, which will extend to extra employment in all sectors. All subsequent jobs below the salary of Rs.1 lakh per month will be considered part-time work. For every new employee, the government will fully bear the pension fund contribution for 2 years (up to Rs.3,000 per month), reducing employers’ EPFO liability by more than this amount in many cases. It will help motivate the employment of 50 lakh more people.
New Skilling Programme
The government will introduce a new centrally sponsored scheme along with the Industry and state governments for the skilling of youth. Under this scheme, 20 lakh youth will be skilled over the next five years and the upgradation of around 1,000 more Industrial Training Institutes in hub and spoke arrangement with outcome orientation. Industry-academia collaborative models will be used to design course content and curriculum keeping in view the skill needs of the industry. Emerging needs will also be met through new courses.
Pradhan Mantri Janjatiya Unnat Gram Abhiyan
It is an initiative that aims to improve the living conditions and lifestyles of tribal people. The government will introduce a new scheme called ‘Pradhan Mantri Janjatiya Unnat Gram Abhiyan’ for the socio-economic development of tribal communities. The scheme will be implemented based on the saturation coverage of tribal families in aspirational districts and villages where tribals are a majority. It will have a span of covering 63,000 villages benefitting five crore tribal population.
Credit Guarantee Scheme for MSMEs in Manufacturing
Credit Guarantee Scheme: to facilitate the acquisition of machinery and equipment on term loans for MSMEs without any collateral or third-party guarantee. It would work on pooling the credit risks of those MSMEs. Each applicant will be provided with a guaranteed cover of Rs. 100 crore through self-financing separate constituted Guarantee Fund. The borrower will need to pay an annual guarantee fee plus a one-time guarantee fee on the net insured amount.
Credit Support to MSMEs One During a Time of Stress
Earlier in the day, the government unveiled a fresh mechanism to ensure that bank credit continues to be available for MSMEs during times of stress. MSMEs require credit to run their businesses and bounce back from the SMA stage, which can easily become NPA for reasons beyond just business mismanagement. Such credit will be backed by a guarantee from an India fund run and promoted prices.
A Complete Strategy for Gigs
In 5 years, the government will start a massive scheme to give internship opportunities in the top 500 companies across India for about 1 crore youth. It means the students will get 12 Months of exposure to real-life business settings & a diversity of professions and job opportunities. A stipend of Rs. 5,000 per month for the internship and one-time assistance amounting to Rs.6 thousand would be given out. The training cost and 10% of internship cost under the CSR (Corporate social responsibility) fund will be on the companies.
NPS Vatsalya
The government will introduce NPS Vatsalya, a scheme for the contribution of parents and guardians towards investing on behalf of minors. The moment the minors reach majority age, they can shift the plan into a regular NPS account without any hassles.
Amendments in Government Existing Schemes
PM Awas Yojana
The government will build three crore more houses covering both rural and urban areas under PM Awas Yojana. Under PM Awas Yojana Urban 2. the physical housing needs of one crore urban middle-class and poor families with an investment of Rs.10 lakh crores will be done. This will include Rs.2 central assistance as well. IN THE NEXT 5 YEARS ₹2 LAKH CRORE.
Skill Loan Scheme
The Mid-Term review says the government will make changes in the Model Skill Loan Scheme under which loans of up to Rs. 7 are immediately possible with credit guarantee fund as per target setting application approach for high participant states ensuring core infrastructure support at the district level.[/expand] ₹5 lakh providing that the deposit is under a government-promoted Fund. The program should help 25,000 students a year.
Mudra Yojana
For entrepreneurs who have been able to successfully repay previous loans under the ‘Tarun’ category, indicated above Rs.10 lakh and up to now loan limit increased to provide the lending benefit of Micro Credit (as Mudra) it will be 20 lakh or a little more than they want them raised.
PMGSY (Pradhan Mantri Gram Sadak Yojana)
The PMGSY Phase IV will be launched by the government covering 25,000 rural habitations eligible for all-weather connectivity based on having a population of over 250 (+10 per cent growth).