Union Budget 2024-25 | Budget 2024 Highlights in Hindi | Complete Analysis | UPSC Economy | StudyIQ

Summary

The video script discusses the Indian Finance Minister Nirmala Sitharaman's budget presentation for 2024-25, highlighting key focuses such as employment, skill development, agriculture, and infrastructure. It mentions the government's efforts to simplify the tax system, reduce customs duties on essential items, and introduce reforms to boost economic growth. The script also addresses the budget's impact on various sectors, including manufacturing, services, and social justice, while emphasizing fiscal responsibility and the government's commitment to prudent financial management.

Takeaways

• 📈 The budget presentation by Finance Minister Nirmala Sitharaman outlines the financial strategies and allocations for the year 2024-25, emphasizing the government's priorities and plans.
• 🌟 A special focus is placed on four key castes: the poor, women, youth, and farmers, indicating the government's commitment to these demographics.
• 💰 The budget introduces several financial schemes aimed at boosting employment, skill development, and support for small businesses, highlighting the government's intent to stimulate economic growth.
• 🏫 The government proposes to upgrade 1000 industrial training institutes and provide skill training for 20 lakh youths over the next five years, aligning with the demand of the industry.
• 🛣️ A significant allocation for infrastructure development is maintained, with an aim to improve connectivity and public utilities, reflecting the government's continued investment in long-term growth.
• 🌾 The agricultural sector receives attention with an emphasis on research and development, cooperative societies, and digital infrastructure to support farmers and enhance productivity.
• 💼 To address unemployment, especially among the youth, the government announces financial incentives for first-time job seekers and employers in the manufacturing sector.
• 🏥 Custom duties on certain life-saving medicines are reduced, making them more affordable and accessible to the public.
• 🏘️ The budget includes provisions for affordable housing in urban areas and transparency in rental agreements, aiming to improve living conditions for the lower and middle classes.
• 🚀 The government announces the setting up of a 'Venture Capital Fund' to boost the space economy, signaling India's ambition in the field of space technology.
• 📊 The fiscal deficit for the year 2024-25 is targeted to be 4.9% of GDP, indicating the government's efforts to maintain fiscal discipline while managing expenditures.

Q & A

What is the significance of the budget presented by Nirmala Sitharaman in 2024-25?

The budget presented by Nirmala Sitharaman is significant as it outlines the government's financial plan for the year, including its revenue expectations, expenditures, and fiscal deficit targets, which are crucial for the country's economic direction.

What is the tradition followed before presenting the budget in the Parliament?

Before presenting the budget, there is a tradition where the Finance Minister meets the President to brief them about the budget. This is followed by the distribution of hard copies of the budget to the Parliament members, and now it's also presented digitally.

What is the role of the Department of Economic Affairs in the budget preparation process?

The Department of Economic Affairs within the Ministry of Finance is responsible for preparing the budget. They work on it for a long time, starting from the previous October, deciding the allocations for different ministries and the overall economic strategy.

What is the importance of the budget for the citizens of a country?

The budget is important for citizens as it provides insights into the government's plans for tax collection, expenditure, and the country's economic priorities. It helps citizens understand how their tax money will be used and the government's focus areas such as infrastructure, defense, and social welfare.

What are the key focus areas of the 2024-25 budget according to the script?

The key focus areas of the 2024-25 budget include employment and skill development, agriculture, financial assistance for manufacturing and job creation, and initiatives for youth employment, among others.

What is the significance of the 'PM Employment Package' mentioned in the script?

The 'PM Employment Package' is a significant initiative aimed at tackling unemployment by providing financial support for job creation, especially in the manufacturing sector, and skill development for youth, which is expected to benefit around 2 crore youth.

How does the budget address the issue of unemployment for first-time job seekers?

The budget addresses unemployment for first-time job seekers by providing additional financial support under the 'PM Employment Package', which includes incentives for employers who hire new job seekers and contribute to their EPF.

What are the initiatives taken by the government to support the manufacturing sector and job creation?

The government has proposed initiatives to support the manufacturing sector by providing financial incentives to employers who create jobs, especially in the manufacturing sector, and by reducing the EPF contribution burden for a certain period to encourage more hiring.

What is the government's approach towards skill development and vocational training for youth?

The government's approach includes a focus on skill development and vocational training to align with industry needs. It plans to upgrade 1000 industrial training institutes and provide skill training to 20 lakh youth over the next 5 years.

How does the budget address the issue of financial support for education loans?

The budget addresses the issue of financial support for education loans by providing a subsidy on the interest rate for education loans up to ₹10 lakh, reducing the effective interest rate for students.

What are the measures taken by the government to promote inclusive human resource development and social justice?

The government has taken measures such as the 'Purvodaya Plan' for overall development in selected states, financial support for capital city development in Andhra Pradesh, and initiatives for tribal community development, aiming to improve socio-economic conditions.