Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 in the Lok Sabha today, marking the first full budget of Prime Minister Modi’s third term.
In a first for Indian parliamentary history, the budget was presented in a paperless format, highlighting the government’s commitment to digitalization and sustainability. Prime Minister Modi hailed the budget as a “visionary document” that would drive India’s growth and development. Finance Minister Nirmala Sitharaman said the budget aimed to create a “more inclusive and prosperous society”.
The interim budget prioritized four key groups: the poor, women, youth, and farmers. Building on this, the Prime Minister’s Poor Welfare Plan has been extended for an additional five years. To empower the youth, a target of providing employment to 4 crore young individuals has been set over the next five years. To achieve this, an allocation of 1 lakh 48 thousand crores has been made for employment, education, and skill development initiatives.
Farmers will benefit from several initiatives, including:
- Access to 109 high-yielding seeds of 32 crops
- Encouragement for 1 crore farmers to adopt organic farming practices
- Special arrangements for the storage and marketing of their produce
- Establishment of 10,000 bio-research centers to support agricultural research and development
These measures aim to support the growth and development of these four key groups, with a focus on creating opportunities for the poor, empowering women, employing youth, and enhancing the livelihoods of farmers.