The
budget for 2025-26 is a remarkable one in many ways. This is the first full
budget of the Modi Government in its third term. The strong foundations laid by
the first two Governments headed by Prime Minister Narendra Modi have made
India the fifth largest economy in the World. There is all-round development in
different sectors of the economy. The poor, farmers, youth and women are
experiencing very positive changes in their lives.
As
such this budget proposes to further build on the existing foundations to make
the lives of Indians a better one. The proposals of the budget are in line with
the vision of the Prime Minister to make India a Viksit Bharat by 2047.
For
the first time, the salaried and middle- income categories are given a huge
benefit by increasing the annual income tax limit to Rs.12 lakhs, a whopping increase
of Rs 5 lakhs. This will enable them to have more money in their hands, which
could lead to higher savings or increase in spending. The agricultural and the
MSME sectors that remain the mainstay of our economy get new schemes and extra
benefits in this budget.
A
new scheme for agriculture, on the lines of Aspirational Districts Programme in
operation for the overall of the development of the districts, has been
announced to develop hundred districts with special thrust on agriculture,
benefiting 1.7 crore farmers. Loans through Kisan Credit Cards are going to be
increased from Rs 3 lakhs to Rs.5 lakhs, to enable the farmers to get more
money. Besides, there is going to be a comprehensive programme for vegetables,
fruits and Shri Anna. This is expected to greatly benefit the farmers who have
severe problems such as storage, transport and marketing.
As
for the MSME sector, the credit guarantee cover has been increased from Rs.5
crores to Rs. 10 crores. This has been one of their demands and would help the
small and medium entrepreneurs in a big way. Micro enterprises that dominate
the MSME sector are given the facility of getting Rs. 10 lakhs through credit
cards. Once again the Start Ups have been given special attention to boost the
growth in this segment further. Besides, there are measures for the labour
-intensive segments to create more employment opportunities and a new scheme to
make India the global hub for toys.
As
for investments, 50000 Atal Innovation Laboratories are going to be set up to
encourage and more youngsters. Most of the Government schools in the country still
do not have broad- band connections, leading to children from the underprivileged
sections not getting the benefits available to those studying in private
schools. Similarly, the Primary Health Centres run by the Governments catering
to the ordinary people do not have the broad band connectivity. A new scheme
has been announced to solve this critical problem.
Facilities
to create 75000 additional seats in medical colleges and 6500 students in IITs
are going to be set up. A Centre of Excellence in Artificial Intelligence for
education with an outlay of Rs 500 crores has been announced. This is necessary
as Artificial Intelligence has started playing an important role in our lives
and India has the potential to emerge stronger in this field. In the recent
times, Gig workers are increasingly playing a larger role in the society.
Government has announced a new scheme to give them recognition by registration
through providing ID cards and enabling health care facilities to one crore
workers.
Towards
providing basic facilities to the ordinary sections of the society, the Jal
Jeevan Mission will be extended till 20228 to achieve 100 percent success in
rural areas. Cancer is becoming widely prevalent affecting different sections
of the society. Hence to make the facilities easily available to all for
consultation and treatment, cancer centres will be established in all the district
hospitals across the country.
During
the recent periods, the urban population has been continuously growing. Hence
to the enable the cities and towns to cope up with the challenges and develop
cities as ‘ Growth hubs’ a new Urban Challenge Fund with Rs one lakh crore is
going to be set up. For the financial year 2025-26, Rs 10000 crore would be
allocated. Top 50 tourist destinations are going to be developed to increase
the employment opportunities and encourage domestic tourism. Religious places
connected with Lord Buddha are going to be connected to make people aware of
the teachings of one of the greatest personalities of India.
Innovation
continues to be the focus areas of Modi Government. Towards this a Fund of
funds with Rs 20000 crores is going to be set up. 10000 Fellowships will be
provided in IITs towards technical research. The Government has been
continuously taking steps to increase our exports. To facilitate trade further,
a digital platform for documentation to support domestic industries is going to
be created. Global capability centres are planned in tier-2 cities.
National
Pulses New Initiative to attain self-sufficiency in the cultivation of pulses, Special
scheme to empower women through entrepreneurship by providing them low interest
loans up to Rs 10 lakhs and skill development programmes, Agri Tech and Digital
Economy Initiative to modernize farming, Remote Area Start Up Promotion Scheme
to foster entrepreneurship in remote areas and Skilling centres are among the
major steps announced in the budget for the overall and inclusive development
of the economy.
Reforms
continue to be one of the thrust areas of the budget. FDI in insurance sector
has been increased to 100 per cent. Tax reliefs by giving full exemption to 36
life-saving drugs, besides support for domestic manufacturing have been
announced. Support to states for infrastructure development with an outlay of
Rs.1,50,000 crores by way of 50-year interest free loans would be provided. A
high level committee would be set up towards regulatory reforms.
On
the whole, this budget aims to accelerate further the growth momentum by
creating opportunities for all to participate in the process so that the
distance towards Viksit Bharat becomes closer.
(
Special Issue on Budget, SPMRF, New Delhi, Feb.2025)
No comments:
Post a Comment