Union Budget 2024: Nirmala Sitharaman Outlines Vision for 'Viksit Bharat' by 2047

New Delhi, July 23: Union Finance Minister Nirmala Sitharaman unveiled her seventh consecutive Budget on Tuesday, charting a course toward 'Viksit Bharat' (Developed India) by 2047. The focus of the budget is on employment, skill development, agriculture, and manufacturing.

This budget represents the first under the Modi 3.0 administration and is the 13th consecutive budget from Prime Minister Narendra Modi’s government since 2014, including two interim budgets.

Key features of the Union Budget include enhanced support for rural economies, tax reforms, infrastructure investments, an emphasis on local manufacturing, job creation, skill development, and increased funding for production-linked incentives (PLI) in labor-intensive industries.

In a significant move to boost employment, Sitharaman announced three new schemes. The government will introduce a scheme offering a one-month wage subsidy to new entrants into the workforce across all sectors, aimed at benefiting approximately 2.1 crore (21 million) young individuals.

While presenting the Budget in the Lok Sabha, Sitharaman highlighted the government's mandate following its re-election for a historic third term under Prime Minister Modi.

She also extended the PM Garib Kalyan Anna Yojana by five years, which will continue to support over 80 crore (800 million) people in the country.

With a strong emphasis on agriculture, the Finance Minister announced the release of 109 new high-yield, climate-resilient crop varieties and a plan to initiate one crore (10 million) farmers into natural farming practices over the next two years.