The Budget 2024, presented by Finance Minister Nirmala Sitharaman, gave special attention to Micro, Small, and Medium Enterprises (MSMEs), especially those in the manufacturing sector. It formulated a package to cover technology support, financing, and regulatory changes for MSMEs to help them grow and compete globally. One of the measures taken for MSMEs was the introduction of a new credit guarantee scheme to facilitate term loans to them.Continue reading to find out all about the MSME credit guarantee scheme, eligibility, and benefits.What is MSME credit guarantee scheme?The Budget 2024 provided for the introduction of a credit guarantee scheme for MSMEs in the manufacturing sector. This credit guarantee scheme facilitates term loans to MSMEs to purchase equipment and machinery without third-party guarantee or collateral. This scheme will operate by pooling the credit risks of MSMEs. A separate self-financing guarantee fund will be constituted under this scheme.

In the Budget 2024, Finance Minister Nirmala Sitharaman formulated a plan, Purvodaya, for the all-round development of the eastern region of India. Under this plan, 5 Indian states will be provided assistance to generate economic opportunities to attain the vision of Viksit Bharat 2047.Read more to know all about the Purvodaya scheme details and its benefits.What is the Purvodaya scheme?Initially, Prime Minister Narendra Modi announced the idea of ‘Purvodaya’ in 2015 when he dedicated an Indian Oil Corporation Limited refinery in Paradip. He had stated that the eastern parts of the country needed to develop for India to become a developed nation.In the Union Budget 2024, the Finance Minister announced that the Centre is formulating the Purvodaya plan for the all-round development of five states in the eastern region, i.e., Odisha, Bihar, West Bengal, Jharkhand and Andhra Pradesh. The Purvoyada scheme will provide new energy to infrastructure, employment, human resources, and economic development opportunities in these regions in India. The eastern regions will play an essential role in building a self-reliant and developed India, which will be an engine to attain the idea of Viksit Bharat 2047. The development of the eastern region of India will get new energy and momentum through the Purvodaya plan. The government will provide new impetus for developing important infrastructure such as water projects, highways, and power projects.Purvodaya scheme detailsThe eastern states of India, namely Odisha, Bihar, West Bengal, Jharkhand and Andhra Pradesh, are rich in cultural heritage and resources.

Employee Provident Fund (EPF) is a retirement benefits scheme framed under the Employees Provident Fund & Miscellaneous Provisions Act, 1952. The scheme applies to those who are employed. As per the EPF scheme, the employer deducts a certain amount of contribution from the employee’s salary and deposits in his or her EPF account. An employer also contributes to the employee’s EPF account.On retirement, the employee receives a lump sum corpus of EPF, including the employee’s contribution, employer’s contribution and the interest amount credited every year. The government reviews the interest rate on EPF accounts regularly.

Usually, all salaried individuals have an account with the Employees’ Provident Fund Organisation (EPFO) in India. It is essential for EPF account holders (members) to file a nomination for their EPF accounts. The nominees would be able to withdraw money from the EPF account if any mishap happens to the member.Once the nomination is done, EPF members can update or change the nomination online. Initially, changing of nomination was done using Form 2, which the employer would send to the EPFO. Now, the EPFO has simplified the process, and the members can add new nominees or change nominations by logging into the EPF members portal.Pre-requisites for EPFO Nominee UpdateThe members need to have the following before updating or changing their EPF nominee:Activated and Aadhaar-linked UAN (Universal Account Number)Mobile number linked with Aadhaar Updated EPF account profile with address and photographScanned photo of the nomineeAadhaar number of the nomineeBank account number with IFSC and address of the nomineeEPFO Nominee Update Process OnlineThe process to update the EPF nominee online is the same as the process to add e-nomination.

The Union Budget 2024-25 will be presented on July 23rd, 2024 by Finance Minister Nirmala Sitharaman at 11 am. Here's what we know about it:Follow all the live Budget 2024 updates here:23 Jul 2024, 12:26 PMChanges in the tax structure of the new tax regime are as follows:Rs.0 to Rs.3 lakh - NILRs.3 to Rs.7 lakh - 5% Rs.7 lakh to Rs.10 lakh - 10% Rs.10 lakh to Rs.12 lakh - 15%Rs.12 lakh to Rs.15 lakh - 20% More than Rs.15 lakh - 30% Under the new tax regime, taxpayer stands to save Rs.17,50023 Jul 2024, 12:25 PMStandard deduction under the new tax regime is now increased to Rs.75,000 from Rs.50,000. The deduction on family pension is increased from Rs.15,000 to Rs.25,000.23 Jul 2024, 12:24 PMNon reporting of Foreign Assets - Movable assets of upto 20 lakhs will be decriminalised. There will be withdrawal of equalisation levy of 2%. Non reporting of Foreign Assets and Incomes (ESOPs & RSU) upto 20 lacs will now be a non penalised offence.23 Jul 2024, 12:23 PMSTT on Futures and Options increased to 0.02% and 0.1% respectively.

The Finance Minister, Nirmala Sitharaman, announced the launch of 3 new ‘Employment Linked Incentive’ schemes in the Budget 2024-25 as part of the government’s efforts to boost hiring. These schemes provide benefits for both employers and first-time employees.Find out more about the 3 employment schemes announced in the Budget 2024 and their benefits.What is employment linked incentive scheme?The Budget 2024 announced the launch of 3 schemes to boost employment and hiring in the formal sector, known as ‘Employment Linked Incentive’ schemes. These schemes provide benefits to employers and first-time employees who have enrolled in the EPFO (Employees Provident Fund Organisation).The 3 employment linked incentive schemes are as follows:Scheme A - First-time employment Scheme B - Job creation in manufacturing Scheme C - Support to employers These 3 schemes will focus on recognising first-time employees and providing support to employees and employers. Coverage and estimated outlay of the employment linked incentive schemeThe table below provides the details of the 3 employment linked incentive schemes:SchemeEnrolment DurationExpenditure DurationCentral Outlay (crores)Beneficiaries (lakhs)First-time employment scheme2 years3 yearsRs. 23,000210Job creation in manufacturing scheme2 years6 yearsRs. 52,00030Support to employers scheme2 years6 yearsRs.

The Finance Minister, Smt. Nirmala Sitharaman, presented the Union Budget 2024-25 on 23 July 2024. She proposed to launch many new government schemes in the Budget and also proposed changes to the existing government schemes. Here, we have covered the list of government schemes announced in the Budget and the proposed modifications to the existing government schemes.List of Government Schemes Proposed in Budget 2024 Viksit Bharat by 2047The government is working towards achieving the goal of Viksit Bharat by 2047. Viksit Bharat 2047 means making India a developed entity by 2047 by encompassing various areas of development, such as economy, environment, good governance and social progress.

Finance Minister Nirmala Sitharaman proposed introducing a new scheme, NPS Vatsalya, in her Budget 2024 speech. This scheme will be a National Pension Scheme (NPS) for minors, allowing parents to contribute a certain amount on behalf of their children towards NPS to secure their future and help them develop a retirement fund.Read on to know all about the NPS Vatsalya Scheme and its eligibility, benefits, and applicability. What is the NPS Vatsalya Scheme?The NPS Vatsalya Scheme proposed in Budget 2024 enables parents and guardians to start a National Pension Scheme (NPS) for their children. Under this scheme, parents and guardians can open an NPS account for their children and contribute an amount every month or year till the child reaches 18 years.Once the child reaches the age of majority (18 years), the NPS Vatsalya scheme can be converted into a regular NPS account, which can be managed by the child independently. The accrued contribution amount in the NPS Vatsalya amount will be transferred to the standard NPS account when the child reaches the age of 18 years.The NPS Vatsalya scheme will be a variant of the existing NPS, tailored explicitly for young individuals. This scheme allows parents to open accounts for their children and contribute towards their retirement savings.The NPS scheme introduced by the Central Government provides pension income to individuals to support their retirement needs.

Viksit Bharat is gaining attention with the upcoming full Budget 2024-25 to be presented by Finance Minister Nirmala Sitharaman on 23 July 2024. The comprehensive roadmap for achieving Viksit Bharat or Developed India will be laid down in Budget 24-25.In the Interim Budget 2024, Finance Minister Nirmala Sitharaman stated Prime Minister (PM) Narendra Modi’s vision for Viksit Bharat by 2047. In her Interim Budget 2024 speech, she mentioned that the government is working towards development that is all-pervasive, all-round and all-inclusive. The government will focus on 4 major groups, namely ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer).In the full Budget 2024-25, Finance Minister Nirmala Sitharaman envisaged sustained efforts on the following 9 priorities for generating ample opportunities in line with the strategy set out in the interim budget to achieve Viksit Bharat 2047:Productivity and resilience in Agriculture Employment and SkillingInclusive Human Resource Development and Social JusticeManufacturing and ServicesUrban DevelopmentEnergy SecurityInfrastructure Innovation, Research and Development Next Generation ReformsFind out what is Viksit Bharat, vision, purpose and different aspects of Viksit Bharat.Meaning of Viksit BharatThe term ‘Viksit Bharat’ means ‘Developed India’. Viksit Bharat 2047 represents the government’s vision to transform the county into a developed entity by its 100th independence in 2047. The four pillars of Viksit Bharat are Yuva (Youth), Garib (Poor), Mahilayen (Women) and Annadata (Farmers). The Finance Minister made the following announcements the Budget 2024 to achieve the goal of Viksit Bharat 2047:The government will formulate a plan, Purvodaya, for the all-round development of the eastern region of India, covering Jharkhand, Bihar, Odisha, West Bengal and Andhra Pradesh.

Medium and small businesses are often incapable of availing loans from banking institutions due to lack of security and inadequate funds for paying off the interest. Helping these businesses grow would ultimately lead to the advancement of the economy. Mudra Yojana is a financial initiative for facilitating micro-units and providing them with sufficient funds to help them develop their business. Under the Jan Dhan Yojana, the government launched its MUDRA Bank (Micro Units Development and Refinance Agency) initiative on 8th April 2015.Latest Update:Budget 2024-25: The ‘Tarun’ category limit under the Mudra loans is enhanced to Rs.20 lakh from the current Rs.10 lakh for those entrepreneurs who have successfully repaid previous loans under the same category.Objective of Mudra YojanaThe inception of Mudra Yojana was done keeping in mind several objectives to be fulfilled during the implementation of this yojana. The most prominent of these are:For laying down policy guidelines for financing small/ micro enterprises.Getting all the Microfinance Institutions and related entities registered and then regulating the same.For helping the small businesses develop and grow further.Assisting lower income groups in building and expanding their business.To assist in creating easy access to finance for unbanked and help in lowering their cost of finance.To provide SC/ST lending preference.For regulating all Microfinance Institutions that are dealing with trading, manufacturing, and service.Loan Limits and Interest Rates under Mudra schemeAs per the choices for financing available under this scheme, the loan limits and interest rates vary for accommodating for the growth phase of the respective business availing such loan. The applicable limits and rates are as follows:Shishu – Loans up to a limit of Rs.50,000.