Budget 2024: Full List of Schemes Announced in Budget 2024-25 By Finance Minister

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 2047

The 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. To achieve the goal of Viksit Bharat 2047, the following announcements were made in the Budget 2024:

1) 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. This will cover infrastructure, human resource development, and the generation of economic opportunities to make the region an engine to attain Viksit Bharat.

2) Nuclear energy is expected to be a very significant part of Viksit Bharat. Towards that pursuit, the government will partner with the private sector to set up Bharat Small Reactors, research and development of Bharat Small Modular Reactor, and research and development of newer technologies for nuclear energy. 

Rooftop Solarisation Scheme

The government will launch a new Rooftop Solar Scheme or PM Surya Ghar Muft Bijli Yojana, which aims to achieve 300 units of free electricity per month to 1 crore households through rooftop solarisation. Below are the benefits expected from this scheme: 

• Savings up to Rs.15,000 - Rs.18,000 annually from free solar electricity for households and selling the surplus electricity to the distribution companies
• Charging of EVs (Electric Vehicles)
• Entrepreneurship opportunities for vendors supplying and installing solar panels 
• Employment opportunities for the youth having technical skills in the maintenance, manufacturing and installation of solar panels 

Atmanirbhar Oil Seeds Abhiyan

The government will formulate a strategy to achieve ‘Atmanirbharta’ for oil seeds, such as groundnut, mustard, soybean, sesame and sunflower. This scheme, or Abhiyan, will cover the widespread adoption of modern farming techniques, research for high-yielding varieties, value addition, procurement, market linkages and crop insurance. It aims to achieve self-sufficiency in oilseeds and pulses and strengthen their storage, production and marketing.

Employment Linked Incentive Schemes

The government proposes to launch three new schemes for Employment Linked Incentive. These schemes will be based on EPFO enrolment status and focus on recognition of first-time employees, and support to employees and employers. Here are the details of the three Employment Linked Incentive schemes:

Scheme A: First Timers  

This scheme is for all persons who have newly joined workforce in all formal sectors. Such new joiners registered in the EPFO, will receive a one-month wage of up to Rs.15,000 in 3 instalments, which will be directly transferred to them. However, the salary eligibility limit to receive the benefit is up to Rs.1 lakh per month. This scheme is expected to benefit 210 lakh youth.

Scheme B: Job Creation in manufacturing 

This scheme will incentivise additional employment in the manufacturing sector, linked to first-time employees. An incentive will be provided at a specified scale directly to the employee and the employer with respect to their EPFO contribution in the first four years of employment. It is expected to benefit 30 lakh youth and their employers. 

Scheme C: Support to employers 

This is an employer-focussed scheme that will cover additional employment in all sectors. All additional employment below a salary of Rs.1 lakh per month will be included. The government will reimburse employers up to Rs.3,000 per month for 2 years towards their EPFO contribution for each new employee. This scheme is expected to incentivize additional employment of 50 lakh people.

New Skilling Programme

The government will launch a new centrally sponsored scheme for the skilling of youth in collaboration with the Industry and state governments. Under this scheme, 20 lakh youth will be skilled over a period of 5 years and 1,000 Industrial Training Institutes will be upgraded in hub and spoke arrangements with outcome orientation. The course content and design will be aligned with the skill needs of the industry. New courses will also be introduced for emerging needs.

Pradhan Mantri Janjatiya Unnat Gram Abhiyan 

The government will launch the Pradhan Mantri Janjatiya Unnat Gram Abhiyan, a new scheme to improve the socio-economic condition of tribal communities. This scheme will be implemented by adopting saturation coverage for tribal families in aspirational districts and tribal-majority villages. It will cover 63,000 villages benefitting 5 crore tribal people.

Credit Guarantee Scheme for MSMEs in the Manufacturing Sector

A credit guarantee scheme will be introduced to facilitate term loans to MSMEs for the purchase of machinery and equipment without any collateral or third-party guarantee. It will operate on the pooling credit risks of such MSMEs. A separately constituted self-financing guarantee fund will provide a guarantee cover of up to Rs.100 crore to each applicant. The borrower will have to provide an annual guarantee fee and an upfront guarantee fee on the reduced loan balance.

Credit Support to MSMEs during Stress Period

The government announced a new mechanism to facilitate the continuation of bank credit to MSMEs during their stress period. MSMEs need credit to continue their business and avoid getting into the NPA stage while being in the special mention account (SMA) stage for reasons beyond their control. This credit availability will be supported through a guarantee from a government-promoted fund.

Comprehensive scheme for Internship Opportunities

The government will launch a comprehensive scheme to provide internship opportunities to 1 crore youth in 5 years in the top 500 companies. The students will gain exposure for 12 months to a real-life business environment and varied professions and employment opportunities. An internship allowance of Rs.5,000 per month and a one-time assistance of Rs.6,000 will be provided. Companies will have to bear the training cost and 10%  internship cost from their CSR funds.

NPS Vatsalya

The government will start NPS Vatsalya, a plan for the contribution by parents and guardians for minors. When the minors attain the age of majority, they can convert the plan seamlessly into a normal NPS account.

Changes in Existing Government Schemes

PM Awas Yojana

The government plans to provide three crore more houses under the PM Awas Yojana in rural and urban areas. Under the PM Awas Yojana Urban 2.0, the housing needs of 1 crore urban middle-class and poor families will be addressed with an investment of Rs.10 lakh crore. This will include the central assistance of Rs.2.2 lakh crore in the next 5 years. 

Skill Loan Scheme

The government will revise the Model Skill Loan Scheme to facilitate loans up to Rs.7.5 lakh with a guarantee from a government-promoted Fund. It is expected to help 25,000 students every year.

Mudra Yojana

The limit of the Mudra loans is enhanced to Rs.20 lakh from the current Rs.10 lakh under the 'Tarun' category for those entrepreneurs who have successfully repaid previous loans under the same category.

Pradhan Mantri Gram Sadak Yojana (PMGSY)

The government will launch Phase IV of the PMGSY to provide all-weather connectivity to 25,000 rural habitations, which are eligible due to an increase in their population.

Related Articles: 
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2. Budget 2024 Highlights
3. Economic Survey 2024 Highlights & Summary
4. Full List of Schemes Announced in Budget 2024-25