In the Budget 2024, the government has laid out an ambitious roadmap to advance towards ‘Viksit Bharat’, emphasizing nine core priorities designed to drive inclusive growth and prosperity. This budget focuses on enhancing productivity and resilience in agriculture, boosting employment through skilling initiatives, and fostering human resource development while promoting social justice. Key areas such as manufacturing, urban development, energy security, and infrastructure are highlighted, alongside a commitment to innovation and next-generation reforms. These priorities aim to set the stage for transformative changes and build a strong foundation for future economic policies and actions. The key policy announcements made in the Budget 2024 are as follows:

Priority 1: Productivity and Resilience in Agriculture

1. Comprehensive Agriculture Research Review: A thorough review of agriculture research will focus on enhancing productivity and developing climate-resilient crop varieties, with funding available to both the public and private sectors.
2. Release of New Varieties: Introduction of 109 new high-yielding and climate-resilient varieties across 32 field and horticulture crops.
3. Expansion of Natural Farming: Initiatives to engage 1 crore farmers in natural farming within two years, supported by certification and branding, along with the establishment of 10,000 bio-input resource centres.
4. Pulses and Oilseeds Missions: Strengthening the production, storage, and marketing of pulses and oilseeds to achieve self-sufficiency, focusing on mustard, groundnut, sesame, soybean, and sunflower.
5. Vegetable Production Clusters: Development of large-scale vegetable production clusters near major consumption centres and promotion of Farmer-Producer Organizations, cooperatives, and start-ups for supply chain enhancement.
6. Digital Public Infrastructure (DPI): Implementation of DPI in agriculture, including a digital crop survey for Kharif in 400 districts, and the creation of farmer and land registries covering 6 crore farmers.
7. Kisan Credit Cards: Issuance of Jan Samarth-based Kisan Credit Cards in 5 states to support farmers.
8. Shrimp Production and Export: Financial support for establishing Nucleus Breeding Centres for Shrimp Broodstocks and facilitating financing for shrimp farming, processing, and export through NABARD.
9. National Cooperation Policy: Introduction of a National Cooperation Policy aimed at systematic development of the cooperative sector, boosting rural economic growth, and creating job opportunities.
10. Budget Provision: Allocation of INR 1.52 lakh crore for the agriculture and allied sectors this year to support these initiatives.
    

Priority 2: Employment and Skilling

1. Employment Linked Incentive Schemes: Introduction of three schemes under the Prime Minister’s package to boost employment through EPFO enrollment. Scheme A – First Timers: Provides one-month salary (up to INR 15,000) to new entrants into the workforce in the formal sector, with a salary cap of INR 1 lakh per month, benefiting approximately 2.1 crore youth. Scheme B – Job Creation in Manufacturing: Incentivizes additional employment in the manufacturing sector linked to hiring first-time employees, with benefits for both employees and employers over the first four years. Scheme C – Support to Employers: Offers reimbursement of up to INR 3,000 per month for 2 years towards EPFO contributions for additional employees earning up to INR 1 lakh per month, aiming to create 50 lakh new jobs.
2. Women Workforce Participation: Enhances female participation through the establishment of working women hostels, creches, women-specific skilling programs, and promotion of women SHG enterprises.
3. New Skilling Programme: Launches a centrally sponsored scheme to skill 20 lakh youth over five years, upgrade 1,000 Industrial Training Institutes, and align course content with industry needs.
4. Skilling Loans: Revises the Model Skill Loan Scheme to offer loans up to INR 7.5 lakh with government-backed guarantees, benefiting 25,000 students annually.
5. Education Loans: Provides financial support for higher education loans up to INR 10 lakh for domestic institutions, with e-vouchers for annual interest subvention of 3% for 1 lakh students each year.
6. Support for Emerging Needs: New courses and skill training programs will be introduced to address emerging industry needs and align with future job market demands.
7. Collaboration with Industry Strengthens partnerships with state governments and industries to ensure skill development programs are relevant and effective.
   

Priority 3: Inclusive Human Resource Development and Social Justice

1. Saturation Approach: Commitment to comprehensive development for farmers, youth, women, and the poor through inclusive programs in education and health to empower all eligible individuals.
2. Support for Economic Activities: Increased implementation of schemes for craftsmen, artisans, self-help groups, SC/ST and women entrepreneurs, and street vendors, including PM Vishwakarma, PM SVANidhi, National Livelihood Missions, and Stand-Up India.
3. Purvodaya Initiative: Development plan for the Eastern states (Bihar, Jharkhand, West Bengal, Odisha, Andhra Pradesh) focusing on human resource development, infrastructure, and economic opportunities to drive regional growth.
4. Industrial and Infrastructure Development in Eastern India: Support for industrial node development at Gaya, road connectivity projects (e.g., Patna-Purnea Expressway), and power projects, including a 2400 MW plant at Pirpainti.
5. Andhra Pradesh Reorganization Act Commitments: Special financial support of INR 15,000 crore for Andhra Pradesh’s capital needs, and funds for the Polavaram Irrigation Project and essential infrastructure in key industrial nodes.
6. PM Awas Yojana Expansion: Allocation for three crore additional houses under the PM Awas Yojana to improve rural and urban housing.
7. Women-Led Development: Over INR 3 lakh crore allocated for schemes benefitting women and girls to enhance their role in economic development.
8. Pradhan Mantri Janjatiya Unnat Gram Abhiyan: Launch of a scheme to improve the socio-economic conditions of tribal communities, covering 63,000 villages and benefiting 5 crore tribal people.
9. Banking Expansion in North-East: Establishment of more than 100 India Post Payment Bank branches in the North East to expand banking services in the region.
10. Rural Development Provision: Allocation of INR 2.66 lakh crore for rural development, including infrastructure, to support inclusive growth and development in rural areas.
    

Priority 4: Manufacturing & Services

1. Support for MSMEs: A comprehensive package for MSMEs includes financing, regulatory changes, and technology support to help them grow and compete globally.
2. Credit Guarantee Scheme for MSMEs: Introduction of a scheme to facilitate term loans for MSMEs to purchase machinery without collateral, providing guarantee cover up to INR 100 crore through a self-financing guarantee fund.
3. New MSME Credit Assessment Model: Public sector banks will develop an in-house credit assessment model based on MSMEs’ digital footprints, improving credit evaluations beyond traditional asset or turnover metrics.
4. Credit Support During Stress: A new mechanism will support MSMEs in the ‘special mention account’ (SMA) stage to continue accessing credit during financial stress through government-backed guarantees.
5. Enhanced Mudra Loans: The Mudra loan limit will be increased to INR 20 lakh from INR 10 lakh for entrepreneurs who have successfully repaid previous loans under the ‘Tarun’ category.
6. Mandatory TReDS Onboarding: Reduction of the turnover threshold for mandatory onboarding on the TReDS platform from INR 500 crore to INR 250 crore, including medium enterprises, to facilitate MSMEs’ working capital access.
7. SIDBI Branch Expansion: SIDBI will open new branches in major MSME clusters, expanding coverage to 168 out of 242 clusters within 3 years, with 24 branches opening this year.
8. Food Irradiation and Testing Units: Financial support for 50 multi-product food irradiation units and 100 food quality and safety testing labs with NABL accreditation in the MSME sector.
9. E-Commerce Export Hubs: Establishment of E-Commerce Export Hubs in public-private partnership mode to help MSMEs and artisans access international markets with integrated trade and export services.
10. Internship Program: Launch of a scheme to provide internships at 500 top companies for 1 crore youth over 5 years, including a monthly allowance of INR 5,000 and a one-time assistance of INR 6,000.
11. Industrial Parks: Development of “plug and play” industrial parks with complete infrastructure in or near 100 cities, and sanctioning of 12 industrial parks under the National Industrial Corridor Development Programme.
12. Rental Housing for Workers: Facilitation of rental housing with dormitory-type accommodation for industrial workers in PPP mode, supported by VGF and commitments from anchor industries.
13. Shipping Industry Reforms: Implementation of reforms in ownership, leasing, and flagging to enhance the Indian shipping industry’s share and generate more employment opportunities.
14. Critical Mineral Mission: Establishment of a Critical Mineral Mission for domestic production, recycling, and overseas acquisition of critical mineral assets, including technology development and financing mechanisms.
15. Digital Public Infrastructure Applications: Development of DPI applications for productivity gains, business opportunities, and innovation in areas like credit, e-commerce, education, health, and urban governance.
16. Integrated Technology Platform for IBC: Creation of an Integrated Technology Platform to improve the Insolvency and Bankruptcy Code (IBC) processes for consistency, transparency, and oversight.
17. Voluntary Closure of LLPs: Extension of C-PACE services for the voluntary closure of LLPs to streamline and reduce closure times.
18. National Company Law Tribunals: Strengthening of the IBC framework, establishment of additional tribunals, and reforms to expedite insolvency resolution and company law cases.
19. Debt Recovery Reforms: Reforms and establishment of additional debt recovery tribunals to enhance and expedite the debt recovery process.
    

Priority 5: Urban Development

1. Cities as Growth Hubs: Development of cities as growth hubs through economic and transit planning, and orderly peri-urban development utilizing town planning schemes.
2. Creative City Redevelopment: Formulation of a framework for brownfield redevelopment of existing cities, including enabling policies, market-based mechanisms, and regulations for transformative impacts.
3. Transit Oriented Development (TOD): Development of TOD plans for 14 large cities with populations over 30 lakh, including strategies for implementation and financing.
4. Urban Housing Expansion: Under PM Awas Yojana Urban 2.0, addressing the housing needs of 1 crore urban poor and middle-class families with INR 10 lakh crore investment and INR 2.2 lakh crore central assistance over 5 years, plus interest subsidies for affordable loans.
5. Water Supply and Sanitation: Promotion of water supply, sewage treatment, and solid waste management projects in 100 large cities, with emphasis on using treated water for irrigation and local tanks.
6. Support for Street Markets and Stamp Duty Reform: Establishment of 100 weekly ‘haats’ or street food hubs annually for street vendors, and encouragement for states to moderate stamp duty rates and lower duties for properties purchased by women.
   

Priority 6: Energy Security

1. Energy Transition Policy: Introduction of a policy document to outline pathways for energy transition, balancing employment, economic growth, and environmental sustainability to ensure energy security.
2. PM Surya Ghar Muft Bijli Yojana: Launch of the scheme to install rooftop solar plants, providing up to 300 units of free electricity monthly to 1 crore households, with over 1.28 crore registrations and 14 lakh applications so far.
3. Pumped Storage Policy: A new policy to promote pumped storage projects for electricity storage, aiding in the integration of renewable energy by addressing its variable and intermittent nature.
4. Nuclear Energy R&D: Partnership with the private sector for the development of Bharat Small Reactors and small modular reactors, with funding for research and development to enhance the nuclear energy sector.
5. AUSC Thermal Power Plants: Development of Advanced Ultra Super Critical (AUSC) thermal power plant technology, with a full-scale 800 MW commercial plant to be set up by NTPC and BHEL, supported by fiscal incentives.
6. High-Grade Steel Production: Investment in developing indigenous capacity for producing high-grade steel and advanced metallurgy materials for AUSC plants, generating economic benefits and strengthening the industrial base.
7. Roadmap for ‘Hard to Abate’ Industries: Creation of a roadmap to transition industries from energy efficiency targets to emission targets, including regulations for moving from the ‘Perform, Achieve and Trade’ mode to the ‘Indian Carbon Market’ mode.
8. Energy Audit for Small Industries: Investment-grade energy audits for traditional micro and small industries in 60 clusters, such as brass and ceramics, with financial support to shift to cleaner energy and implement efficiency measures.
9. Expansion of Energy Audit Scheme: Replication of the energy audit and support scheme in an additional 100 clusters in the next phase to further improve energy efficiency and transition to cleaner energy in small industries.
10. Support for Energy Efficiency Measures: Continued emphasis on providing support for energy efficiency measures across various sectors, enhancing the overall energy security and sustainability of the economy.
    

Priority 7: Infrastructure Investment

1. Central Government Investment: INR 11,11,111 crore was allocated for capital expenditure this year, representing 3.4% of GDP, to maintain strong fiscal support for infrastructure.
2. State Government Support: Provision of INR 1.5 lakh crore in long-term interest-free loans to encourage states to invest in infrastructure.
3. Private Sector Investment: Promotion of private infrastructure investment through viability gap funding, enabling policies, and a market-based financing framework.
4. PMGSY Phase IV: Launch of Phase IV to provide all-weather connectivity to 25,000 rural habitations.
5. Flood Control and Irrigation: Financial support of INR 11,500 crore for flood control and irrigation projects, including the Kosi-Mechi link and other schemes in Bihar.
6. Assistance for Flood Management: Support for flood management projects in Assam, Himachal Pradesh, Uttarakhand, and Sikkim.
7. Tourism Development: Comprehensive development plans for Vishnupad Temple, Mahabodhi Temple, Rajgir, Nalanda, and Odisha’s tourist attractions.
   

Priority 8: Innovation, Research & Development

1. Anusandhan National Research Fund: Operationalization of the fund for basic research and prototype development, with a financing pool of INR 1 lakh crore.
2. Space Economy Expansion: Establishment of an INR 1,000 crore venture capital fund to expand India’s space economy fivefold over the next decade.
   

Priority 9: Next Generation Reforms

1. Economic Policy Framework: Formulation of a framework to guide economic development and next-generation reforms for employment and growth.
2. Productivity and Efficiency Reforms: Reforms to improve productivity across factors of production, including land, labour, capital, and technology.
3. Federal Collaboration: Earmarking interest-free loans to incentivize states for faster implementation of reforms.
4. Land Reforms: Implementation of land-related reforms for rural and urban areas, including digitization and improved management.
5. Labour Services: Integration of e-shram portal with other systems to provide comprehensive services for employment and skilling.
6. Shram Suvidha & Samadhan Portals: Revamp to enhance ease of compliance for industry and trade.
7. Financial Sector Vision: Development of a vision and strategy document for the financial sector to guide growth and capacity-building.
8. Climate Finance Taxonomy: Creation of a taxonomy for climate finance to support capital availability for climate adaptation and mitigation.
9. Variable Capital Company Structure: Legislative approval for a flexible financing mode for leasing aircraft and ships and pooling private equity funds.
10. FDI and Overseas Investment: Simplification of rules for foreign direct and overseas investments, including promoting the use of the Indian Rupee.
11. NPS Vatsalya: Introduction of a new plan for minors that transitions seamlessly into a standard NPS account at maturity.
12. Technology Adoption: Increased public and private sector investment in digital infrastructure to enhance access and efficiency.
13. Ease of Doing Business: Progress on the Jan Vishwas Bill 2.0 and state incentives for business reform and digitalization.
14. Data and Statistics Improvement: Utilization of technology tools for better data governance, collection, and management.
15. NPS Review: Ongoing review of the National Pension Scheme to address issues while maintaining fiscal prudence.