As Finance Minister, Nirmala Sitharaman, presented her seventh consecutive Union Budget for the fiscal year 2024-25, several schemes and initiatives have been introduced across sectors benefitting various section of society from middle to rural class, from women to students.
Here are the key allocation across the Infrastructure, Women, Education and Research & Development sectors announced by the central government today.
Infrastructure This Year’s Budget particularly focuses on Employment, skilling, MSMEs and the middle class, while announcing measures for 9 priorities with infrastructure being of them.
As per the announcement, a budget allocation of Rs 2.66 lakh crore has been designated for rural development, including rural infrastructure projects. Additionally, efforts will be made to implement Digital Public Infrastructure (DPI) in agriculture to cover farmers and their lands within a three-year timeframe.
The eastern states of the country, known for their abundant resources and rich cultural heritage, will benefit from a new initiative called Purvodaya, aimed at comprehensive development in Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
The government will also back the enhancement of road connectivity through projects such as (1) the Patna-Purnea Expressway, (2) the Buxar-Bhagalpur Expressway, (3) spurs to Bodhgaya, Rajgir, Vaishali, and Darbhanga, and (4) an additional two-lane bridge over the Ganga River at Buxar, with a total investment of ₹ 26,000 crore.
Furthermore, power initiatives, including the establishment of a new 2400 MW power plant in Pirpainti, will be undertaken at a cost of ₹ 21,400 crore. New airports, medical colleges, and sports facilities will also be developed in Bihar.
Women: The Finance Minister highlighted a commitment to enhancing women's participation in the labour force. This initiative will be supported by the establishment of hostels and collaborations aimed at developing specialised skill training programs for women. Moreover to promote women-led development, the budget carries an allocation of more than ₹ 3 lakh crore for schemes benefitting women and girls.
Education The budget allocations for education include financial support for education loans of up to 10 lakh rupees for higher education in domestic institutions, at an interest rate of 3%. Additionally, E-vouchers for the same will be distributed annually to 100,000 students. Sitharaman also said that the government will allocate Rs 1.48 lakh cr for education sector, jobs and skill development sectors.
Research and Development
The research and development sector is also a part of the nine priorities announced by FM Nirmala Sitharaman in the current budget.
As per the announcement, the government will activate the Anusandhan National Research Fund to support basic research and prototype development. Additionally, a mechanism will be established to encourage private sector-led research and innovation at a commercial scale, backed by a financing pool of ₹ 1 lakh crore, as announced in the interim budget.
To further our commitment to expanding the space economy fivefold over the next decade, a venture capital fund of ₹ 1,000 crore will also be created.