In pursuit of a ‘Viksit Bharat’ ( developing India ), defining budget priorities becomes pivotal in steering the nation towards sustainable growth and prosperity.
Agricultural Productivity and Resilience
The budget allocates `1.52 lakh crore for agriculture and related sectors for .
Over the next two years, 109 new high-yielding and climate-resilient varieties of 32 different field and horticulture crops will be introduced to farmers.
Additionally, 1 crore farmers will be trained in natural farming practices, receiving certification and branding for their produce.
To support this, 10,000 bio-input resource centers will be set up to provide essential resources for natural farming.
Moreover, a Digital Public Infrastructure (DPI) for Agriculture will be rolled out over the next three years to cover farmers and their lands comprehensively for developing India agriculture systems.
Employment and Skills Development
As part of the Prime Minister’s package, three new schemes under the ‘Employment Linked Incentive’ will be introduced.
Scheme A – First Timers: One-month salary of up to `15,000 to be provided in 3 installments to first-time employees, as registered in the EPFO.
Scheme B – Job Creation in manufacturing: Incentive to be provided at specified scale directly, both employee and employer, with respect to their EPFO contribution in the first 4 years of employment.
Scheme C – Support to employers: Government to reimburse up to `3,000 per month for 2 years towards EPFO contribution of employers, for each additional employee.
To boost women’s participation in the workforce, the government will set up working women hostels and crèches in collaboration with industries, organize skilling programs specifically for women, and promote market access for enterprises run by women’s self-help groups (SHGs).
Inclusive Human Resource Growth and Social Equity
Under the Purvodaya initiative, an industrial hub will be developed at Gaya along the Amritsar-Kolkata Industrial Corridor. This includes power projects such as a new 2400 MW power plant at Pirpainti, with a total investment of 21,400 crore.
In accordance with the Andhra Pradesh Reorganization Act, special financial support of 15,000 crore will be provided this year through multilateral development agencies.
New industrial nodes will be established at Kopparthy along the Vishakhapatnam-Chennai Industrial Corridor and at Orvakal along the Hyderabad-Bengaluru Industrial Corridor.
For women-led development, more than `3 lakh crore has been allocated to benefit women and girls. The Pradhan Mantri Janjatiya Unnat Gram Abhiyan aims to improve the socio-economic conditions of tribal families in 63,000 villages, impacting 5 crore tribal people. Additionally, 100 branches of the India Post Payment Bank will be opened in the North-Eastern region.
Manufacturing and Service Sectors
Credit Guarantee Scheme for MSMEs in Manufacturing: This scheme provides credit guarantees for Ministry of Micro, Small & Medium Enterprise (MSMEs) to obtain term loans for purchasing machinery and equipment, without needing collateral or a third-party guarantee.
Credit Support to MSMEs during Stress Period: A new system will be introduced to ensure that banks continue to provide credit to MSMEs even during difficult times.
Mudra Loans: The limit for Mudra loans in pursuit of developing India under the ‘Tarun’ category will be increased from 10 lakh to 20 lakh for borrowers who have successfully repaid their previous loans.
Enhanced Scope for Mandatory TReDS Onboarding: The turnover threshold for buyers required to join the TReDS platform will be reduced from 500 crore to 250 crore.
MSME Units for Food Irradiation, Quality & Safety Testing: Financial assistance will be provided to establish 50 multi-product food irradiation units in the MSME sector.
E-Commerce Export Hubs: Public-private partnerships will be used to set up E-Commerce Export Hubs to help MSMEs and traditional artisans sell their products internationally.
Critical Mineral Mission: A new mission will be launched to boost domestic production, recycling, and overseas acquisition of critical minerals.
Offshore Mining of Minerals: The first round of auctions for offshore mining blocks will be conducted, expanding on existing exploration efforts.
Digital Public Infrastructure (DPI) Applications: DPI applications will be developed for various sectors including credit, e-commerce, education, health, law and justice, logistics, MSMEs, service delivery, and urban governance.
Urban Growth and Development
Transit-Oriented Development: Plans and strategies will be developed to implement and fund Transit-Oriented Development in 14 major cities with populations over 30 lakh for developing India.
Urban Housing: An investment of 10 lakh crore is planned for the next five years under PM Awas Yojana Urban 2.0, with central assistance of 2.2 lakh crore, to meet the housing needs of 1 crore urban poor and middle-class families.
Street Markets: A new initiative will support the creation of 100 weekly street markets, or ‘haats,’ each year for the next five years in selected cities.
Energy Independence and Security
Energy Transition: A new policy document on ‘Energy Transition Pathways’ will be developed to balance job creation, economic growth, and environmental sustainability.
Pumped Storage Policy: A policy will be introduced to promote pumped storage projects, which are used to store electricity.
Research and Development of Small and Modular Nuclear Reactors: The government will collaborate with the private sector to research and develop Bharat Small Modular Reactors and other new nuclear technologies for developing India Initiatives.
Advanced Ultra Super Critical Thermal Power Plants: NTPC and BHEL will work together to build an 800 MW commercial plant using Advanced Ultra Super Critical (AUSC) technology.
Roadmap for ‘Hard to Abate’ Industries: New regulations will be established to transition ‘hard to abate’ industries from the current ‘Perform, Achieve and Trade’ system to the ‘Indian Carbon Market’ system.
Infrastructure Development
Central Government Infrastructure Investment: `11,11,111 crore (3.4% of GDP) will be allocated for capital expenditure.
State Government Infrastructure Investment: `1.5 lakh crore will be provided as long-term, interest-free loans to support state-level infrastructure projects.
Pradhan Mantri Gram Sadak Yojana (PMGSY): Phase IV of PMGSY will be launched to ensure all-weather road connectivity to 25,000 rural areas.
Irrigation and Flood Mitigation: `11,500 crore will fund projects like the Kosi-Mechi link in Bihar and aid for flood and landslide relief in Assam, Himachal Pradesh, Uttarakhand, and Sikkim.
Tourism: Development projects will focus on the Vishnupad Temple Corridor, Mahabodhi Temple Corridor, Rajgir, and support for Odisha’s temples, monuments, craftsmanship, wildlife sanctuaries, and natural attractions.
Innovation, Research, and Development
Anusandhan National Research Fund: A new fund will be launched to support basic research and prototype development.
Private Sector Research Financing: A `1 lakh crore pool will be established to encourage private sector research and innovation on a commercial scale.
Space Economy: A venture capital fund of `1,000 crore will be created to grow the space economy fivefold over the next 10 years.
Next-Generation Reforms
Rural Land Initiatives: The government will introduce a Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar for all land parcels to streamline land management. This includes digitizing cadastral maps, surveying map sub-divisions based on current ownership, establishing a land registry, and linking it with the farmers’ registry.
Urban Land Initiatives: Urban land records will be digitized and mapped using GIS technology for better management and access.
Services to Labor: The e-Shram portal will be integrated with other platforms to create a one-stop solution for labor-related services. Open architecture databases will be developed to keep up with the evolving labor market, skill requirements, and available job roles. Additionally, mechanisms will be established to connect job seekers with potential employers and skill providers.
NPS Vatsalya: The NPS-Vatsalya plan will allow parents and guardians to make contributions for the financial future of minors.
