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2024 Budget Schemes Overview

Aug 1, 2024

Notes on Budget 2024 Schemes

Overview of New Schemes

  1. Purva Scheme

    • Focused on all-round development of Eastern India
    • Covers regions: Jharkhand, Bihar, Orissa, West Bengal, Andhra Pradesh
    • Aims for infrastructure, human resource development, and economic opportunities
    • Goal: Make the region an engine of growth for "vikid bhat"
  2. Nuclear Energy Initiatives

    • Significant role in "vikid bhat"
    • Partnership with private sector for small modular reactors
    • Focus on R&D for new nuclear technologies
  3. Rooftop Solar Scheme

    • Pradan Mantri Surya Mukhyena
    • 300 units of free electricity per month for 1 CR households
    • Promotes rooftop solarization
  4. Atbar Oil Seeds Abiyan

    • Strategy for oil seeds: groundnut, mustard, soybean, sesame, sunflower
    • Emphasis on modern farming techniques, high-yield varieties, and value addition
    • Includes procurement market linkages and crop insurance
  5. Employment Linked Incentives Schemes

    • Scheme A: For first-time workforce joiners
      • New joiners registered in EPFO receive up to ₹15,000 in 3 installments
      • Eligibility: salary limit of ₹1 lakh/month
      • Expected to benefit 21 million youth
    • Scheme B: Job creation in manufacturing
      • Incentives for additional employment linked to first-time employees
      • Benefits 3 million youth and employers
    • Scheme C: Support for employers
      • Covers additional employment in all sectors
      • Reimbursement of ₹3,000/month for 2 years for EPF contributions of new employees
      • Expected to incentivize 5 million additional jobs
  6. Youth Skilling Scheme

    • Centrally sponsored scheme in collaboration with industries
    • 20 lakh youth to be skilled over 5 years
    • Upgrade of 1,000 industrial training institutes
    • Internship opportunities for 1 CR youth in top 500 companies, companies cover training costs
  7. Bank Credit for MSMEs

    • New mechanism to support credit during stress periods
    • Aims to prevent MSMEs from becoming non-performing assets
    • Focus on special mention accounts
  8. NPS Vatsale Plan

    • Contributions by parents for minors
    • Minors can convert this plan into a normal NPS account upon reaching majority
  9. Pradan Mantri Janja Unat Gr Abiyan

    • New scheme for improving socioeconomic conditions of tribal communities
    • Focus on saturation coverage in aspirational districts and tribal majority villages

Conclusion

  • The new schemes aim to enhance development across various sectors, focusing on infrastructure, energy, employment, and social welfare.
  • Encourages collaboration with the private sector, the industry, and community involvement.