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.