EDITORIALS & ARTICLES

July 24, 2024 Current Affairs

BUDGET HIGHLIGHTS

The focus of the budget remains on four major groups: ''Garib'' (Poor), ''Mahilayen'' (Women), ''Yuva'' (Youth), and ''Annadata'' (Farmers) . 

The Union Budget 2024-25 emphasises employment, skilling, support for MSMEs, and the middle class. A significant allocation of Rs 1.48 lakh crore is earmarked for education, employment, and skilling. 

Productivity and resilience in Agriculture

  • Transforming Agriculture Research- Comprehensive review of the agriculture research setup to bring focus on raising productivity and developing climate resilient varieties.
  • Natural Farming - 1 crore farmers across the country will be initiated into natural farming, supported by certification and branding in next 2 years. 10,000 need-based bio-input resource centres to be established.
  • Shrimp Production & Export - Financing for Shrimp farming, processing and export will be facilitated through NABARD.

Employment & Skilling

  • 20 lakh youth will be skilled over a 5-year period.
  • 1,000 Industrial Training Institutes will be upgraded in hub and spoke arrangements with outcome orientation.
  • Course content & design aligned as per skill needs of industry.
  • Facilitate higher participation of women in the workforce through setting up of working women hostels in collaboration with industry, and establishing creches.
  • Financial support for loans up to ₹10 lakh for higher education in domestic institutions.

Inclusive Human Resource Development and Social Justice

  • Pradhan Mantri Janjatiya Unnat Gram Abhiyan: Improving the socio-economic condition of tribal communities covering 63,000 villages benefitting 5 crore tribal people.
  • More than 100 branches of India Post Payment Bank will be set up in the North East region.

Manufacturing & Services

  • Twelve industrial parks under the National Industrial Corridor Development Programme.
  • Scheme for providing internship opportunities in 500 top companies to 1 crore youth in 5 years.
  • Allowance of ₹5,000 per month along with a one-time assistance of ₹6,000 through the CSR funds.
  • Rental housing with dormitory type accommodation for industrial workers in PPP mode with VGF support.

Urban Development

  • PM Awas Yojana Urban 2.0 Needs of 1 crore urban poor and middle-class families will be addressed with an investment of ₹10 lakh crore.
  • Enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place.
  • Envisioning a scheme to develop 100 weekly ‘haats’ or street food hubs in select cities.
  • Promote water supply, sewage treatment and solid waste management projects and services for 100 large cities through bankable projects.

Energy Security

  • AUSC Thermal Power Plants - A joint venture between NTPC and BHEL will set up a full scale 800 MW commercial plant.
  • Energy Audit - Financial support for shifting of micro and small industries to cleaner forms of energy and Facilitate investment grade energy audit in 60 clusters, next phase expands to 100 clusters.

Infrastructure

  • Provision of ₹11,11,111 crore for infrastructure (3.4% of GDP).
  • ₹1.5 lakh crore to states as long-term interest free loans to support resource allocation.
  • Phase IV of PMGSY will be launched to provide all-weather connectivity to 25,000 rural habitations.

Irrigation and Flood Mitigation

  • Financial support for projects with estimated cost of ₹11,500 crore such as the Kosi-Mechi intra-state link and 20 other ongoing and new schemes.
  • Assistance for flood management and related projects in Assam, Sikkim & Uttarakhand.
  • Assistance for reconstruction and rehabilitation in Himachal Pradesh.

Tourism

  • Development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor modelled on Kashi Vishwanath Temple Corridor.
  • Comprehensive development initiative for Rajgir will be undertaken which holds religious significance for Hindus, Buddhists and Jains.
  • The development of Nalanda as a tourist centre besides reviving Nalanda University to its glorious stature.
  • Assistance to development of Odisha’s scenic beauty, temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes and pristine beaches making it an ultimate tourism destination.

Innovation, Research & Development

  • Private sector-driven research and innovation at commercial scale with a financing pool of ₹1 lakh crore Space Economy.
  • A venture capital fund of ₹1,000 crore is to be set up.
  • Operationalization of the Anusandhan National Research Fund for basic research and prototype development.

Rationalisation of capital gains

  • Short term gains of financial assets to attract 20% tax rate.
  • Long term gains on all financial an non-financial assets to attract a tax rate of 12.5%.
  • Increase in limit of exemption of capital gains on financial assets to ₹1.25 lakh per year

Employment and Investment

  • Abolish ANGEL tax for all classes of investors.
  • Simpler tax regime to operate domestic cruise.
  • Provide for safe harbour rates for foreign mining companies (Selling raw diamonds).
  • Corporate tax rate on foreign companies reduced from 40% to 35%.

 

 

 

 

Pradhan Mantri Mudra Yojana

Mudra stands for Micro Units Development and Refinance Agency, launched by the Government of India to provide funding to micro-enterprises. It Aims to promote entrepreneurship and address financial inclusion.

Objectives

  • Provide loans to micro and small enterprises (MSEs).
  • Encourage small business activities and income generation.
  • Facilitate employment generation.

Categories of Loans

  • Shishu Loans up to Rs. 50,000.
  • Kishor Loans from Rs. 50,001 to Rs. 5 lakhs.
  • Tarun Loans from Rs. 5 lakhs to Rs. 20 lakhs.

Target Beneficiaries

  • Small business owners, vendors, shopkeepers, fruit/vegetable vendors, artisans, etc.
  • Non-farm income-generating activities in rural and urban areas.

Benefits

  • Promotes economic growth by supporting small businesses.
  • Encourages self-employment and entrepreneurship.
  • Contributes to reducing unemployment and poverty.

Challenges

  • Awareness and reach in remote areas.
  • Ensuring proper end-use of funds.
  • Addressing repayment issues and defaults.

 

Namo Drone Didi

NAMO Drone Didi — an initiative that aims to supply drones to 15,000 women Self Help Groups (SHGs) to rent to farmers for agriculture purposes. This multifaceted scheme effectively addresses the need to modernize our agricultural practices and increase agricultural productivity by placing cutting-edge technology in the hands of rural women.

  • The scheme approves holistic interventions by converging the resources and efforts of the Department of Agriculture & Farmers Welfare (DA&FW), Department of Rural Development (DoRD) Department of Fertilizers (DoF), Women SHGs, and Lead Fertilizer Companies (LFCs).
  • It is envisaged that the approved initiatives under the scheme will provide sustainable business and livelihood support to 15,000 SHGs and they would be able to earn additional income of at least Rs. One lakh per annum.

Benefits

  • Empowerment of Rural Women: It enables women’s Self-Help Groups, to rent these drones to farmers for agricultural purposes, thus playing a key role in rural economies.
  • Modernizing Agriculture:It introduces advanced technology in agriculture. For example, the use of drones for the foliar application of innovative liquid fertilizers like Nano Urea and Nano DAP.
  • Employment Opportunities:Creates jobs for rural women in drone operation and maintenance, supporting the government’s push for indigenous drone aeronautics development.
  • Safety and Efficiency in Farming: Replaces traditional, hazardous methods like hand-held pumps for spraying pesticides and fertilizers, reducing risks and increasing efficiency. This will enhance crop yield and reduce cost of operation for the benefit of farmers.
  • Reduced Physical Hardship for Farmers:The use of drones for agricultural tasks alleviates the physical strain traditionally associated with farming activities.






POSTED ON 24-07-2024 BY ADMIN
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