IMPLICATIONS OF UNION BUDGET (2024-25 ) PROPOSALS.

 Pre budget Economic Survey while  appreciating  GDP  growth trends stressed the need to address problems of inequality and unemployment as policy priority.As stated by the Finance Minister with an expected budget expenditure of ₹ 48.21 lakh crores it  mainly focused on four segments namely Garib (poor),Yuva (youth),Annadata (farmers),and Mahila (women) and added that next five years will be years of unprecedented development and golden moments to realise dream of developed India by 2047.The stated Budget theme comprised of  four namely Employment, Skilling .MSMEs and  Middle Class.iThe nine Key  priorities identified to achieve Viksit Bharat  include productivity and resilience in agriculture, employment and Skilling, inclusive human resource development and services infrastructure, manufacturing and services,urban development,energy security,innovation R&D etc. ♧ For achieving productivity and resilience in agriculture comprehensive review of existing agricultural research set-up  will be done so as to raise productivity and develop climate resilient varieties. Funding will be provided in challenging mode  mainly through the private sector. New 109 high yielding and climate resistant varieties will be introduced. Missions like oilseeds and pulses so  far not succeeded largely due to lack of adequate technical support and relatively higher MSP for wheat and rice already available.Past failures of such missions should guide us to rectify problems of low productivity in East and North East tribal India and other drought prone areas.Agri food processing corridors under Purvodaya must be established,wherein States can play a proactive role in this direction. It may be noted here that since farmers are  largely and exclusively depending on Minimum Support Prices (MSP)  for their existing crops ,any shift to other crops where technical  marketing and other expertise issues are involved is likely to be delayed further.Another budgetary measures suggested include that 1 crore farmers across the country will be initiated to natural farming backed by certification and branding in next two years. Shrimp production and exports are another priority. Digital Public Infrastructure (DPI) for coverage of, farmers and their land is provided,along with National Cooperation policy for systematic orderly development of Cooperative sector.  ♧ For the upliftment of the poor 3 crore additional houses under the PM Awas Yogana both in rural and urban areas have been announced with appropriate allocations. ♧ For promoting women led development the budget made allocation of  more than ₹3 lakh crores benefiting both women and girls.It is proposed to increase women's work participation rate through setting up of working women hostels in collaboration with industry and establishing creshes along with facilities to provide women specific Skilling and entrepreneurial development programs. Other measures worth ₹ 25848 crores  are directed towards Central  Schemes,propery purchased by  women to attract lower duties and Vatsalya  a new pension to be rolled out .Inorder to improve socio-economic conditions of tribal communities PM Janjyatia Unnat Gram Abhian which will cover tribal  majority 63000 villages benefitting 5 crore tribal people. In North Eastern region more than 100 branches of India post payment Bank will be set up and this year . Budget is to provide ₹2.66 lakh for both rural development and rural infrastructure. PM Gram Sadak yojana (PMGSY) will provide all weather connectivity to 25000 rural habitation.Similarly PM Awas Yogana  Urban 2 will cover 1crore urban poor and middle class families with an investment of ₹10 lakh crores.      ♧Employment and Skilling program comprise of package of  5 schemes and initiatives to facilitate skilling and other opportunities for 4.1 crore people is a radical measure. 20 lakh youth will be imparted appropriate skills over a five year period. 1000 industrial Training Institutes will be upgraded with outcome orientation. Course content and design will  be alligned as per the skill requirements of the  industry. However the role of the Government is largely limited as a facilitator leaving the task of providing employment to the private or corporate sector.     ♤MSME's are also a major provider of employment. The budget provides greater attention to MSME's involved in labour intensive manufacturing with a package comprising of financing, regulatory changes and technology support to MSME's so as to enable them to compete globally. Mudra loans limit has raised to ₹ 20 lakhs. Further  e commerce export hubs will be set up on public private partnership mode so that traditional artisans can sell their product abroad through MSME's.   ♤ As far as middle class tax payer is concerned a switch over to new income tax scheme will enable a maximum tax saving of ₹17500 to the individual. Similarly reduction in  indirect taxaion will make items like gold, silver mobile phones chargers,etc,much cheaper .

In short the budget has placed emphasis on agriculture ,infrastructure development  Women empowerment and development, MSME's  skill development with additional thrust on employment . generation scheme and Vision for Viksit Bharat. Even though pre Budget Economic Survey cautioned about skyrocketing inequality in the country there's apparently no single effective measure to reduce inequality in the budget.Some observed that corporates wish list and demands are expedited instantly whereas other stakeholders interests are marginally addressed . However one cannot bypass the  animal spirit of enterprise in the highly liberalised globe and how GDP is bulged with their activities. At the same time they should realise that how public sector built infrastructure is extensively used and what is left for the country and the less fortunate fellow beings. Despite the  high rhetoric about Cooperative federalism existing political situation made it politically expedient and benefitting  to the Government to allocate more projects and schemes unduly to two ally  states governments supporting the Union. In any case the GDP growth, inward remittances, digital revolution, fintech, service exports  Global Capability Centers, Green energy and technology etc will continue to offer enormous opportunities in future as well.