The 2024 Union Budget announced several key initiatives and measures:
1. Nuclear Energy
The government plans to partner with the private sector to set up Bharat small reactors, a type of small and modular nuclear reactors. This initiative aims to expand the country’s nuclear energy capacity through collaboration with the private sector.
2. Industrial Parks
The establishment of Industrial Parks with a Plug & Play model near 100 cities is expected to benefit the warehousing sector. This move aims to create infrastructure that can support industrial growth and the warehousing industry across the country.
3. Renewable Energy
The PM Surya Ghar Muft Yojana, launched in line with the interim budget announcement, will provide support for rooftop solar plants. This scheme is intended to promote the adoption of renewable energy, specifically rooftop solar, among households.
4. Stamp Duty
Women purchasing property will be charged lower stamp duty, and states will be encouraged to lower stamp duty. This policy change is aimed at making property ownership more accessible and affordable for women.
5. Tribal Development
The Pradhan Mantri Janjatiya Unnat Gram Abhiyan will be launched to improve the socio-economic condition of tribal communities, covering 63,000 villages and benefiting 5 crore tribal people. This initiative focuses on the overall development and upliftment of tribal communities.
6. Education, Skilling, and Employment
The budget for education, skilling, and employment has increased by about 30%, showcasing the government’s focus on improving employment and employability. This increased investment indicates the government’s commitment to strengthening the education and skill development ecosystem.
7. MSME Sector
SIDBI will open 24 new branches to cover all MSME clusters, and a credit guarantee scheme will facilitate term loans for machinery and equipment without collateral. These measures aim to provide better access to financial services and support for the growth and development of MSMEs.
8. Agriculture
The government plans to develop 109 climate-resistant crop varieties and formulate a strategy to achieve self-sufficiency in oilseeds. These initiatives are intended to enhance agricultural productivity and resilience, as well as reduce the country’s dependence on imported edible oils.
9. Corporate Sector
Additional tribunals will be established to decide cases under the Companies Act, and an integrated technology platform will be set up to improve outcomes under the Insolvency and Bankruptcy Code. These steps are aimed at streamlining the legal and regulatory framework for businesses, particularly in the areas of corporate governance and insolvency resolution.
10. Rental Housing
The government will facilitate rental housing with dormitory-type accommodation for industrial workers in a public-private partnership mode with viability gap funding support. This policy is designed to address the housing needs of industrial workers and promote the development of affordable rental housing.