The Interim Budget, given today by Union Finance Minister Nirmala Sitharaman ahead of the Lok Sabha elections in 2024, is the final budget of Prime Minister Narendra Modi’s second term. The comprehensive budget for fiscal year 2024-25 will be provided when the new government is formed following the general elections.
The 2023-2024 budget set aside Rs 68,804 crore for school education, Rs 44,094.62 crore for higher education, and Rs 37,453 crore for the Samagra Shiksha Abhiyan. The Education Ministry received the biggest budget ever, totaling Rs 1,12,898.97 crore.
With focus on key areas involving the poor, women, youth and the farmers, the Budget will prioritise their needs and aspirations, the finance minister said.
“The government has upskilled and reskilled over 50 lakh youth. Presently, the government plans to train as many as 1.4 crore under Skill India Mission. Schools under PM SHRI scheme have been delivering quality education and nurturing well-rounded individuals across the country. There has been 28% increase in female enrolment in schools in 10 years. As many as seven IITs, 15 AIIMS, 16 IIITs, 3000 new ITIs, 390 universities have been established,” said Sitharaman.
Boost to entrepreneurial ecosystem
PM Mudra Yojana has sanctioned Rs 43 crore loans amounting to Rs 22.5 lakh crore for entrepreneurial aspirations of the country’s youth. Fund of Funds, Startup India and Startup Credit Guarantee Schemes are also assisting our youth, said FM.
More medical colleges
The government plans to setup more medical colleges by utilising the existing medical infrastructure under various departments, added Sitharaman. “A committee will be set up to examine issues and make recommendations,” Sitharaman said.
Health care cover under Ayushman Bharat to be extended to all ASHA workers, Anganwadi workers and helpers,” added FM.
Women’s empowerment
Empowerment of women through entrepreneurship, ease of living and dignity have gained momentum in the last 10 years. As many as Rs 30 crore MUDRA Yojana loans have been given to women entrepreneurs. “In STEM courses, girls and women constitute 43% of enrolment. These are getting reflected in the increasing participation of women in the workforce,” said FM.
Green economy
The economy has been put firmly on a sustainable growth path with all-round development. The government will expand and strengthen the e-vehicle sector through greater manufacturing and charging infrastructure, Sitharaman said. A new scheme for bio-manufacturing will be launched to encourage bio plastics and bio-agri inputs that are biodegradable. This will transform today’s consumption paradigm in manufacturing to one that is green-oriented, the FM said.
Coal gassification and liquifaction capacity of 100 metric tons will be set up by 2030. Phased blending of compressed biogas in compressed natural gas for transport and piped natural gas for domestic purposes will be mandated.
Innovation and Research
A corpus of Rs 1 lakh crore will be established with 50-year interest free loan to provide long-term financing benefits.
A new technology will be launched to strengthen deep tech for defence purposes, the FM announced.
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Source: Education Times
