Prachi Mishra, Pune
Finance Minister Niramala Sitharaman presented the Union Budget 2024-2025 on 23rd July. In her formal statement in the parliament, she outlined the government’s plan for estimated revenue and expenditure for the upcoming financial year. Few of the key aspects of this year’s budget are – the provision of an internship opportunity to about 1 crore of the youths of India that too in 500 top organizations, the Union Territory of Jammu and Kashmir has been allotted Rs. 42000 crore, and the issuance of Rs. 11.11 lakh crore on capital expenditure.
The inclusion of the internship scheme for the youth in this year’s budget is a testament to the employment debate that was raised in the Lok Sabha earlier this year. According to the budget, a monthly stipend of Rs. 5000 will be provided to the young individuals so that they can attain a real-world work exposure as well. The total cost is thought to be around Rs. 66000 crores for this initiative, out of which the 10% cost will be disbursed by the 500 companies taking part in this plan by paying Rs. 13 crore each. A clear picture of this initiative is still anticipated as it’s not clear how this program is going to be implemented or whether the companies are all willing to participate in this scheme.
The allotment of Rs. 42277.74 crore to J&K is another pointer of the Union Budget. A rise of 1.2% has been seen from the previous year’s budget which was Rs. 41,751.44 crore for the UT. While this includes Rs.12000 for the salaries, pensions and other amenities of J&K Police; the entire idea is to bring down the fiscal deficit to GDP Ratio of the union territory to 3% this year. And, also encompasses the buildout of 12 tourist places in Jammu and Kashmir. But, the budget is not seen as a very favorable one by many. Former Chief Minister of J&K said that the budget doesn’t cover any of the important issues that need to be addressed. The National Conference Chief spokesman took to his Twitter handle and said that it was an exact copy-paste of last year’s budget with nothing obscure changing taking place.
The Modi 3.0 budget consists of fiscal expenditure on infrastructures etc. the cost of which is around 3.4% of the total GDP. No major changes have been made in this regard and it’s quite similar to the interim budget of capital expenditure to be 11.11 lakh crore. But, it’s almost double of what the capex budget was five years ago.