{"id":11837,"date":"2024-07-23T19:38:39","date_gmt":"2024-07-23T14:08:39","guid":{"rendered":"https:\/\/razorpay.com\/learn\/?p=11837"},"modified":"2024-07-23T19:40:15","modified_gmt":"2024-07-23T14:10:15","slug":"budget-2024-schemes-and-policies-announced","status":"publish","type":"post","link":"https:\/\/razorpay.com\/learn\/budget-2024-schemes-and-policies-announced\/","title":{"rendered":"Budget 2024: List of Schemes and Policies Announced by FM Nirmala Sitharaman"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Union Finance Minister (FM) Nirmala Sitharaman, in her Budget 2024 speech, touched upon a number of government schemes and their impact. Here is a list of all the schemes that found mention in her seventh consecutive Budget speech:\u00a0<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e7b22277c73\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e7b22277c73\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-schemes-and-policies-announced\/#Budget-2024-Updates-1-Internship-Scheme-for-1-Crore-Youth\" >Budget 2024 Updates: 1) Internship Scheme for 1 Crore Youth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-schemes-and-policies-announced\/#Budget-2024-Updates-2-Centrally-Sponsored-Scheme-to-Skill-20-lakh-Youth-over-5-Years\" >Budget 2024 Updates: 2) Centrally-Sponsored Scheme to Skill 20 lakh Youth over 5 Years<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-schemes-and-policies-announced\/#Budget-2024-Updates-3-Three-Schemes-for-Employment-Linked-Incentives\" >Budget 2024 Updates: 3) Three Schemes for Employment-Linked Incentives<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-schemes-and-policies-announced\/#Budget-2024-Updates-Key-Schemes-Mentioned-by-FM-Nirmala-Sitharaman-in-her-58-minute-Budget-Speech\" >Budget 2024 Updates: Key Schemes Mentioned by FM Nirmala Sitharaman in her 58-minute Budget Speech<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-schemes-and-policies-announced\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Budget-2024-Updates-1-Internship-Scheme-for-1-Crore-Youth\"><\/span><b>Budget 2024 Updates: 1) Internship Scheme for 1 Crore Youth<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">An internship scheme has been launched to provide on-job training to one crore youth in the top 500 companies over the next five years.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Interns will receive a stipend of \u20b95,000 per month to gain practical experience.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Hosting companies will cover training expenses, utilizing 10% of their Corporate Social Responsibility (CSR) funds for this purpose.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Budget-2024-Updates-2-Centrally-Sponsored-Scheme-to-Skill-20-lakh-Youth-over-5-Years\"><\/span><b>Budget 2024 Updates: 2) Centrally-Sponsored Scheme to Skill 20 lakh Youth over 5 Years<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Model Skilling Loan Scheme will be updated to allow loans up to \u20b97.5 lakh.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To enhance skilling initiatives, 1,000 Industrial Training Institutes (ITIs) to be modernized using a hub-and-spoke model.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The government to offer financial support for loans up to \u20b910 lakh for higher education in domestic institutions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A new centrally-sponsored scheme, in collaboration with states and industry, will aim to train 20 lakh youth over five years.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Budget-2024-Updates-3-Three-Schemes-for-Employment-Linked-Incentives\"><\/span><b>Budget 2024 Updates: 3) Three Schemes for Employment-Linked Incentives<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><b>Scheme A: First-Time Employment Incentive<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">New employees to receive one month\u2019s wage, up to \u20b915,000, paid in three installments as a direct benefit transfer.<\/span><\/p>\n<h3><b>Scheme B: Manufacturing Job Creation<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Incentives to be offered for hiring first-time employees in the manufacturing sector, with benefits based on EPFO contributions for the first four years of employment.<\/span><\/p>\n<h3><b>Scheme C: Employer Support<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Employers to be reimbursed up to \u20b93,000 per month for two years for EPFO contributions for each additional employee, with a salary cap of \u20b91 lakh per month, benefiting 2.1 lakh youths.<\/span><\/p>\n<p><em><strong>Related Read: <a href=\"https:\/\/razorpay.com\/learn\/union-budget-2024-highlights-for-msme\/\">Top Highlights of Budget 2024 for MSMEs<\/a><\/strong><\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Budget-2024-Updates-Key-Schemes-Mentioned-by-FM-Nirmala-Sitharaman-in-her-58-minute-Budget-Speech\"><\/span><b>Budget 2024 Updates: Key Schemes Mentioned by FM Nirmala Sitharaman in her 58-minute Budget Speech<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are key schemes that found mention in the FM\u2019s speech<\/span><\/p>\n<h3><b>National Education Policy 2020<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Finance Minister highlighted the National Education Policy 2020 as a driver of transformative reforms, noting a 28% rise in female enrollment in higher education over the past decade.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Announced on July 29, 2020, the policy has introduced significant changes in school, higher, and technical education.<\/span><\/li>\n<\/ul>\n<h3><b>PM Schools for Rising India (PM SHRI)<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nirmala Sitharaman emphasized that the PM Schools for Rising India (PM SHRI) scheme is delivering high-quality education and nurturing well-rounded individuals.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This centrally-sponsored scheme aims to establish over 14,500 PM SHRI Schools, managed by various governmental bodies and educational organizations.<\/span><\/li>\n<\/ul>\n<h3><b>Skill India Mission<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Finance Minister noted that the Skill India Mission has trained 1.4 crore youth, upskilled 54 lakh individuals, and established 3,000 new ITIs since its inception in 2015.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Additionally, the mission has seen the inauguration of numerous institutions, including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities.<\/span><\/li>\n<\/ul>\n<h3><b>PM Mudra Yojana<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The PM Mudra Yojana has sanctioned 43 crore loans totaling \u20b922.5 lakh crore to support young entrepreneurs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The FM highlighted that this flagship program provides affordable credit to underserved enterprises, integrating them into the formal financial system.<\/span><\/li>\n<\/ul>\n<h3><b>Garib Kalyan<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Direct Benefit Transfer of \u20b934 lakh crore through PM-Jan Dhan accounts saved \u20b92.7 lakh crore by eliminating leakages, boosting funds for the Garib Kalyan initiative, the Finance Minister said.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Launched in March 2020, the \u20b91.70 lakh crore Pradhan Mantri Garib Kalyan Yojana provided financial aid and essential supplies to the economically vulnerable during the COVID-19 pandemic.<\/span><\/li>\n<\/ul>\n<h3><b>PM-SVANidhi<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">PM-SVANidhi has provided credit to 78 lakh street vendors, with 2.3 lakh receiving loans for the third time, Nirmala Sitharaman said.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Launched by MoHUA on June 1, 2020, PM SVANidhi offers collateral-free micro-loans of \u20b910,000, \u20b920,000, and \u20b950,000, with a 7% interest subsidy to support street vendors<\/span><\/li>\n<\/ul>\n<h3><b>PM-JANMAN Yojana<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">PM-JANMAN Yojana aims to include vulnerable tribal groups previously left behind in development efforts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Managed by the Ministry of Tribal Affairs with state and PVTG collaboration, it integrates tribal communities through Central and Centrally Sponsored Schemes.<\/span><\/li>\n<\/ul>\n<h3><b>PM-Vishwakarma Yojana<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">PM-Vishwakarma Yojana supports artisans across 18 trades, emphasizing traditional skills and craftsmanship.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The scheme aims to improve the quality and accessibility of artisan products and services while preserving traditional skills.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In conclusion, Budget 2024 highlights the government\u2019s focus on youth employment, skill development, and economic support. Through new internship schemes, employment incentives, and continued investment in programs like Skill India and PM Mudra Yojana, the budget aims to foster growth, inclusivity, and resilience in the economy. These initiatives reflect a comprehensive strategy to address both immediate and long-term developmental needs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Union Finance Minister (FM) Nirmala Sitharaman, in her Budget 2024 speech, touched upon a number of government schemes and their impact. Here is a list of all the schemes that found mention in her seventh consecutive Budget speech:\u00a0 Budget 2024 Updates: 1) Internship Scheme for 1 Crore Youth An internship scheme has been launched to<\/p>\n","protected":false},"author":151156611,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3861],"tags":[3862,3894,3893],"class_list":{"0":"post-11837","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-latest-news","7":"tag-budget-2024","8":"tag-budget-2024-policies","9":"tag-budget-2024-schemes"},"_links":{"self":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/11837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/users\/151156611"}],"replies":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/comments?post=11837"}],"version-history":[{"count":2,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/11837\/revisions"}],"predecessor-version":[{"id":11839,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/11837\/revisions\/11839"}],"wp:attachment":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media?parent=11837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/categories?post=11837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/tags?post=11837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}