Budget 2024: The focus will be on welfare schemes, the government will spend a lot of money from employment to road construction
A report released by domestic rating agency CARE Ratings said that the government can spend more money on employment guarantee programs, PM Awas Yojana, PM Gram Sadak Yojana, PM Kisan Samman Nidhi and schemes related to small businesses.
Focus will be on welfare schemes
The general budget for the financial year 2024-25 is to be presented on 23 July. The general public is hoping that this time Finance Minister Nirmala Sitharaman will make announcements that give them relief. Especially employment should be promoted. In view of the upcoming assembly elections, the central government can also focus on welfare schemes. A report released on Tuesday by domestic rating agency Care Ratings said that the government can spend more money for employment guarantee programs, PM Awas Yojana, PM Gram Sadak Yojana, PM Kisan Samman Nidhi and schemes related to small businesses. It is expected that this time Rs 75,000 crore more can be spent by the government as compared to the allocation released for welfare schemes in the interim budget.
This is a plan to increase employment
The government may focus on employment in this year's general budget. To provide employment to maximum number of people, the Productivity Linked Incentive (PLI) scheme will be promoted in the budget. Increasing the allocation amount under the PLI scheme will be considered. Apart from this, more labor sectors like textiles, leather, shoes and toys can be included in PLI. Along with this, efforts will be made to provide work to the people at regular intervals through MNREGA and housing scheme etc.
Emphasis on skill development expected
Gaurav Jalan, founder and CEO of Mpocket, says that in the upcoming full budget, the government will focus on employment, infrastructure and innovation. He hopes that the government will double down on initiatives related to youth skill development to improve employability. Along with this, job growth will be the main agenda of the government. Research and investment from the private sector can be encouraged to promote small and medium businesses and increase the pace of development.
Make the loan process easy
Gaurav Jalan says that for the development of small and medium businesses, access to loans i.e. the process of taking loans should be made easy, this will increase employment opportunities. The contribution of Fintech in this should be seen positively.