New Delhi, July 23: Union Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the Lok Sabha on Tuesday. Presenting the Union Budget, the Finance Minister said that India’s growth remains a shining star at the global level, which will remain so in the coming years. The Finance Minister has opened his box for Bihar in the budget speech, while a provision of Rs 15,000 crore has been made in the budget for Andhra Pradesh.
Sitharaman has allocated ₹1.52 lakh crore for agriculture and allied sectors in the Union Budget. She said that the government will provide financial assistance for loans up to ₹10 lakh for higher education in domestic institutions. The Finance Minister said that the government will launch a scheme to provide internship opportunities to one crore youth in 500 top companies, with an internship allowance of ₹5000 per month and a one-time assistance of ₹6,000.
The Finance Minister said that the government is trying to maintain strong fiscal support for infrastructure in the next 5 years. She said that the capital expenditure will be ₹11.11 lakh crore, which will be 3.4 percent of the GDP. She said that the fiscal deficit is estimated to be 4.9 percent of GDP by 2024-25, while the target is to bring the deficit below 4.5 percent. On the free solar power scheme, the Finance Minister said that the Pradhan Mantri Surya Ghar Free Electricity Scheme has been launched, under which solar panels will be installed on the roofs, which will provide free electricity up to 300 units every month to one crore families. This scheme will further promote it.
Presenting the budget, Sitharaman said that the government has made efforts to fulfill the commitments made in the Andhra Pradesh Reorganization Act. She said that understanding the capital requirement of the state, “we will facilitate special financial assistance through multilateral agencies. An arrangement of ₹15,000 crore will be made in the current financial year 2024-25 with additional amount in future years.”
Opening her sweet box for Bihar, the Finance Minister said that power projects will be started including setting up a new 2400 MW power plant at Pirpainti in Bihar at a cost of ₹21,400 crore. New airports, medical colleges and sports infrastructure will be built in Bihar. She said that ₹15,000 crore will be arranged in the current financial year 2024-25 with additional amount in future years. “Our government is fully committed to the early completion and financing of Polavaram irrigation project which is a lifeline for Andhra Pradesh and its farmers.”
Sitharaman said that on the Amritsar-Kolkata Industrial Corridor, “we will support industrial development in Gaya, Bihar. This will accelerate the development of the eastern region. We will also support the development of road connectivity projects Patna-Purnia Expressway, Buxar-Bhagalpur Highway, Bodh Gaya-Rajgir-Vaishali-Darbhanga and an additional two-lane bridge will be built on the Ganga river at Buxar at a cost of ₹26,000 crore.”
