{"id":22862,"date":"2024-07-23T18:36:27","date_gmt":"2024-07-23T13:06:27","guid":{"rendered":"https:\/\/triumphias.com\/blog\/?p=22862"},"modified":"2024-07-23T18:36:27","modified_gmt":"2024-07-23T13:06:27","slug":"highlights-of-union-budget-2024-for-upsc-prelims-and-mains-exam","status":"publish","type":"post","link":"https:\/\/triumphias.com\/blog\/highlights-of-union-budget-2024-for-upsc-prelims-and-mains-exam\/","title":{"rendered":"Highlights of Union Budget 2024 for UPSC Prelims and Mains exam | Sociology Optional for UPSC Civil Services Examination | Triumph IAS"},"content":{"rendered":"<h1 style=\"text-align: center;\"><span style=\"font-family: georgia, palatino, serif; color: #ff0000;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-21264\" src=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2024\/03\/Whats-in-News-150x56.png\" alt=\"\" width=\"554\" height=\"207\" srcset=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2024\/03\/Whats-in-News-150x56.png 150w, https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2024\/03\/Whats-in-News-300x113.png 300w, https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2024\/03\/Whats-in-News-768x288.png 768w, https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2024\/03\/Whats-in-News.png 996w\" sizes=\"auto, (max-width: 554px) 100vw, 554px\" \/><\/span><\/h1>\n<h1 style=\"text-align: center;\"><span style=\"font-family: 'book antiqua', palatino, serif;\"><br \/>\n<\/span><\/h1>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >What's Inside this Blog!<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><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><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/triumphias.com\/blog\/highlights-of-union-budget-2024-for-upsc-prelims-and-mains-exam\/#Highlights_of_Union_Budget_2024_for_UPSC_Prelims_and_Mains_exam\" title=\"Highlights of Union Budget 2024 for UPSC Prelims and Mains exam\">Highlights of Union Budget 2024 for UPSC Prelims and Mains exam<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/triumphias.com\/blog\/highlights-of-union-budget-2024-for-upsc-prelims-and-mains-exam\/#Sociology_Optional_Program_for\" title=\"Sociology Optional Program\u00a0for\">Sociology Optional Program\u00a0for<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/triumphias.com\/blog\/highlights-of-union-budget-2024-for-upsc-prelims-and-mains-exam\/#UPSC_CSE_2025_2026\" title=\"UPSC CSE 2025 &amp; 2026\">UPSC CSE 2025 &amp; 2026<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Highlights_of_Union_Budget_2024_for_UPSC_Prelims_and_Mains_exam\"><\/span><span style=\"font-family: georgia, palatino, serif; color: #ff0000;\"><strong>Highlights of Union Budget 2024 for UPSC Prelims and Mains exam<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<hr \/>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">Union Finance Minister Nirmala Sitharaman delivered the Union Budget 2024 on Tuesday, emphasizing the four key focus areas of the first budget under the Modi 3.0 government: <strong>&#8216;Garib&#8217; (Poor), &#8216;Yuva&#8217; (Youth), &#8216;Annadata&#8217; (Farmer), and &#8216;Nari&#8217; (Women).<\/strong> In her 7th Union Budget address, the finance minister highlighted that this year&#8217;s budget aims to focus on nine priorities, including productivity and resilience in agriculture, employment and skill development, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development, and next-generation reforms.<\/span><\/p>\n<ol style=\"text-align: justify;\">\n<li><span style=\"font-family: georgia, palatino, serif;\"><strong>AGRICULTURE<\/strong><\/span>\n<ul>\n<li><span style=\"font-family: georgia, palatino, serif;\">The Union Budget 2023-24 allocated 1.52 Lakh Crore to the agriculture and allied sectors.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">&#8211; Introduction of new strains: Farmers will have access to 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">&#8211; Adoption of Natural Farming: Over the next two years, 1 crore farmers nationwide will be introduced to natural farming. The government plans to set up 10,000 need-based Bioinput research centers.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">The government, in collaboration with states, will support the implementation of Digital Public Infrastructure (DPI) in agriculture over a three-year period. Additionally, Jan Samarth-based Kisan Credit cards will be made available in five states with the government&#8217;s support.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\"><strong>EMPLOYMENT AND SKILLING<\/strong><\/span><\/li>\n<\/ol>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: georgia, palatino, serif;\">The government has allocated Rs 1.48 lakh crore for education, employment, and skill development. It plans to roll out five schemes aimed at providing employment opportunities and benefiting 4.1 crore young individuals, with a total budget of Rs 2 lakh crores.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">Additionally, three new incentive schemes linked to employees will be introduced:<\/span>\n<ul style=\"list-style-type: circle;\">\n<li><span style=\"font-family: georgia, palatino, serif;\">(i) Scheme A will facilitate the direct transfer of one month&#8217;s salary for first-time employees, benefiting an estimated 210 lakh youths.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">(ii) Scheme B focuses on creating jobs in the manufacturing sector, expected to benefit 30 lakh youths entering employment, along with their employers.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">(iii) Scheme C is an employer-centric initiative aimed at incentivizing the additional employment of 50 lakh individuals across all sectors.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">Furthermore, the government has unveiled a new centrally sponsored skilling scheme in collaboration with states and industry. This initiative aims to skill 20 lakh young individuals over the course of five years.<\/span><\/li>\n<\/ul>\n<ol style=\"text-align: justify;\" start=\"3\">\n<li><span style=\"font-family: georgia, palatino, serif;\">HUMAN RESOURCE DEVELOPMENT AND SOCIAL JUSTICE<\/span><\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">An extensive strategy is being devised for the comprehensive growth of the eastern region of the country, encompassing Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. This plan will focus on enhancing human resources, building infrastructure, and creating economic opportunities to transform the region into a driving force for achieving <strong>Viksit Bharat.<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>The Amritsar Kolkata Industrial Corridor<\/strong> will facilitate the establishment of an industrial center in Gaya. Furthermore, road connectivity projects such as the <strong>Patna-Purnea Expressway, Buxar-Bhagalpur Expressway, Bodhgaya, Rajgir, Vaishali, and Darbhanga spurs, and an additional 2-lane bridge over river Ganga at Buxar will be developed at a total cost of `26,000 crore.<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Under the Andhra Pradesh Reorganization Act<\/strong>, special financial aid will be provided through multilateral development agencies, with an initial allocation of Rupees 15,000 crore in the current fiscal year and additional funding in the following years. Emphasis will be placed on financing and expediting the completion of the Polavaram Irrigation Project, as well as providing funds for essential infrastructure in nodes along the <strong>Vishakhapatnam-Chennai and Hyderabad-Bengaluru Industrial Corridors.<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>The Pradhan Mantri Janjatiya Unnat Gram Abhiyan<\/strong> will be launched to uplift the socio-economic status of tribal communities in tribal-majority villages and aspirational districts. Additionally, over 100 branches of India Post Payment Bank will be established in the North East Region.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">4.\u00a0\u00a0\u00a0\u00a0\u00a0 <strong>MANUFACTURING AND SERVICES<\/strong><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>For MSMEs<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: georgia, palatino, serif;\">Development of a comprehensive package that includes funding, regulatory adjustments, and technological assistance for MSMEs to facilitate their expansion and enhance their global competitiveness.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">Establishment of a Credit Guarantee Scheme specifically for MSMEs in the Manufacturing Sector, enabling them to acquire machinery and equipment without the need for collateral or third-party guarantee. Additionally, a self-financing guarantee fund will be created to offer guarantee cover up to ` 100 crore to each applicant.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">Implementation of a new evaluation model for MSME credit, where public sector banks will enhance their internal capacity to assess MSMEs for credit, reducing reliance on external assessments.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">Provision of credit support to MSMEs during challenging periods, such as when they are in the &#8216;special mention account&#8217; (SMA) stage due to uncontrollable factors. This support aims to help MSMEs sustain their operations and avoid falling into the non-performing asset (NPA) stage.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">Entrepreneurs who have previously taken and fully repaid loans under the \u2018Tarun\u2019 category will now be eligible for an increased Mudra loan limit of Rupees 20 lakh, up from the current Rupees 10 lakh.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">The turnover threshold for mandatory onboarding on the TReDS platform for buyers will be reduced from Rupees 500 crore to Rupees 250 crore.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">SIDBI will establish new branches in order to expand its reach and provide direct credit to all major MSME clusters within 3 years.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">Support will be provided for the establishment of 50 multi-product food irradiation units and 100 food quality and safety testing labs with NABL accreditation.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">E-Commerce Export Hubs will be established in public-private-partnership (PPP) mode to facilitate the sale of products by MSMEs and traditional artisans in international markets.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">To promote Manufacturing &amp; Services, 1 crore youth will have the opportunity to intern in 500 top companies over the course of 5 years. Companies will be expected to cover the training cost and 10 percent of the internship cost from their CSR funds.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>For promotion of Manufacturing &amp; Services<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: georgia, palatino, serif;\">Over the course of 5 years, provide internships in 500 leading companies for 1 crore young individuals. (The companies will be required to cover the training expenses and 10% of the internship costs from their CSR funds.)<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">&#8211; The government will support the development of investment-ready industrial parks with complete infrastructure in or near 100 cities, in collaboration with states and the private sector. (Also, consider the National Industrial Corridor Development Programme)<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">&#8211; Provision of rental housing with dormitory-style accommodation for industrial workers.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">&#8211; Proposal for digital public infrastructure applications in credit, e-commerce, education, health, law and justice, logistics, MSME, services delivery, and urban governance.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">&#8211; Establishment of a Critical Mineral Mission for domestic production, recycling of critical minerals, and acquisition of critical mineral assets overseas.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">&#8211; Extension of the services of the Centre for Processing Accelerated Corporate Exit (C-PACE).<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">&#8211; Launching the auction of the first tranche of offshore blocks for mining by the government.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">&#8211; Creation of an Integrated Technology Platform for the IBC eco-system.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">&#8211; Initiation of appropriate changes to the IBC, reforms, and strengthening of the tribunal and appellate tribunals to expedite insolvency resolution.<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>5.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>URBAN DEVELOPMENT<\/strong><\/span><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">PM-AWAS Yojana Urban 2.0<\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: georgia, palatino, serif;\">The PM Awas Yojana Urban 2.0 aims to address the housing needs of 1 crore urban poor and middle-class families with a total investment of \u20b910 lakh crore.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">It will include central assistance amounting to \u20b92.2 lakh crore over the next 5 years.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">A system for interest subsidies is planned to encourage loans at affordable rates.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">Additionally, laws and regulations will be introduced to enhance efficient and transparent rental housing markets, increasing supply.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Water Supply and Sanitation<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: georgia, palatino, serif;\">We will work with state governments and multilateral development banks to support water supply, sewage treatment, and solid waste management projects and services for 100 major cities through financially viable initiatives.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">These initiatives will also involve utilizing treated water for irrigation and filling tanks in nearby areas.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Street Markets<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">The PM SVANidhi Scheme has brought about a positive change in the lives of street vendors. The government aims to support the creation of 100 weekly haats or street food hubs over the next five years.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Stamp Duty<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">States will be urged to transition from high stamp duty rates to more moderate ones for all, and to also explore reducing charges further for properties bought by women. This will be a crucial aspect of urban development strategies.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><em>6.\u00a0\u00a0<\/em><em>ENERGY SECURITIES<\/em><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>\u00a0 Development of Nuclear Energy<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">The government will collaborate with the private sector to:<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">(1) Establish Bharat Small Reactors,<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">(2) Conduct research and development for Bharat Small Modular Reactor, and<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">(3) Innovate new technologies for nuclear energy.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-22863\" src=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2024\/07\/sdfgbhnmngfd-150x137.png\" alt=\"\" width=\"805\" height=\"735\" srcset=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2024\/07\/sdfgbhnmngfd-150x137.png 150w, https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2024\/07\/sdfgbhnmngfd-300x274.png 300w, https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2024\/07\/sdfgbhnmngfd.png 650w\" sizes=\"auto, (max-width: 805px) 100vw, 805px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Solar Power (PM Surya Ghar Muft Bijli Yojana)<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: georgia, palatino, serif;\">The PM Surya Ghar Muft Bijli Yojana, as stated in the interim budget declaration, has initiated the installation of rooftop solar plants, providing free electricity to 1 crore households for a maximum of 300 units per month.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Pumped Storage Policy<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: georgia, palatino, serif;\">A plan will be created to support the advancement of pumped storage initiatives for storing electricity and to enable the seamless incorporation of the growing proportion of renewable energy, despite its fluctuating and sporadic nature, into the broader energy portfolio.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Advanced Ultra Super Critical Thermal Power Plants<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: georgia, palatino, serif;\">The collaboration between NTPC and BHEL has successfully achieved the advancement of indigenous technology for Advanced Ultra Super Critical (AUSC) thermal power plants, culminating in the establishment of a full-scale 800 MW commercial plant.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">Furthermore, the establishment of domestic capabilities for manufacturing high-quality steel and other advanced metallurgical materials for these plants will yield substantial economic advantages.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Roadmap for \u2018hard to abate\u2019 industries<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: georgia, palatino, serif;\">A plan will be created to shift the &#8216;hard to abate&#8217; industries from focusing on &#8216;energy efficiency&#8217; to prioritizing &#8217;emission objectives&#8217;.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Support to traditional micro and small industries<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: georgia, palatino, serif;\">We will fund an investment-grade energy audit for conventional micro and small businesses, like brass and ceramic, and offer financial aid to help them switch to cleaner energy sources and implement energy-saving practices.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">The strategy will be reproduced in another 100 clusters in the following phase.<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><em>7.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/em><em>INFRASTRUCTURE<\/em><\/span><\/h3>\n<ul style=\"list-style-type: circle; text-align: justify;\">\n<li><span style=\"font-family: georgia, palatino, serif;\"><strong>Budget Allocation:<\/strong> The government has earmarked 11,11,111 crore for capital expenditure, equivalent to 3.4% of our GDP.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\"><strong>Rural Connectivity:<\/strong> Phase IV of the Pradhan Mantri Gram Sadak Yojana (PMGSY) will be initiated to ensure all-weather connectivity to 25,000 rural settlements.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\"><strong>Water Management:<\/strong> Financial assistance will be provided for projects such as the Kosi-Mechi intra-state link, with an estimated cost of 11,500 crore, through the Accelerated Irrigation Benefit Programme and other sources.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\"><strong>Tourism Development:<\/strong> The Vishnupad Temple in Gaya and Mahabodhi Temple in Bodh Gaya, Bihar, will undergo development similar to the Kashi Vishwanath Temple Corridor to elevate them into world-class pilgrimage and tourist destinations. Comprehensive development strategies will also be implemented for Rajgir and Nalanda in Bihar, along with assistance for important destinations in Odisha.<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>8. INNOVATION AND RESEARCH &amp; DEVELOPMENT<\/strong><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ul style=\"list-style-type: circle;\">\n<li><span style=\"font-family: georgia, palatino, serif;\">Fundamental research and prototype: The government has chosen to activate the Anusandhan National Research Fund for fundamental research and prototype creation.<\/span><\/li>\n<li><span style=\"font-family: georgia, palatino, serif;\">Space Industry: In order to grow the space industry by 5 times over the next 10 years, the government has opted to establish a venture capital fund of 1000 crore.\u00a0\u00a0\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">9.\u00a0 <strong>NEXT GENERATION REFORMS<\/strong><\/span><\/h3>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Reforms related to rural and urban land:<\/strong><\/span><\/p>\n<p style=\"padding-left: 70px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">1. All lands will be assigned a Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar.<\/span><\/p>\n<p style=\"padding-left: 70px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">2. Cadastral maps will be digitized.<\/span><\/p>\n<p style=\"padding-left: 70px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">3. Survey of map sub-divisions will be conducted according to current ownership.<\/span><\/p>\n<p style=\"padding-left: 70px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">4. A land registry will be established.<\/span><\/p>\n<p style=\"padding-left: 70px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">5. Linking to the farmers registry will be implemented.<\/span><\/p>\n<p style=\"padding-left: 70px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">6. Urban land records will be digitized with GIS mapping.<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Reforms related to labor:<\/strong><\/span><\/p>\n<p style=\"padding-left: 70px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">1. The e-shram portal will be comprehensively integrated with other portals to provide a one-stop solution.<\/span><\/p>\n<p style=\"padding-left: 70px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">2. Shram Suvidha and Samadhan portals will be improved to simplify compliance for industry and trade.<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Climate finance taxonomy:<\/strong><\/span><\/p>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">A taxonomy for climate finance will be developed to increase the availability of capital for climate adaptation and mitigation.<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Foreign Direct Investment and Overseas Investment:<\/strong><\/span><\/p>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">The rules and regulations for Foreign Direct Investment and Overseas Investments will be simplified to facilitate FDI, prioritize, and promote opportunities for using the Indian Rupee as a currency for overseas investments.<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>NPS Vatsalya:<\/strong><\/span><\/p>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">A plan for contributions by parents and guardians for minors will be initiated, which can be seamlessly converted into a normal NPS account upon reaching the age of majority.<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Ease of Doing Business:<\/strong><\/span><\/p>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">The government is working on the Jan Vishwas Bill 2.0 to improve the ease of doing business. States will also be incentivized for implementing their Business Reforms Action Plans and digitalization.<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>New Pension Scheme (NPS):<\/strong><\/span><\/p>\n<p style=\"padding-left: 30px; text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">The Committee reviewing the NPS has made significant progress in its work. A solution addressing relevant issues while maintaining fiscal prudence to protect common citizens will be developed.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">10.\u00a0 Tax-Related Proposals<\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">\u00a0 In the new tax regime, the tax rate structure is proposed\u00a0 to be revised, as follows:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Comprehensive review of Income Tax Act, 1961<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">\u2014 Finance Minister\u00a0<a href=\"https:\/\/indianexpress.com\/about\/nirmala-sitharaman\/\" target=\"_blank\" rel=\"noopener\">Nirmala Sitharaman<\/a>\u00a0announced comprehensive review of Income Tax Act, 1961. The purpose is to make the Act concise, lucid, easy to read and understand. This will reduce disputes and litigation, thereby providing tax certainty to the tax payers. It is proposed to be completed in six months.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">\u2014 A beginning is being made in the Finance Bill by simplifying the tax regime for charities, TDS rate structure, provisions for reassessment and search provisions and capital gains taxation.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Angel Tax Abolished<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">\u2014 Union Minister Nirmala Sitharaman announces the abolishment of angel tax on investors in India, in a bid to boost startups.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">\u2014 While the angel tax was first introduced in 2012 to deter the generation and use of unaccounted money through the subscription of shares of a closely held company at a value that is higher than the fair market value of the firm\u2019s shares, its scope was widened even to non-resident investors from April 1, 2024 during last year\u2019s Union Budget that saw strong opposition by startups.<strong>\u00a0<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Litigation and Appeals<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">\u2014 To dispose of the backlog of first appeals, the Government plan to deploy more officers to hear and decide such appeals, especially those with large tax effect.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">\u2014 For resolution of certain income tax disputes pending in appeal, the government proposed\u00a0<a href=\"https:\/\/indianexpress.com\/article\/explained\/direct-tax-vivad-se-vishwas-bill-how-govt-aims-to-reduce-direct-tax-litigation-6254981\/\" target=\"_blank\" rel=\"noopener\">Vivad Se Vishwas<\/a>\u00a0Scheme, 2024.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">\u2014 To reduce litigation and provide certainty in international taxation, the Government will expand the scope of safe harbour rules and make them more attractive.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Deepening the tax base<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">For deepening the tax base Security Transactions Tax on futures and options of securities is proposed to be increased to 0.02 per cent and 0.1 per cent respectively.\u00a0\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\"><strong>Other major proposals<\/strong><\/span><\/p>\n<ul style=\"list-style-type: circle;\">\n<li style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">Withdrawal of equalization levy of 2 per cent;<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">Expansion of tax benefits to certain funds and entities in IFSCs<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">Immunity from penalty and prosecution to benamidar on full and true disclosure so as to improve conviction under the Benami Transactions (Prohibition) Act, 1988.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">Changes in custom duty.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-family: georgia, palatino, serif;\">Simplification and Rationalisation of Capital Gains<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Sociology_Optional_Program_for\"><\/span><span style=\"color: #ff0000; 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