Union Budget 2024-25 Highlights for MSME, Indian Artisans, Self-help Groups
The Union Budget for the fiscal year 2024-25, presented by Finance Minister Nirmala Sitharaman, has laid out significant allocations and initiatives aimed at bolstering education, employment, and economic development across India. With a total allocation of ₹1.48 lakh crore dedicated to education, employment, and skilling, the budget reflects a strong commitment to empowering the youth and strengthening the workforce.
Focus on Education and Skilling
A notable highlight of the budget is the revision of the Model Skill Loan Scheme, which aims to assist 25,000 students annually. This initiative is expected to enhance the accessibility of skill development programs and facilitate better employment opportunities for the youth.
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Boost to MSME Sector and Artisanal Economy
To support the Micro, Small, and Medium Enterprises (MSME) sector, the budget has allocated ₹9,000 crore to the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). Additionally, the establishment of E-Commerce Export Hubs in public-private partnership (PPP) mode will enable MSMEs and traditional artisans to expand their market reach and sell their products internationally. These measures are designed to invigorate the MSME sector and promote India’s rich artisanal heritage.
Support for Rural Development
Rural development continues to be a priority, with ₹2.66 lakh crore allocated to various schemes. The Finance Minister emphasized the importance of schemes such as PM Vishwakarma, PM SVANidhi, National Livelihood Missions, and Stand-Up India, which are targeted at supporting craftsmen, artisans, self-help groups, scheduled caste and scheduled tribe entrepreneurs, women entrepreneurs, and street vendors. The implementation of these schemes will be intensified to ensure widespread economic benefits.
Textile and Apparel Export Growth
India’s textile and apparel exports, including handicrafts, saw a 1 per cent increase, reaching ₹2.97 lakh crore in FY24. This growth underscores the resilience and potential of the textile sector, which remains a key contributor to the country’s economy.
Vision for ‘Viksit Bharat’ by 2047
The budget also sets the stage for the government’s long-term vision of ‘Viksit Bharat’ by 2047. This roadmap outlines the strategic initiatives and policies aimed at transforming India into a developed nation by its centenary of independence.
Integration of Industry and Academia
In an effort to address the skill shortage, the government plans to incentivize the collaboration between industry and academia. Emphasizing vocational education within curricula, this initiative aims to create a skilled workforce that meets the evolving demands of the industry.
The Union Budget 2024-25 reflects a balanced approach towards fostering education, skilling, and economic growth. With targeted allocations and strategic initiatives, the government aims to build a robust framework for sustainable development, ensuring inclusive growth and prosperity for all segments of society.
