Dr. Rajeev Menon, the National General Secretary of the Republican Party, has welcomed the first budget of the third Modi government, which prioritizes the agricultural sector and research, aiming for growth aligned with the times. Modi had already indicated that the budget for the financial year 2024-25 would be popular. Finance Minister Nirmala Sitharaman, in her seventh consecutive budget presentation, announced major plans. The budget focuses on agriculture, employment, skill productivity, defense capability, human resource development, social justice, production and services, urban development, emergency security, infrastructure, innovative research and development, and next-generation reforms, according to Dr. Rajeev Menon.
The first budget of the third Modi government has garnered more attention this time by placing significant emphasis on the agricultural sector. Major plans have been introduced to increase agricultural production. The budget aims for growth aligned with the times. In the agricultural sector, production will be increased, and research projects will be implemented. Clusters will be formed to increase vegetable production, ensuring production and storage. Digitalization in the agricultural sector will be implemented, with cooperation from states being ensured. More support will be provided to farmers through NABARD. The budget has announced an allocation of Rs 1.52 lakh crore for allied agricultural sectors. The major announcements for the agricultural sector are commendable, said Dr. Rajeev Menon.
There are also many announcements aimed at increasing the participation of women in the workforce. The budget promises to set up working women’s hostels to encourage working women. This will be a significant asset for women’s empowerment and employment opportunities, said Dr. Rajeev Menon. Additionally, the budget proposes to exempt customs duty on three cancer drugs and reduce tariffs on X-ray tubes. This is an exemplary instance of a popular budget aimed at the upliftment and welfare of the poor. Moreover, the limit for Mudra loans will be increased to Rs 20 lakh. Increasing the Mudra loan limit from Rs 10 lakh to Rs 20 lakh for MSMEs is a significant change, said Dr. Rajeev Menon.
The 2024-25 budget is seen as an action plan to create a roadmap for India’s development over the next five years under the Modi 3.0 government. The first budget of the third Modi government includes significant announcements for Andhra Pradesh and Bihar. It has been announced that Rs 10 lakh crore will be invested under the Prime Minister Awas Yojana-Urban scheme to build houses for one crore poor and middle-class families. Dr. Rajeev Menon also stated that the nine prioritized areas in the first budget of the third Modi government are commendable.
