Budget 2024: What did women, youth and the employed get in the budget? Understand in easy language

There have been many announcements in the budget for women, youth and workers.

In the general budget, Finance Minister Nirmala Sitharaman tried to provide relief to the workers by increasing the standard deduction in the new tax regime and also made many important announcements for the youth and women. The Finance Minister has announced that the government will levy 3 per cent on education loan while the Mudra loan limit has been increased from Rs 10 lakh to Rs 20 lakh.

Finance Minister Nirmala Sitharaman presented the first budget of the third term of the Modi government. An effort has been made to provide facilities in each section of the budget. However, at the beginning of the budget, the Finance Minister had said that the focus would be on the poor, women, youth and farmers. This was also visible in the budget. How to understand in simple language?

What about young people in the budget?

1. Youngsters who have not availed any government scheme will get an education loan to get admission in any institution in the country. The government will donate 3 per cent of this money. For this, the government will arrange e-vouchers which will be given to about one lakh students every year.
2. Young people will now be able to apply for a Mudra loan of up to Rs 20 lakh for self-employment. Earlier, this limit was only Rs 10 lakh.
3. After completing their studies, 1 million job-seeking youth will also be given internships in 500 of the country’s top companies. They will also receive a subsidy of Rs 5,000 and an assistance of Rs 6,000 every month.
4. A target has been set to provide skills to 20 lakh youth within a period of five years.
5. 1,000 ITIs will be updated accordingly with the outcome of the hub-and-spoke agreement.
6. The Skill Loan Model Scheme will be modified to provide loan facility up to ₹7.5 lakh with guarantee from government-sponsored funds.

What about women and girls?

1. A provision of Rs 3 lakh crore will be made in the budget to benefit women and girls. This will further strengthen women-related schemes.
2. The budget has focused on increasing the female workforce. To this end, the Finance Minister has announced that he will make separate efforts.
3. The construction of shelters for working women with the help of industry will be announced. In addition, childcare centres will also be built.

This announcement for self-employed workers

1. In the budget, youth who get jobs for the first time will be given a subsidy of Rs 15,000 in three instalments after registering with the EPFO. This benefit will be available only to those whose salary is less than Rs 1 lakh per month.
2. First-time job seekers and their employers will receive direct incentives based on EPFO ​​contribution for the first four years.
3. Changes have also been made in the new tax regime in the Budget. In the Budget, the standard deduction has been increased from Rs 50,000 to Rs 75,000. Under the new tax system, no tax will be payable up to Rs 3 lakh. A 5 per cent tax has been provided for between Rs 3 and Rs 7 lakh. A 15 per cent tax will be levied on salaries between Rs 10 and Rs 12 lakh and 30 per cent on salaries above Rs 15 lakh.