Finance Minister Nirmala Sitharaman Announces New Industrial Parks and Reforms in Union Budget 2024-25
New Delhi [India], July 23: Finance Minister Nirmala Sitharaman announced the sanctioning of 12 industrial parks under the National Industrial Corridor program. She stated, “12 industrial parks under the National Industrial Corridor development program also will be sanctioned,” during her Union Budget 2024-25 presentation in the Lok Sabha on Tuesday.
Additionally, the budget introduced rental housing for industrial workers, facilitated in a Public-Private Partnership (PPP) mode. Sitharaman elaborated, “Rental housing with dormitory-type accommodation for industrial workers will be facilitated in PPP mode with VGF support and commitment from anchor industries.”
Reforms in the shipping industry were also highlighted, aiming to boost Indian shipping’s share and employment. “Shipping industry ownership, leasing, and flagging reforms will be implemented to improve the share of the Indian shipping industry and generate more employment,” said Sitharaman.
The budget also proposed developing Digital Public Infrastructure (DPI) applications to enhance productivity and foster business opportunities. “I propose the development of DPI applications at the population scale for productivity gains, business opportunities, and innovation by the private sector,” Sitharaman stated.
Identifying nine priorities for generating opportunities, Sitharaman emphasized productivity and resilience in agriculture, employment and skilling, and manufacturing and services. Reflecting on the interim Budget presented in February, Sitharaman reiterated the government’s focus on the poor, women, youth, and farmers.
The budget also allocates Rs 1.48 lakh crore for education, employment, and skills, and outlines a strategy for achieving self-reliance in pulses and oilseeds. Additionally, 10,000 need-based bio-input resource centres will be established, and the completion of the Polavaram Irrigation Project is expected to ensure national food security.
Further measures include Rs 3 lakh crore for schemes benefiting women and girls, and the establishment of over 100 branches of India Post Payment Bank in the northeastern region. The Government also announced that it will implement 3 schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers.
Doubts Revealed
Finance Minister -: The Finance Minister is a government official in charge of managing the country’s money and economic policies. In India, this role is currently held by Nirmala Sitharaman.
Nirmala Sitharaman -: Nirmala Sitharaman is an Indian politician who is the current Finance Minister of India. She is responsible for presenting the Union Budget and managing the country’s finances.
Union Budget -: The Union Budget is a yearly financial statement presented by the Finance Minister. It outlines the government’s revenue and expenditure for the upcoming year.
Industrial Parks -: Industrial Parks are areas set aside for industrial development. They have facilities and infrastructure to support factories and businesses.
National Industrial Corridor -: The National Industrial Corridor is a government initiative to develop industrial regions across India. It aims to boost manufacturing and create jobs.
Rental Housing -: Rental Housing refers to homes that people can rent instead of buying. In this context, it is for industrial workers who need affordable places to live near their workplaces.
Shipping Industry Reforms -: Shipping Industry Reforms are changes made to improve the shipping sector. This can include better regulations, infrastructure, and policies to make shipping more efficient.
Digital Public Infrastructure -: Digital Public Infrastructure refers to online systems and services provided by the government. These can include things like digital payments, online education, and e-governance.
Allocations -: Allocations are amounts of money set aside for specific purposes. In the budget, this means funds are designated for areas like education, employment, and support for women, youth, and farmers.
