Union Budget 2024 Live Update

There will be an introduction of a credit guarantee system to facilitate term loans to MSMEs. The program will work to reduce these MSMEs' credit risks. Each applicant will receive coverage of up to Rs 100 crore from a self-financing guarantee fund, however the loan amount may be greater.

The government would make special financial assistance available for the capital city development in Andhra Pradesh. Additionally, the government has allocated Rs 15,000cr for the development of Andhra Pradesh's capital city this fiscal year and in subsequent years.

"Andhra Pradesh Reorganisation Act- Our govt has made efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years," Sitharaman said.

The minister announced that borrowers who had satisfactorily repaid loans under the Tarun category would now be eligible for a maximum of Rs 20 lakh instead of the existing Rs 10 lakh under the Mudra loan scheme.

She announced that "Government to provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions." Additionally, three job programs have also been revealed in the interim.

As part of the Prime Minister's program, the government will put three employment-linked incentive packages into place. These will be determined by registration in the EPFO and will center on supporting employers and employees as well as recognizing first-time workers.

The government will subsidize loans for higher education in domestic institutions up to Rs 10 lakhs

According to Prashant Daftary, Partner, N.A. Shah Associates, employment would increase significantly if manufacturing industries received incentives to create new jobs. A major portion of new hires will be covered by the perks and eligibility

The Union government will make arrangements for Bihar to receive financial support from multilateral development organizations. For the complete development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh, the government would create the Purvodaya plan. Bodhgaya-Rajgir-Vaishali-Darbanga spurs, Patna-Purnya expressway, Buxar-Bagalpur expressway, and an extra two-lane bridge across the Ganga at Baksar, all costing Rs 26,000cr. Power projects, such as the 2400 MW Pir Payanti power plant, will be undertaken for a cost of Rs 21,400 crore.

Will provide funds for infrastructure Development

Rs 15,000 crore to be arranged for Andhra Pradesh in FY25 for development of its capital

For AP Special financial support for multifunctional development will finance funds for completion of Polavaram project

Funds for Industrial Development roads drinking water will be provided. Additional funds for backward region Development ptakasam rayalaseema north Coastal will be provided

Will extend all necessary help to AP

[Special incentives for AP and Bihar

Rs 15000cr special package for AP