Key schemes mentioned by Sitharaman in her 58-minute Budget speech

Sitharaman introduced a new meaning to Gross Domestic Product or GDP by emphasizing government’s ‘Governance, Development and Performance’ formula to measure country’s progress and goal of Viksit Bharat

Finance Minister Nirmala Sitharaman, in her 58-minute interim budget speech on February 1, mentioned a slew of measures and schemes rolled at different points of time by the Union government that contributed towards the upliftment of the core pillars of the country.

Moneycontrol has compiled a list of these schemes which were mentioned in the FM's Budget Speech.

Also tune into Moneycontrol's live Budget 2024 Blog

National Education Policy 2020

The National Education Policy 2020 is fuelling transformative reforms in the nation, said the finance minister in her budget presentation in the Parliament on February 1.

Although there wasn't a specific announcement regarding the education sector, the Finance Minister mentioned a notable 28 percent increase in female enrollment in higher education over the past decade.

The National Education Policy 2020 was announced on July 29, 2020, introducing a range of reforms in both school and higher education, encompassing technical education.

PM Schools for Rising India (PM SHRI)

PM Schools for Rising India (PM SHRI) scheme has been delivering high-quality education and fostering the development of well-rounded individuals, according to Sitharaman.

The PM SHRI School is a centrally-sponsored scheme introduced by the Union government. Its objective is to establish over 14,500 PM SHRI Schools, overseen by the Union government, state/UT governments, local bodies, as well as Kendriya Vidyalaya Sangathan (KVS) and Navodaya Vidyalaya Samiti (NVS).

Skill India Mission

The Skill India Mission has successfully trained 1.4 crore youth, upskilled and reskilled 54 lakh individuals, and established 3000 new ITI, stated the finance minister in her budget speech. Numerous institutions of higher learning, including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities have been inaugurated, the FM highlighted.

The Skill India Mission rolled out in 2015, is a comprehensive government programme encompassing various skilling schemes and programmes. Its primary aim is to equip the youth of the nation with essential skill sets, facilitating their employment in pertinent sectors and enhancing overall productivity.

PM Mudra Yojana

Under the PM Mudra Yojana, 43 crore loans amounting to Rs 22.5 lakh crore have been sanctioned to fulfil the entrepreneurial aspirations of our youth.

The Prime Minister Mudra Yojana (PMMY) is a flagship initiative of the Union government to provide financial support to previously underserved enterprises. The program aims to integrate these businesses into the formal financial system and offer them affordable credit.

Garib Kalyan

The 'Direct Benefit Transfer' of Rs 34 lakh crore from the Government through PM-Jan Dhan accounts has resulted in a savings of Rs 2.7 lakh crore by eliminating previous leakages. These savings have further contributed to additional funds for the 'Garib Kalyan' initiative.

The Pradhan Mantri Garib Kalyan Yojana, a relief initiative amounting to Rs 1.70 lakh crore, was introduced in March 2020 to aid the underprivileged in their fight against the COVID-19 pandemic and related headwinds. The aim was to provide direct assistance to the most economically vulnerable by offering both financial support and essential provisions. This initiative aimed to alleviate challenges in procuring necessary supplies and fulfilling essential requirements for those facing economic hardships during the pandemic.

PM-SVANidhi

PM-SVANidhi has extended credit assistance to 78 lakh street vendors with 2.3 lakh of the vendors receiving credit for the third time.

The Ministry of Housing and Urban Affairs (MoHUA) introduced PM SVANidhi, a micro-credit scheme aimed at offering handholding support to street vendors on June 1, 2020. This initiative provides a collateral-free working capital loan starting at Rs 10,000 followed by subsequent loans of Rs 20,000 and Rs 50,000 all with a 7 percent interest subsidy.

PM-JANMAN Yojana

The PM-JANMAN Yojana focuses on reaching out to particularly vulnerable tribal groups that have been excluded from development efforts until now, said the FM.

The PM JANMAN initiative is a government programme designed to integrate tribal communities into the broader societal framework. Administered by the Ministry of Tribal Affairs in partnership with State governments and PVTG communities, the scheme includes both Central Sector and Centrally Sponsored Schemes.

Capex target for FY25 set at new record of Rs 11.11 lakh crore, but FY24 aim missed

PM-Vishwakarma Yojana

Meanwhile, PM-Vishwakarma Yojana provides comprehensive support to artisans and craftspeople involved in 18 trades.

The primary objective of the PM Vishwakarma Yojana is to enhance the Guru-Shishya Parampara fostering the traditional skills of artisans and craftspeople who utilize hands-on techniques and tools. The initiative also strives to enhance both the quality and accessibility of the products and services offered by these skilled individuals.

Other miscellaneous schemes

Schemes like Fund of Funds, Start-Up India, and Start-Up Credit Guarantee are supporting young individuals, turning them into 'rozgardata' or employed individuals, the finance minister asserted.