Budget 2024-25 'exceptional and empowering': Jitendra Singh

New Delhi, July 23 (IANS) The Union Budget 2024-25, presented on Tuesday in the Parliament by Finance Minister Nirmala Sitharaman is "exceptional and empowering", Union Minister Jitendra Singh said.  

Calling measures such as "ending of angel tax and introduction of paid internships" as "bold and innovative proposals", Jitendra Singh said it will boost startups and start-up ecosystem.

"In order to boost the Indian Startup ecosystem, the Union Budget 2024-25 abolished angel tax for investors," said Singh.

Other proposals like the "increase in Mudra loan limit to Rs 20 lakh, Rs 1 lakh crore for Anusandhan National Research Foundation and planning five times increase in the next 10 years while earmarking Rs 1,000 crore venture fund for space startups all supplement each other to further strengthen India's startup ecosystem", he added.

The Union Minister also said that the third term of Prime Minister Narendra Modi-led government has nine priority areas as mentioned by Finance Minister Nirmala Sitharaman in Parliament on Tuesday.

This includes boosting startups, generating employment, skilling, MSMEs and the middle class.

Another priority area is "employment and skilling" which got a major boost under Prime Minister's package of five schemes, Jitendra Singh said.

The schemes include innovative initiatives for employment, skilling, and other opportunities for 4.1 crore youth over 5 years. He further added that the first scheme under the PM's package will provide one month's wage to all persons entering the workforce.

"The 5th scheme launches a comprehensive scheme for providing internship and apprentice opportunities to youth in top 500 companies to 1 crore youth in five years, in order to promote skilling and apprentice culture," the Science and Technology Minister said.

Jitendra Singh also noted that nearly 20 lakh youth will be skilled over 5 years, while 1,000 industrial training institutes will be upgraded in hub and spoke arrangements in collaboration with state governments and industries for skill development.

Further, to carry forward the acquired skills and promote self-employment, the model skill loan scheme will be revised to facilitate guaranteed loans up to 7.5 lakh which will help nearly 25,000 students annually, he said.

Increasing the limit of Mudra loans to Rs 20 lakh from the current Rs 10 lakh for those who have successfully repaid previous loans under the 'Tarun' category "marks a revolutionary step to promote entrepreneurship".

Jitendra Singh noted that to promote women-led development, the Budget allocated more than 3 lakh crore for women's welfare schemes.