Jaipur:

Rajasthan has received a major industrial park in the first Budget of the BJP-led government at the Centre, with the state receiving Rs 7,000 crore more as a share of Central taxes this time.

Among the 12 new industrial parks being announced by Union Finance Minister Nirmala Sitharaman, the Jodhpur Pali Marwar Industrial Area has been sanctioned for Rajasthan under the National Industrial Corridor Development Programme.

The park stands significant for the industrial development in western Rajasthan as around 40,000 people will get direct employment out of it.

The project will be developed near the Delhi-Mumbai Industrial Corridor and is located at an equal distance (30 km) from Jodhpur and Pali City.

This project will be developed on 1,578 acres with an estimated cost of Rs 922 crore.

Sources said that the notification for the acquisition of 1,000 acres of land for this project has also been issued.

In the Rajasthan Budget 2024, the Bhajan Lal Sharma government has approved Rs 275 crore for the water infrastructure of this project.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Prime Minister Narendra Modi speaks on the Union Budget in New Delhi on July 23, 2024.
| Photo Credit: ANI

Prime Minister Narendra Modi praised the Union Budget presented by Finance Minister Nirmala Sitharaman on July 23 as one that will empower all sections of society.

“This is a budget that will take the country’s villages, poor and farmers on the path of prosperity. In the last 10 years, 25 crore people have come out of poverty. This budget is a budget for the continuation of the empowerment of the newly emerged, neo middle class,” he said.

Also Read: Budget 2024 Live updates

Highlighting the announcements regarding tax, he said a “decision had been taken” on the reduction and simplification of tax and rules on tax deduction at source (TDS).

MSME sector

He dwelt at length on the provisions made for micro, small and medium enterprises (MSME) sector, stating that these would provide a new path of progress for small traders and MSMEs. “A new scheme to increase ease of credit has been announced in the budget. Announcements have been made to take the export and manufacturing ecosystem to every district in this budget. This budget will bring new opportunities for start-ups and the space economy,” he said.

“The MSME sector of the country is connected to the middle class. This sector provides maximum employment to the poor. This budget will give a new scale to education and skills,” he added.

Employment boost

A major part of the budget was on providing incentives for youth employment. “In this budget, the government has announced ‘employment-linked incentive’ schemes. This will help generate many employment opportunities. Under this scheme, the government will give the first salary to those who are newly entering the workforce. Youth from villages will be able to work in the country’s top companies under the apprenticeship programme,” he said. He said the development plans of 12 new industrial nodes, new satellite towns and transit plans for 14 big cities would enable the development of new economic hubs in the country and create numerous jobs.

Touching upon the schemes for poverty alleviation and empowerment of the poor, he highlighted the measures to build three crore houses for the poor and the ‘Janjatiya Unnat Gram Abhiyan’, which will link five crore tribal families to basic facilities with a saturation approach.

The budget brings numerous opportunities for India’s start-ups and innovation ecosystem, Mr. Modi said, referring to the ₹1,000-crore corpus fund to vitalise the space economy and the decision to abolish the angel tax. “Record high capex will become a driving force of the economy,” he added.

Updated – July 23, 2024 11:50 am IST

Published – July 23, 2024 11:41 am IST

Union Finance Minister Nirmala Sitharaman along with Finance Secretary T V Somanathan displays a red pouch carrying the Budget documents after she arrived at the Parliament to present the Union Budget 2024-25, in New Delhi, on, July 23, 2024.
| Photo Credit: PTI

In her seventh budget speech, Finance Minister Nirmala Sitharaman put forth the introduction of the National Co-operation Policy to bring about “systematic, orderly and all-round policy” for developing the co-operative sector. The policy would endeavour to “fast track the growth of the rural economy and generate employment opportunities on a large scale”. 

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Ms Sitharaman informed the house that she has made a provision of Rs 1.54 lakh crore this year for agriculture and allied sectors. In response to a question in the Lok Sabha earlier this year in February, Union Minister for Cooperation Amit Shah had informed 20,638 Agriculture and Allied Cooperative Societies (Non-credit) were operational in addition to 92,516 Primary Agriculture Credit Societies (PACS).  

Finance Minister Nirmala Sitharaman is presenting her seventh consecutive budget. Prior to Tuesday, Ms Sitharaman has presented six full and one interim budget.