Training to MSMEs, strategies for self-reliance: FM outlines plans for Viksit Bharat in Union Budget 2024

Presenting the interim Union Budget 2024 in the new Parliament building, Finance Minister Nirmala Sitharaman underscored the government's focus on micro, small, and medium enterprises (MSMEs) under the banner of 'Viksit Bharat' by 2047. This includes training for MSMEs, strategies for self-reliance, and plans to boost the economy and trade.

The Finance Minister announced that the government would prioritise timely and adequate finances, relevant technologies, and appropriate training for MSMEs—widely acknowledged as pivotal to the country's economic growth—to enhance their global competitiveness.

To further the goal of Aatmanirbhar Bharat, Sitharaman said a strategy will be formulated to develop oilseeds such as mustard, groundnut, sesame, soybean, and sunflower. This, she said, would cover research for high-yielding varieties, widespread adoption of modern farming techniques, market linkages, procurement, value addition, and crop insurance.

Economic growth and trade

Presenting her sixth consecutive Budget, the Minister highlighted the streamlined business environment facilitated by the Goods and Services Tax (GST), emphasising the achievement of 'One Nation, One Market, and One Tax'.

The FM also reported that 43 crore loans, aggregating Rs 22.5 lakh crore, were sanctioned under PM Mudra Yojana to encourage the entrepreneurial aspirations of India's youth. The scheme provides loans up to Rs 10 lakh to non-corporate, non-farming small and micro enterprises.

Sitharaman outlined ongoing efforts to create entrepreneurship opportunities for large enterprises, improve supply chain vendors, and enhance technical skills in manufacturing.

The threshold for presumptive taxation for retail businesses has been increased from Rs 2 crore to Rs 3 crore, said the FM.

Sitharaman also expressed the government's commitment to foster growth in the eastern region of India. 

Referring to the recent consecration of the Ram Mandir in Ayodhya, Sitharaman highlighted opportunities in the tourism sector, including spiritual tourism. She announced that states would be encouraged to develop iconic tourist centres and the government would offer long-term interest-free loans to support such development.

Sitharaman also spoke of plans to enhance transportation and communication links between Europe and Asia through rail and shipping networks. She also highlighted the India-Middle East-Europe Economic Corridor as a pivotal gateway to global trade for the next hundreds of years.

During the 2023 G20 summit in New Delhi, India, the United States, United Arab Emirates, Saudi Arabia, France, Italy, Germany, and the European Union had signed a memorandum of understanding to establish the India-Middle East-Europe Economic Corridor.

Closing her Budget speech, Sitharaman asserted the government's commitment to national development.