Budget 2024 focuses on youth and women entrepreneurship

Finance Minister Nirmala Sitharaman’s sixth Budget which is an interim budget promises to be responsible despite this being an election year. The budget talks about inclusive development both, social and geographical, especially for youth, women, farmers, and the poor. Continued focus on improving logistics through infrastructure spending on roads, rail, airports, and ports increases productivity for companies and citizens alike.

 

To make ‘Viksit Bharat’ by 2047, the government’s focus is on improving and empowering people’s capabilities through various skilling initiatives. It is encouraging to see that Skill India Mission has succeeded in training more than 1.4 crore youth and upskilling and reskilling 54 lakh youth. I am particularly happy to see the continued focus on youth and women entrepreneurship and the announcement of a new fund that will give interest-free 50-year loans for startups will provide a domestic fillip to startups supplementing venture capital we have traditionally relied on from abroad.PM Mudra Yojana has sanctioned 43 crore loans aggregating to 22.5 lakh crore to youth entrepreneurs and thirty crore Mudra Yojana loans to women entrepreneurs. There are several other schemes like Fund of Funds, Start-Up India, and Start-Up Credit Guarantee schemes that are assisting our youth. Further, the extension of tax benefits to Start-ups and investments made by sovereign wealth funds/pension funds, till 31st March 2025 depicts the government’s effort to support the startup eco-system.