{"id":85,"date":"2024-08-03T11:11:20","date_gmt":"2024-08-03T11:11:20","guid":{"rendered":"https:\/\/www.scinnovation.in\/blogs\/?p=85"},"modified":"2024-08-03T11:17:00","modified_gmt":"2024-08-03T11:17:00","slug":"analyzing-union-budget-2024-focus-areas-for-research-agriculture-and-power-sector-growth","status":"publish","type":"post","link":"https:\/\/www.scinnovation.in\/blogs\/2024\/08\/03\/analyzing-union-budget-2024-focus-areas-for-research-agriculture-and-power-sector-growth\/","title":{"rendered":"Analyzing Union Budget 2024: Focus Areas for Research, Agriculture, and Power Sector Growth"},"content":{"rendered":"\n<p>The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, has laid out a roadmap for India&#8217;s journey towards becoming a developed nation by 2047. With a strong emphasis on research, innovation, and infrastructure development, the budget aims to propel the country&#8217;s economic growth to new heights.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key Highlights of the Union Budget<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Boosting Research and Development:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Powering Innovation, Research &amp; Development (R&amp;D) Anusandhan National Research Fund:<\/strong> A dedicated fund of Rs 1 lakh crore to support basic research and prototype development.<\/li>\n\n\n\n<li><strong>Focus on private sector-driven innovation:<\/strong> Encouraging commercialization of research findings.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Revitalizing Agriculture:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Increased budget allocation:<\/strong> A significant hike in the agriculture budget to \u20b91.52 trillion from \u20b91.45 trillion in the previous year.<\/li>\n\n\n\n<li><strong>Subsidy adjustments:<\/strong> Fertilizer subsidy reduced by 13% to \u20b91.64 trillion, food subsidy reduced by 3.3% to \u20b92 trillion.<\/li>\n\n\n\n<li><strong>Enhanced support for key schemes:<\/strong> Increased funding for PM-AASHA (\u20b964.4 billion), PLI for Food Processing (\u20b914.4 billion), and PM-Kisan (\u20b9600 billion).<\/li>\n\n\n\n<li><strong>New initiatives:<\/strong> Introduction of Blended Capital Support for Startups (\u20b9625 million) and NAMO DRONE DIDI scheme (\u20b95 billion).<\/li>\n\n\n\n<li><strong>Reduction in allocations:<\/strong> Agriculture Infrastructure and Development Fund (no new allocation), PM-Fasal Bima Yojna (\u20b9146 billion), Crop Husbandry (\u20b9757.76 billion).<\/li>\n\n\n\n<li><strong>Increased allocations for development programs:<\/strong> Rashtriya Krishi Vikas Yojna (\u20b975.53 billion), Agricultural Financial Institutions (\u20b9207 billion).<\/li>\n\n\n\n<li><strong>Custom duty adjustments:<\/strong> Reduced duty on Shea Nuts, Pre-dust Breaded Powder for Seafood Processing, Artemia and Artemia Cysts.<\/li>\n\n\n\n<li><strong>Strategic agricultural initiatives:<\/strong> Digital Public Infrastructure (DPI) for Agriculture, high-yielding crop varieties, natural farming support, self-reliance in pulses and oilseeds.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Empowering the Power Sector:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Increased budgetary allocations:<\/strong> Higher funding for the Ministry of Power (\u20b9205.0 billion), PSDF (\u20b912.0 billion), Reform-Linked Distribution Scheme (\u20b9125.9 billion), NHPC (\u20b9111.9 billion), Green Energy Corridor (\u20b910 million).<\/li>\n\n\n\n<li><strong>Energy security and nuclear energy:<\/strong> Collaboration with the private sector, increased allocation for nuclear power projects (\u20b922.3 billion), R&amp;D of Small and Modular Nuclear Reactors, abolishment of customs duties on 25 critical minerals.<\/li>\n\n\n\n<li><strong>Major power projects and infrastructure development:<\/strong> New 2,400 MW Power Plant in Bihar, power system improvement in northeastern states, support for industrial corridors, joint venture between NTPC and BHEL.<\/li>\n\n\n\n<li><strong>Renewable energy and efficiency:<\/strong> Pradhan Mantri Surya Ghar Muft Bijli Yojana, policy for pumped storage projects, transition for hard-to-abate industries, energy audit for micro and small industries, exemptions for solar manufacturing.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Accelerating the Space Sector:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Increased budget allocation:<\/strong> Total allocation of \u20b913,042.75 crore, including a new Venture Capital Fund of \u20b91,000 crore.<\/li>\n\n\n\n<li><strong>Creation of industrial parks:<\/strong> 12 parks across India to boost space and satellite manufacturing.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Accelerating Growth in the Automotive Sector<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Increased budget allocation:<\/strong> Overall automotive sector allocation increased to \u20b964 billion from \u20b953 billion.<\/li>\n\n\n\n<li><strong>Electric mobility promotion schemes:<\/strong> EMPS 2024 with allocation of \u20b95 billion, SMEC with allocation of \u20b9130 million.<\/li>\n\n\n\n<li><strong>Production-Linked Incentive (PLI) scheme:<\/strong> Increased allocation for automobiles and auto components (\u20b935 billion), ACC battery storage (\u20b92.5 billion).<\/li>\n\n\n\n<li><strong>Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) Scheme:<\/strong> Allocation reduced to \u20b927 billion from \u20b948 billion.<\/li>\n\n\n\n<li><strong>Tariff adjustments:<\/strong> New tariff lines for e-bicycles, customs duty exemptions for 25 critical minerals, reduced duty on Ferro-Nickel and Blister Copper.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Strengthening the Pharmaceutical Sector:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Increased budget allocation:<\/strong> Department of Pharmaceuticals allocation increased to \u20b940.9 billion from \u20b927 billion.<\/li>\n\n\n\n<li><strong>Production-Linked Incentive (PLI) scheme:<\/strong> Increased allocation for KSMs\/DIs, APIs, and medical devices.<\/li>\n\n\n\n<li><strong>Development of Pharmaceutical Industry:<\/strong> Allocation increased to \u20b913 billion from \u20b92.65 billion.<\/li>\n\n\n\n<li><strong>Custom duties and exemptions:<\/strong> Custom duty on laboratory chemicals increased to 150%, with exemptions for cancer drugs, polyethylene, stainless steel, titanium alloys, and cobalt-chrome alloys.<\/li>\n\n\n\n<li><strong>Custom Duty on Ammonium Nitrate:<\/strong> Increased from 7.5% to 10%.<\/li>\n<\/ul>\n\n\n\n<p>The Union Budget 2024-25 presents a comprehensive blueprint for India&#8217;s economic transformation. By investing in key sectors and promoting innovation, the government aims to create a robust and self-reliant economy.<\/p>\n\n\n\n<p><strong>What are your thoughts on the Union Budget? Which sectors do you think will benefit the most? Share your opinions in the comments below.<\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Published by<\/strong><\/p>\n\n\n\n<p>Prachi Maitra<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, has laid out a roadmap for India&#8217;s journey towards becoming a developed nation by 2047. With a strong emphasis on research, innovation, and infrastructure development, the budget aims to propel the country&#8217;s economic growth to new heights. Key Highlights of the Union Budget Boosting Research&hellip; <a href=\"https:\/\/www.scinnovation.in\/blogs\/2024\/08\/03\/analyzing-union-budget-2024-focus-areas-for-research-agriculture-and-power-sector-growth\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Analyzing Union Budget 2024: Focus Areas for Research, Agriculture, and Power Sector Growth<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-85","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.scinnovation.in\/blogs\/wp-json\/wp\/v2\/posts\/85","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scinnovation.in\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scinnovation.in\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scinnovation.in\/blogs\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scinnovation.in\/blogs\/wp-json\/wp\/v2\/comments?post=85"}],"version-history":[{"count":4,"href":"https:\/\/www.scinnovation.in\/blogs\/wp-json\/wp\/v2\/posts\/85\/revisions"}],"predecessor-version":[{"id":90,"href":"https:\/\/www.scinnovation.in\/blogs\/wp-json\/wp\/v2\/posts\/85\/revisions\/90"}],"wp:attachment":[{"href":"https:\/\/www.scinnovation.in\/blogs\/wp-json\/wp\/v2\/media?parent=85"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scinnovation.in\/blogs\/wp-json\/wp\/v2\/categories?post=85"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scinnovation.in\/blogs\/wp-json\/wp\/v2\/tags?post=85"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}