Budget 2024-25 Applauded for Strengthening StartUp Ecosystem and Employment Initiatives

Dr. Singh, who oversees Science and Space-related ministries, praised the budget's bold and innovative proposals aimed at boosting startups and the broader startup ecosystem in India.

Union Minister Dr. Jitendra Singh expressed his enthusiasm and satisfaction with the Union Budget 2024-25, presented by Finance Minister Smt. Nirmala Sitharaman in Parliament. Dr. Singh, who oversees Science and Space-related ministries, praised the budget's bold and innovative proposals aimed at boosting startups and the broader startup ecosystem in India.

Key Highlights:

Support for StartUps:

Abolition of Angel Tax for investors to encourage startup investments.

Introduction of paid internships.

Raising the Mudra loan limit to Rs 20 lakh.

Allocation of Rs 1 lakh crore for the Anusandhan National Research Foundation.

A planned fivefold increase in research funding over the next decade.

Rs 1,000 crore Venture Fund specifically for Space StartUps.

Employment and Skilling:

Prime Minister's package of five schemes to boost employment and skilling opportunities for 4.1 crore youth over five years.

The first scheme offers one month's wage to all new workforce entrants.

The fifth scheme provides internships and apprenticeship opportunities in top 500 companies to 1 crore youth over five years.

Skill Development:

Nearly 20 lakh youth to be skilled over five years.

Upgradation of 1,000 Industrial Training Institutes in collaboration with state governments and industry.

Revised Model Skill Loan Scheme to facilitate guaranteed loans up to Rs 7.5 lakh, benefiting approximately 25,000 students annually.

Increase in the limit of Mudra loans to Rs 20 lakh for successful repayees under the 'Tarun' category.

Technological and Scientific Advancements:

Establishment of Bharat Small Reactors in partnership with the private sector.

Collaboration on the development of Bharat Small Modular Reactor for energy security.

Rs 1 lakh crore budgetary support for the Anusandhan National Research Foundation.

Enhanced allocation to the Department of Scientific and Industrial Research (DSIR), from Rs 5,746.51 crore in 2023-24 to Rs 6,323.41 crore in 2024-25.

Out of the DSIR allocation, Rs 6,265.80 crore earmarked for the Council of Scientific and Industrial Research (CSIR).

Space Economy:

Setting up a Venture Capital Fund of Rs 1,000 crore to expand the space economy fivefold in the next decade.

Women-Led Development:

Allocation of over Rs 3 lakh crore for women welfare schemes.

Union Minister Dr. Jitendra Singh:

Described the budget as groundbreaking for the startup ecosystem and employment opportunities.

Highlighted the abolition of Angel Tax and introduction of paid internships as transformative steps.

Emphasized the comprehensive approach to skilling and self-employment through revised loan schemes and increased funding.

The Union Budget 2024-25 has been widely praised for its forward-thinking initiatives aimed at boosting the startup ecosystem, skilling, and employment. Dr. Jitendra Singh's endorsement reflects the government's commitment to fostering innovation, supporting startups, and promoting inclusive growth across various sectors. The budget's focus on technological advancement, research, and women's welfare underscores its holistic approach to India's development.