Budget 2024: Commendable initiative of internship

Budget 2024: The Modi government's first full-time budget of its third term lacks innovation and enthusiasm in economic policies like the previous two terms. Through this budget, the government has mainly tried to understand the current economic outlook and to think thoughtfully towards the future. For example, employment growth has been taken as a key objective. The goal of keeping the inflation rate below four percent is also a key priority in economic policies. Providing internship facility to one crore youth in the top 500 companies of the country indicates a revolutionary idea, for which they will be paid monthly Rs. 5,000 is also highly appreciated. But the government is yet to clarify any of its policies regarding getting permanent jobs after internship. Hence, there is no clarity in the current budget as to how the option of this training facility can address unemployment in the future. Apart from this, whether youth from rural and small towns can easily find placement in these institutions of big cities is also an issue to be considered. The main positive aspect of this budget is that the Modi government, like its two previous regimes, remains firm on its commitment to capital expenditure. An allocation of Rs 11 lakh crore has been made in the budget for this, which is 3.4 per cent of the GDP. After becoming the fifth largest economy in the world, the government should make an effort to invest at all costs to accelerate innovation in infrastructure facilities and technological expansion, only then will the private sector be encouraged. Financial investment and ultimately per capita income will increase and India will move towards a developed country. Hence, the continued increase in capital expenditure is a highly commendable initiative by the Modi government. Another major positive aspect is the change in policies for micro, small and medium enterprises. Through the budget, extensive changes have been made in the legal provisions and funding options for the sector. Now government banks can provide loans to a corporate unit through internal assessment at their own level. With this, small and medium businesses and enterprises do not have to depend on any external financial institution to calculate their financial capacity. The government has announced an unsecured credit facility of Rs 100 crore for the sector, which is certainly a big financial boost, for which new branches of the Small Industries Development Bank of India are being expanded and tax rates have not been radically changed, much to the dismay of the common man. In the last seven years, GST collections have increased by an average of 170 percent. Now some changes will be proposed in the budget which will bring some relief to the economic life of the common man. Apart from this, only changes in income tax brackets and fixed deductions have been announced in the new income tax regime. The tax rates of the old income tax system remain the same. The range of expected economic investment also remains unchanged. The post Budget 2024: Commendable initiative of internship appeared first on Prabhat Kabar.