UP Budget 2024: Uttar Pradesh unveiled its ambitious budget for the 2024 fiscal year, aiming to propel the state towards a $1 trillion economy. Presented by Finance Minister Suresh Khanna, the budget outlines a roadmap for inclusive growth, with a special focus on empowering young women, uplifting farmers, and improving the lives of the underprivileged.
Investing in the Future: Empowering Young Women
Echoing Prime Minister Modi’s vision of “Sabka Saath Sabka Vikas” (inclusive development for all), the UP Budget 2024 prioritizes schemes dedicated to young women. Specific initiatives and allocations are expected to be announced, aiming to enhance their education, skill development, and entrepreneurial opportunities.
Boosting Agriculture: A Lifelong for Farmers
Recognizing the critical role of farmers in the state’s economy, the budget offers a plethora of initiatives for their betterment, including:
- Lifting the ban on new private tube wells in the dark zone: This move directly benefits over 1 lakh farmers by improving access to irrigation, a crucial resource for their livelihoods.
- Distribution of Kisan Credit Cards: With 37 lakh cards distributed till October 2023, the government aims to facilitate easier access to credit, empowering farmers to invest in their crops and diversify their income sources.
- Compensation under PM Crop Insurance Scheme: Rs 831 crore has been allocated to provide compensation to 10 lakh insured farmers for crop losses in 2022-23, offering a safety net in times of unforeseen circumstances.
- Financial assistance under PM Kisan Samman Nidhi Yojana: An amount of Rs 63,000 crore has been transferred directly to the accounts of 2.62 crore farmers through Direct Benefit Transfer (DBT) by December 2023, providing much-needed financial support to improve their living standards.
- Record sugarcane price payments: The government boasts a record payment of Rs 2.33 lakh crore to 48 lakh sugarcane farmers since 2017, exceeding the combined payments of the previous 22 years. This improved income ensures better financial stability for sugar cane growers.
Building a Stronger Foundation: Uplifting the Underprivileged
The budget goes beyond farmers and addresses the needs of the broader underprivileged community through focused initiatives on:
- Improved infrastructure and investment: The Global Investor Summit 2023 attracted investment proposals worth Rs 40 lakh crore, creating employment opportunities for 1.10 crore people. This improved infrastructure, including better roads, transportation, and access to utilities, is expected to benefit all sections of society, especially those struggling with limited resources.
- Rapid industrial growth: The state’s industrial sector is witnessing positive growth, climbing from 14th to 2nd position in the ease of doing business ranking. This growth is expected to generate more employment opportunities, offering better livelihood options for those seeking work.
- Enhanced law and order: The government highlights significant improvements in law and order, creating a safer environment for all citizens, particularly the vulnerable sections of society who may have previously faced increased risks.
Additional Milestones for Progress
Finance Minister Khanna further emphasized the state’s achievements in attracting investments and fostering industrial growth:
- An MoU for investment of Rs 4,000 crores has been signed by the state government with Hero Future Energies, under which the organization will invest in renewable energy and clean technology projects in the state. This signifies the government’s commitment to sustainable development and job creation in the green sector.
- Pharma Conclave was successfully organized in Hyderabad by the state government, as a result of which big pharma companies are showing interest in investing in Uttar Pradesh. This initiative is expected to attract investments in the pharmaceutical industry, potentially creating new employment opportunities and boosting the state’s healthcare sector.
- Uttar Pradesh was honoured with the State Champion in Aviation award at the Wings India Award-2024 held in Hyderabad. This recognition highlights the state’s progress in developing its aviation infrastructure, which could attract further investments and promote tourism.
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