AUGUST 20248elieving in the dreams of every citizen and boosting their confidence, the dream catcher of our country, Finance Minister Nirmala Sitharaman, has begun to visualize the bright future of our country. Further, to fuel the future, the trend-setters have received the green flag from the minister to emerge and evolve with innovation and advancements. The Union Budget is the ultimate constitution of the people and for the people by the Government. Post-Union Budget, the unknown future seems to be a predictable future driving to stay focused, optimistic, and confident.In the first Union Budget of Prime Minister Narendra Modi's third innings, Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the parliament. By presenting her seventh successive Budget as a Union Finance Minister, Nirmala Sitharaman surpassed the record created by Prime Minister Morarji Desai who made five consecutive yearly budgets. This Union Budget will surely pave the roadmap for the upcoming five years and serve as a keystone for sculpting the vision of a well-built and nurtured India by 2047. The post-budget scenario has become a vital moment for startups and entrepreneurs offering an array of initiatives and measures aiming to nurture the innovation in India Startup system. The key highlights of Union Budget focused on Startups & Post-budget reactions from various industry veterans in the country-Volvo Group in India's President & Managing Director, Kamal Bali states, "It is one of the most thoughtful, pragmatic and inclusive budgets, that addresses most sections of our society and economy. A growth oriented budget which continues to be large on infrastructure capex, and on schemes for skilling & employment generation, yet fiscally responsible with a good glide path, for controlled inflation & macroeconomic stability". Signifying the Skilling: Finance Minister launched `Employment-linked incentive' through various range of schemes under the Prime Minister package. These schemes will be implemented according to the enrolment in the EPFO, aiming to identify and support first-time employees as they will get monthly wages towards the workers in all formal industries. As per the announcement about DBT-Direct benefit transfer of monthly salary, it is expected to provide in three installments up to Rs.15, 000 for 2.1 lakh youths in the country, and the eligibility limit is that beneficiary person should have a salary of less than Rs.1 lakh per month.Similarly, Ankit Aggarwal, Founder & CEO, Unstop says, "I am glad to see Budget 2024's focus on youth employment and skilling. The Rs.2 lakh crore allocation for employment schemes is the beginning to a brighter future. The incentives for job creation and the plan to skill 20 lakh youth over five years is what we needed. The support for higher education loans and the push for women in the workforce is also a big plus. It feels good to see the government recognizing the need to focus on key areas that can make our journey towards a skill based economy smoother".Credit Guarantee Schemes for MSMEs: In order to facilitate the term loans for MSMEs in the manufacturing sector on purchasing machinery and equipment, a new revolutionary scheme will be launched with no warranty and security. This significant funding scheme for MSMEs will offer assurances and guarantee cover-up up to Rs.100 crore. Also, the government is mapping to provide an internship programs and courses for one crore young people of India in top multinational companies in next five years. This super initiative intends to enable the youth to power up their industry-demanding expertise which can help them in their future entrepreneurial journey. Sitharaman also informed that SIDBI ­ Small industries development bank of India is set to inaugurate 24 new branches to SC COLUMNBTHE POSITIVE INFLUENCE OF UNION BUDGET 2024-25 ON INDIAN STARTUPS
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