During the Budget 2024 speech, Finance Minister Nirmala Sitharman announced NPS Vatsalya, which is a plan catering to parents and guardians for their minor children.
“NPS Vatsalya, a plan for contribution by parents and guardians for minors will start,” she said.
The unique thing about the plan is that the plan can be converted into a non-NPS plan once the child attains majority.
“On attaining the age of majority, the plan can be converted seamlessly into a non-NPS plan,” she added during her Budget speech.
The Budget Session of Parliament began on July 22 and Sitharaman tabled the 2024 Economic Survey document a day ahead of the Union Budget due today. The Session is likely to have 16 sittings over 22 days, and is expected to conclude on August 12.
Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crore
Comprehensive internship scheme for one crore youth in top companies over five years
Employment-linked incentives, including one month's wage support for first-time employees
Women-specific skilling programs and increased workforce participation
MSME and Manufacturing Support:
Special attention to MSMEs and manufacturing sector
Credit guarantee scheme and term loans for machinery purchase
Technology support package for MSMEs
SIDBI to open 24 new branches to serve MSME clusters
Mudra loan limit increased from ₹10 lakh to ₹20 lakh for previous borrowers
Financial support for higher education loans up to ₹10 lakhs in domestic institutions
Integrated technology system for Insolvency and Bankruptcy Code (IBC)
Agriculture and Rural Development:
₹2.66 lakh crore provision for rural development
Transformation of agricultural research to focus on productivity and climate-resilient crop varieties
Initiative to introduce 1 crore farmers to natural farming over 2 years
Infrastructure and Regional Development:
Rental housing in PPP mode for industrial workers
Special financial support of ₹15,000 crore for Andhra Pradesh
New airports, medical facilities, and sports infrastructure for Bihar
Inflation moving towards 4% target
India's economic growth described as a "shining exception"
Focus on job creation and boosting consumption, potentially benefiting consumer goods, real estate, and auto sectors
Nine Priority Areas: Agriculture, Employment, Inclusive Development, Manufacturing and Services, Urban Development, Energy, Infrastructure, Innovation and R&D, and Next Generation Reforms.
Women-Led Development: Over ₹3 lakh crore allocated for schemes benefiting women and girls.
Social Welfare: Extension of PMGKAY (Pradhan Mantri Garib Kalyan Anna Yojana) for five years, benefiting over 80 crore people
Digital and Technological Advancements: Development of Digital Public Infrastructure (DPI) applications for credit, e-commerce, law and justice, and corporate governance.
