The Finance Minister has announced to increase the loan limit from 3 lakh to 5 lakh rupees from 3 lakhs to 5 lakh rupees. 7.7 crore farmers will benefit from this. Apart from this, no major work of work has been announced in the budget.
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Kisan Credit Card
What is the scheme: Providing shot term loans to farmers
- Kisan Credit Card i.e., the KCC scheme started in 1998.
- Under this, farmers can take loans up to Rs 5 lakh at 7% interest.
- If farmers deposit loans on time, then they will have to pay only 4% interest.
- There is a loan limit of up to Rs 3 lakh for 3% discount in interest.
- Farmers up to the age of 75 years can get these cards made. Validity will be 5 years.
- These amounts can be extracted through ATMs, smart cards and mobile banking.
Target: To benefit 7.7 crore farmers.
Status: As of June 2023, 7.4 crore farmers across the country have KCC cards.
Why increased limit:
Government side: Providing maximum crop loan for commercial farming.
Devinder Sharma, Agriculture Expert: For a long time, there was a demand to increase the Kisan Credit Card Limit. With this, farmers will get more loans and they will be able to increase the scope of farming.
4 more announcements related to work schemes in budget
- Under the ‘Pradhan Mantri Dhan Dhanya Yojana’, 1.7 crore farmers with skills and technology.
- The tax exemption limit on interest for the elderly increased from 50 thousand to 1 lakh rupees.
- The annual limit of TDS exemption on rent will be increased from 2.40 lakh to 6 lakh rupees.
- Increased the limit of filing updated income tax i.e. improvement in it from 2 years to 4 years.
In the last budget, the government had announced big schemes like PM Surya Ghar Ghar Free Power Scheme, NPS Vatsalya Scheme and Pradhan Mantri Mudra Loan Scheme, but so far these schemes have not achieved their target. Many schemes have not even started.
What were the schemes of work in the last budget and what was in them, let’s know …
1. NPS ‘Vatsalya’ scheme
What is the scheme: Children can submit pension
- Parents can submit pension for children aged 1 8 years or less.
- The account will turn into regular NPS if children are adults.
- You can deposit 1 thousand rupees annually.
Announcement : 23 July 2024
beginning : 18 September 2024
Target : The government has not set any target for this scheme.
Status : According to UNICEF, 43 crore population in India is under 18 years of age. As of December 2024, only 75 thousand people have applied for this scheme. That is, only 0.17 percent of the total population.
2. Rooftop Solar Scheme
What is the scheme: 1 crore homes will have rooftop solar systems
- Under PM Surya Ghar Free Power Scheme, 1 crore houses will have rooftop solar systems.
- You can take up to 40% subsidy that installed rooftop solar.
- A subsidy will be available for 30 thousand rupees, 60 thousand rupees for two kilowatts on setting up a solar plant of one kilowatt.
- The government gives subsidy of 78 thousand rupees on solar plant up to 10 kW or above 10 kW.
Announcement : 01 February 2024
beginning : 15 February 2024
Target : To install rooftop solar systems in 1 crore houses by March 2027.
Status: Just 4.1% target is achieved
By December 2024, 5 lakh people applied. Only one lakh applications were accepted. Most of these houses have not yet installed solar.
According to the target, solar systems were to be installed in about 3 lakh houses every month. Accordingly, solar systems should be installed in 24 lakh houses by December 2024, but applications of only 1 lakh people have been accepted. That is, so far, only 4.1% target has been achieved.
3. Prime Minister Mudra Loan Scheme
What is the scheme: Mudra loan limit doubled, no need for guarantor
Under the Prime Minister’s Mudra loan, a loan of up to Rs 10 lakh was available for small and medium industries i.e. MSME, it was now increased to Rs 20 lakh.
You will get 5 years to repay the loan. However, only those people who have deposited loans in this scheme will benefit from this.
Announcement : July 2024
beginning : October 2024
Target: 2.3 lakh crore rupees loan distribution
Status: 32% people have been defaulted
For 2024-2025, the government had set a target to distribute a loan of Rs 2.3 lakh crore. 3.6 lakh crore loans have been distributed by December 2024. That is, 156 percent of the target.
However, most of the people who are taking loans under this scheme are unable to return the loan. According to a report, NPA i.e. NPA on the Mudra loan has reached 32%. This means that 32% of people are not in a position to repay the loan.
4. 4 schemes related to jobbers and jobbers
A. Prime Minister Internship Program
What is the scheme: Internship in top 500 companies
- In 500 top companies of the country, the government will make 20 lakh youth internships every year.
- During the internship, 5 thousand rupees will be available every month.
Target: Getting internships to one crore youth in 5 years.
Status : The scheme was to be launched on December 2, but was held on this day. The new date has not yet come.
B. Scheme for those who work for the first time
What is the scheme: Bonus equal to the first salary
- The government will give 15 thousand rupees to the people who register for the first time in EPFO.
- These bonuses will be transferred directly to bank account in 3 installs.
- Scheme will be benefited only if there is a monthly salary less than 1 lakh rupees.
Target: Help 2 crore 10 lakh youth.
Status: The first installment in bank accounts has not been credited yet.
Scheme for C. Employees
What is the scheme: EPF Remaresment to companies
- On connecting new employees with EPFO, the government will give remuneration to those who give jobs.
- Under this, a remuneration of 3 thousand rupees will be given every month for 2 years.
Status : The last date of EPFO Registration of new employees was 15 January 2025. According to the information, the employees have not yet started getting remarriage credits.
D. Job Creation in Manufactureing
What is the scheme: Incentive on the first job
- The government will give incentives to both the job and jobbers for the first time in the manufacturing sector.
- Incentive will be fixed in EPFO based on the first 4 -year deposit.
Target : To benefit 30 lakh youth.
States: The last date for registration in EPFO was 15 January 2025. The rules of how much incentive will be and through which medium will be decided yet.
