New Delhi: Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-2025 on July 23, 2024, at 11 am in the Parliament. She has earlier on February 1 presented the Interim Budget due to the 2024 Lok Sabha elections . This will be the first Budget by the BJP-led NDA government since it was re-elected last month. President Droupadi Murmu has officially approved the budget session to begin on July 22 and continue until August 12.
This year, Finance Minister Nirmala Sitharaman will become the first finance minister in India’s history to deliver seven consecutive budgets. She will surpass the record previously held by Morarji Desai, who presented six consecutive budgets between 1959 and 1963.
Finance Minister Nirmala Sitharaman announced the decision to hike the limit of Mudra Loan to Rs 20 lakh from Rs 10 lakh in the Tarun category.
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‘Budget provides special attention to MSMEs and manufacturing, particularly labour-intensive manufacturing. New mechanism announced for facilitating continuation of bank credit to MSMEs during their stress period,’ said Finance Minister Nirmala Sitharaman.
The Pradhan Mantri MUDRA Yojana (PMMY) scheme was launched by the Modi government in April 2015 to provide loans up to Rs 10 lakh to the non-corporate, non-farm small/micro enterprises.MMY loans are extended by Member Lending Institutions viz. Scheduled Commercial Banks, Non Banking Finance Companies and Micro Financial Institutions, registered with Mudra Ltd.
Under the Pradhan Mantri Mudra Yojana (PMMY), Scheme by banks and Micro Finance Institutions (MFIs) Loans are extended in three categories:
Shishu (loans upto Rs. 50,000);
Kishore (loans from Rs. 50002 to Rs. 5 lakh);
Tarun (loans from Rs.5 lakh to Rs. 10 lakh)
After the Budget 2024 announcement, Mudra loan under Tarun category will be hiked to Rs 20 lakh.
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