Finance Minister Nirmala Sitharaman brought good news for shopkeepers and retailers running small businesses during her maiden Union Budget speech. India’s first full-time woman finance minister announced a pension scheme to benefit such businessmen.
Under the Pradhan Mantri Karma Yogi Man Dhan Yojana, shopkeepers and retailers with turnover less than Rs 1.5 crore annually will be provided pension, declared the Union Finance Minister.
“Pension benefit will be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme,” said the Union Finance Minister in her budget speech.
Nirmala Sitharaman further announced that Rs 350 crore would be allocated for two percent interest subvention for all Goods and Services Tax (GST)-registered Micro, Small and Medium Enterperises (MSMEs).
The Union Finance Minister further announced that the government aims at achieving housing for all citizens of the country by the end of 2022. Referring to the water crisis across the country, the Finance Minister announced a new ministry called Jal Shakti Ministry.
She declared that under Jal Jeevan mission, the government will aim to provide water supply to all households by the end of 2024.
The Finance Minister also talked about the government’s vision with regard to higher education in the country. She announced a new programme named ‘Study in India’, under which foreign students would also be encouraged to come to India for higher studies.