Union Budget 2024-25: New Initiatives Include Plug-and-Play Industrial Parks and Critical Mineral Mission

New Delhi: The Union Budget 2024-25 announced several strategic initiatives to enhance the manufacturing and services sector. Key measures include the development of investment-ready industrial parks, the establishment of a Critical Mineral Mission, and comprehensive labor-related reforms.

To fulfill the priority of ‘Manufacturing & Services,’  Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman proposed the development of investment-ready “plug and play” industrial parks with complete infrastructure in or near 100 cities. This initiative will be undertaken in partnership with states and the private sector, leveraging town planning schemes for better implementation. Additionally, the creation of twelve industrial parks under the National Industrial Corridor Development Programme has been sanctioned.

The Union Budget 2024-25 prioritizes the domestic production, recycling, and overseas acquisition of critical minerals through the establishment of a Critical Mineral Mission. This mission will focus on technology development, creating a skilled workforce, implementing an extended producer responsibility framework, and developing a suitable financing mechanism.

Building on previous exploration efforts, the Finance Minister proposed the launch of the first tranche of offshore blocks for mineral mining, aiming to boost the country’s offshore mining capabilities.

The Union Budget also includes several measures to support labor, focusing on employment and skilling services. The Finance Minister proposed a comprehensive integration of the e-shram portal with other portals to create a one-stop solution for labor-related services. This integration will facilitate the creation of open architecture databases for the rapidly changing labor market, skill requirements, and available job roles, connecting job aspirants with potential employers and skill providers.

As part of the focus on ‘Next Gen Reforms,’ the Budget proposes to revamp the ShramSuvidha and Samadhan portals to enhance ease of compliance for industry and trade. These reforms aim to strengthen the portals and expedite the journey towards the goal of Viksit Bharat (Developed India).