Budget 2024 has been hailed as a transformative approach towards realizing the vision of ‘Viksit Bharat’ or Developed India. The budget focuses on inclusive growth by encompassing all sections of society – women, the poor, youth, and farmers – towards developing a self-reliant and resilient nation. One of the key aspects of this budget is the emphasis on skill development, recognizing it as a crucial route towards achieving the goal of ‘Viksit Bharat’.
The budget has provisioned for the establishment of the Critical Mineral Mission, which aims to focus on advanced training and skill development in the critical minerals sector. This initiative is crucial in equipping the workforce with the expertise needed to drive technology development and innovation in this critical sector. It will also help increase domestic production and recycling of critical minerals, as well as facilitate the acquisition of essential mineral assets overseas.
In order to create conditions for fostering employment growth, the budget has introduced a PM’s package consisting of five schemes for employment-linked incentives. These schemes aim to promote job creation and skill development among the youth in the country.
Scheme A, ‘First Timers’, intends to provide one month’s wage to new entrants in all formal sectors in three installments up to ₹15,000. This scheme is expected to benefit around 210 lakh youth in the country. Scheme B, ‘Job Creation in Manufacturing’, offers incentives to both employees and employers in the manufacturing sector to promote job creation. Scheme C, ‘Support to Employers’, aims to generate fifty lakh jobs by reimbursing EPFO contributions of employers for new hires.
The budget also places a strong emphasis on skilling programs, with a scheme aiming to skill 20 lakh youth over 5 years. Additionally, 1,000 Industrial Training Institutes (ITIs) will be upgraded with outcome-oriented course content aligned with the skill needs of the industry. The budget also provides internship opportunities in 500 top companies to 1 crore youth in 5 years, along with a monthly allowance and one-time assistance through CSR funds.
Women’s participation in the workforce is crucial for enhancing economic and social equity in the country. The budget seeks to facilitate higher participation of women in the workforce through the establishment of working women hostels and creches. It also includes provisions for financial support for students, including loans for higher education and direct E-vouchers.
In conclusion, Budget 2024 reflects a comprehensive and inclusive approach towards achieving the vision of ‘Viksit Bharat’. By focusing on skill development, job creation, and women’s empowerment, the budget aims to create a self-reliant and resilient nation where all sections of society can thrive.