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In a move aimed at addressing unemployment and fostering economic growth, Union Finance Minister Nirmala Sitharaman announced an employment generation plan in the Union Budget for the fiscal year 2024-25.
The plan proposes the creation of approximately 4.1 crore jobs over the next five years, with a substantial allocation of Rs 2 lakh crore to drive this initiative. Industry leaders have expressed strong support for the budget's focus on employment generation and workforce development. Sanjeev Krishan, Chairperson, PwC in India, said, "The budget highlights India's next leap forward - empowering the very nucleus of the nation - Indian citizens. Right from driving the participation of women in the workforce to enhancing the employability of the youth across the nation, the focus on building a future-ready workforce is evident." He added, "With the right incentives and fiscal support, the Government has paved a clear path towards a Viksit Bharat - bringing together the power of the private and public sector, and reinforcing this with our distinctive demographic advantage." The proposed employment generation plan includes a range of measures to enhance job creation and skill development across the country. A portion of the budget, Rs 1.48 crore, has been earmarked for skilling initiatives, targeting the training of 20 lakh youth over a five-year period. Furthermore, Sitharaman announced the upgrade of 1,000 industrial training institutes to better equip the workforce with the necessary skills to meet industry demands. In a step to encourage youth employment, the budget includes a one-time wage incentive for all first-time employees across all sectors. This incentive, provided through Direct Benefit Transfer (DBT), aims to reduce the initial financial burden on new entrants to the workforce and promote smoother transitions into employment. A highlight of the budget was its focus on women's participation and upskilling in the workforce. An allocation of over Rs 3 lakh crore has been made for schemes benefiting women and girls. This includes specific programs aimed at increasing women's participation in various sectors, including the rapidly growing online gaming industry. Nikita Luther, Brand Ambassador, Natural8 India, said "The 2024 Budget's dedicated focus on women's upskilling programs and increasing women's participation in the workforce. Finance Minister Nirmala Sitharaman has prioritized women-led development, allocating over Rs 3 lakh crore for schemes benefiting women and girls." She added, "With these progressive measures, women will receive the essential support needed for upskilling, enabling them to tap into diverse sectors, including the burgeoning online gaming space." (ANI)
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