Budget 2024 reflects a transformative approach to realising the vision of ‘Viksit Bharat’. It focuses on inclusive growth by including all sections of the Society-women, poor, youth and farmers towards developing a self-reliant and resilient nation. Additionally, it takes a multi-pronged approach towards achieving the goal of ‘Viksit Bharat’. Skilling i.e., skill development has been formally recognized as an important route towards achieving this goal.
In order to create conditions for fostering employment growth the budget has introduced a PM’s package. The package consists of five (05) schemes for employment-linked incentives.
Schemes explained:
Under scheme A for ‘First Timers’, it is intended to provide one month’s wage to new entrants in all formal sectors in three (3) installments up to ₹15,000/-. This scheme is expected to benefit around 210 lakh youth in the country.
Scheme B – ‘Job Creation in Manufacturing’ addresses first-time employees and it attempts to promote job creation in the manufacturing sector. The scheme offers incentives to both employee and employer in Employees’ PF Organization (EPFO) contributions in the specified scales for the first four years of employment. The scheme is expected to benefit thirty (30) lakh youth.
Another scheme, Scheme C, Support to Employers, is expected to generate fifty (50) lakh jobs. As part of the scheme, the Government will reimburse EPFO contributions of employers up to ₹3000 per month for 2 years for all new hires. These three schemes promote job creation through various forms of incentives and benefits.
A fourth scheme of PM’s Package gives further emphasis on the skilling program. It aims to skill 20 lakh youth over 5 years. Moreover, 1,000 Industrial Training Institutes (ITI) will be upgraded in the hub and spoke arrangements with outcome orientation. The course content & design of these upgrades it is would be aligned with per skill needs of the industry.
The fifth scheme in the PM’s package provides internship opportunities in 500 top companies to 1 crore youth in 5 years. It also has a provision for an allowance of ₹5,000 per month along with a one-time assistance of ₹6,000 through the CSR funds.
Women’s participation in the workforce plays a critical role in enhancing economic and social equity in the country. It has been a matter of concern to the government and therefore the budget seeks to facilitate higher participation of women in the workforce through setting up of working women hostels in collaboration with industry and establishing creches.
As a prelude to skill development, the budget has provisions to annually help 25000 students with loans up to ₹7.5 lakh and a guarantee from a government-promoted Fund. The budget also has planned for financial support in the form of loans up to ₹10 lakh for higher education in domestic institutions. Moreover, it intends to introduce direct E-vouchers to 1 lakh students every year accompanied by an annual interest subvention of 3%.
Nari Shakti (empowering the women) has received support in Budget 2024. The budget has recognised the priority of increasing women’s participation in the workforce through the establishment of hostels and partnerships to conduct women-specific skilling programs.
Budget 2024, has provisioned for the establishment of the Critical Mineral Mission, to focus on advanced training and skill development. Such an effort would equip our workforce with the expertise needed to drive technology development and innovation in this critical sector. It would also increase domestic production and recycling of critical minerals, as well as facilitate the acquisition of essential mineral assets overseas.
The approach to inclusivity in Budget 2024 is also emphasised through the Inclusive Human Resource Development and Social Justice. Under this approach, the budget has been provisioned for ‘Purvodaya: Vikas bhi Virasat bhi’. As part of this scheme plans would be formulated for endowment-rich states in the Eastern parts covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh for the generation of economic opportunities to attain Viksit Bharat.
Moreover, the Pradhan Mantri Janjatiya Unnat Gram Abhiyan, a scheme under Budget 2024, plans to improve the socio-economic condition of tribal communities covering 63,000 villages benefitting 5 crore tribal people. Such inclusive approaches ensure that all eligible individuals, including farmers, youth, women, and the poor, are empowered through comprehensive educational and health programs thereby gaining skills and exploring employment opportunities.