Budget 2024: A Transformative Approach to Skill Development and Employment Growth

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budget 2024

The 2024 Budget introduces a transformative strategy aimed at achieving the vision of ‘Viksit Bharat’ through inclusive growth. This budget targets all sections of society, including women, the poor, youth, and farmers, to develop a self-reliant and resilient nation. It emphasizes skill development as a critical pathway to this goal and introduces a comprehensive package from the Prime Minister to foster employment growth through various incentive schemes.

Employment-Linked Incentive Schemes

Scheme A: First Timers 

This scheme offers a one-month wage to new entrants in all formal sectors, distributed in three installments, with a maximum of ₹15,000/-. It is expected to benefit approximately 21 million young people in the country.

Scheme B: Job Creation in Manufacturing 

Targeting first-time employees, this scheme promotes job creation in the manufacturing sector by providing incentives to both employees and employers through contributions to the Employees' PF Organization (EPFO) over the first four years of employment. Around 3 million youth are anticipated to benefit from this scheme.

Scheme C: Support to Employers 

Aimed at generating 5 million jobs, this scheme involves the government reimbursing EPFO contributions of employers up to ₹3,000 per month for two years for all new hires.

Scheme D: Skilling Program 

This scheme focuses on skilling 2 million youth over five years and involves upgrading 1,000 Industrial Training Institutes (ITI) to align with industry skill needs.

Scheme E: Internship Opportunities 

Offering internships in 500 top companies, this scheme aims to provide opportunities for 10 million youth over five years, with an allowance of ₹5,000 per month and a one-time assistance of ₹6,000 funded through CSR initiatives.

Enhancing Women's Workforce Participation

Recognizing the importance of women's participation in the workforce for economic and social equity, the budget includes provisions to facilitate this through the establishment of working women hostels in partnership with industry and the creation of creches.

Support for Higher Education

The budget provisions annual loans up to ₹7.5 lakh for 25,000 students with a government-promoted Fund guarantee. Additionally, it plans to offer loans up to ₹10 lakh for higher education in domestic institutions and introduce direct e-vouchers for 100,000 students annually, along with an interest subvention of 3%.

Nari Shakti Initiatives

The budget prioritizes increasing women's workforce participation by setting up hostels and conducting women-specific skilling programs.

Critical Mineral Mission

To enhance training and skill development, the budget establishes the Critical Mineral Mission, aimed at equipping the workforce with expertise in technology development and innovation in this sector. This initiative also aims to boost domestic production and recycling of critical minerals and facilitate the acquisition of essential mineral assets overseas.

Inclusive Human Resource Development and Social Justice

The budget emphasizes inclusivity through the ‘Purvodaya: Vikas bhi Virasat bhi’ scheme, targeting endowment-rich states in the Eastern parts of India, including Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh, to generate economic opportunities. Additionally, the Pradhan Mantri Janjatiya Unnat Gram Abhiyan aims to improve the socio-economic conditions of tribal communities, covering 63,000 villages and benefiting 50 million tribal people.

Comprehensive Educational and Health Programs

These inclusive approaches ensure that all eligible individuals, including farmers, youth, women, and the poor, are empowered through comprehensive educational and health programs, enabling them to gain skills and explore employment opportunities.

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