Industry experts on Wednesday said the Union Budget's emphasis on skilling, employment, and enhanced women workforce participation will facilitate job creation and overall growth.
Finance Minister Nirmala Sitharaman unveiled various schemes and incentives for skilling, employment, and women-led development in the Union Budget 2024.
Paid internships and the allocation of budget for schemes to boost women's participation in the workforce is yet another announcement that is being lauded by the stakeholders. The strategic shift towards employment and skilling is a significant milestone that will facilitate growth in the employment sector in the upcoming five years, they said.
"I welcome and appreciate the budget allocation of Rs 2 lakh crore package for youth, focussing on jobs, skilling, and education. The provision of Rs 1.48 lakh crore for education, employment, and skills and the increase of 6.8 per cent in overall budget allocation this year was the need of the hour," said Naman Jain, education policy expert, and Vice Chairman at Silverline Prestige School.
The government must focus on creating a robust skill development infrastructure at K12 or school level as this is the entry point for creating a future-ready workforce, Jain added.
Special emphasis on employment and skilling is going to fuel growth in various industries ensuring youth empowerment. India’s new and promising segments such as drones, solar and EV are going to get the much-needed boost with the country’s vision of becoming a global hub.
"The Indian drone market is projected to generate a revenue of USD 27 million in 2024, with a CAGR of 5.96 per cent from 2024 to 2028. Budget 2024 is a budget for employment, skilling, and MSMEs. We are confident that a huge allocation in these areas will also fuel India’s ambitious mission of becoming a global drone hub," said Sharad Khanna, Founder Director, Aebocode Technologies Pvt. Ltd.
By facilitating higher participation of women in the workforce through various initiatives the government has also opened new doors for the drone industry to bridge the gender gap, Khanna stated.
To create a robust economic structure in India, the government will also address the motherhood penalty which will enable more women to participate and indulge in the employment sector.
The promotion of market access for women SHG enterprises is also being appreciated.
"This year’s budget strikes a fine balance between women's keen fiscal discipline and drivers of economic and social growth. Enhanced initiatives on women's empowerment and education underscore the focus on welfare schemes," Rakesh K Singh, Professor and Associate Dean - Academics - IMT Ghaziabad said.
Rahul Walawalkar, President of India Energy Storage Alliance (IESA) and President and Managing Director of Customized Energy Solutions India said that the four-year PF support is a good move to benefit new manufacturing facilities.
Over 1000 industrial training institutes with course content aligned to industry and emerging needs were a demand of today’s youth, he stated.
IESA is willing to work with members to see if it can launch efforts for women-specific skilling programs through the IESA Academy under the IESA -WE (Women in Energy) Initiative, he added.
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