R. Nandini
| Picture Credit score: SPECIAL ARRANGEMENT
The Union Price range offered by the Finance Minister on July 23 embodies an inclusive and progressive imaginative and prescient, successfully addressing the varied considerations of assorted sectors of the economic system. It not solely recognises a good portion of the suggestions put forth by financial advisers and specialists but additionally locations a powerful emphasis on key stakeholders, particularly youth and girls.
The Economic Survey tabled in the Parliament on July 22, 2024 factors out that the rising youth and girls participation within the workforce presents a chance to faucet the demographic and gender dividend. It additionally lists six key areas as the expansion technique for Amrit Kaal. Considered one of it’s bridging the education-employment hole.
One of many vital challenges going through the federal government lately has been the difficulty of unemployment. The funds adeptly tackles this by emphasising the significance of making employment alternatives. Incentives for first-time job seekers is about to profit roughly 2.1 crore youth throughout the nation. The allocation of ₹1,48,000 crore for training, employment, and talent improvement underscores the federal government’s dedication to this important sector.
As we goal for “India @ 100,” a talented workforce is the necessity of the hour. The plan to improve 1,000 Industrial Coaching Institutes (ITIs) is a pivotal step towards enhancing the talent units of our future workforce. The federal government has proposed within the funds a brand new scheme to help the skilling of 20 lakh youth over the subsequent 5 years, guaranteeing that our younger inhabitants is supplied for the challenges of tomorrow.
Moreover, college students who haven’t benefited from earlier authorities schemes could have the chance to entry help loans of as much as ₹10 lakh at a gorgeous rate of interest of three% for pursuing talent improvement programs in home establishments. This initiative won’t solely enhance the Gross Enrollment Ratio (GER) but additionally empower youth by making high quality training extra accessible.
I’m significantly heartened by the allocation of over ₹3 lakh crore for women-led improvement initiatives, together with provisions for lodging by way of working ladies hostels, which can enormously profit the ladies workforce, particularly these within the manufacturing industries.
The Price range 2024 displays a holistic strategy to nationwide improvement, inserting training, ladies empowerment, talent improvement, and analysis at its core. Because the nation navigates the complexities of a post-pandemic world, these allocations signify extra than simply monetary figures; they symbolise India’s imaginative and prescient for a extra equitable and affluent future. With strategic investments in these vital areas, India is poised to emerge stronger, fostering a society the place each particular person has the chance to thrive.
In conclusion, this funds indicators a transformative part for our economic system, addressing urgent challenges whereas laying the groundwork for sustainable progress. By prioritising the wants of our youth, ladies, and the entrepreneurial spirit of MSMEs, we aren’t simply investing within the economic system but additionally within the material of our society.
(The author is Managing Director of Chandra Group, and Chairperson of CII – Southern Area)
