In the Budget 2024 presentation, Finance Minister Nirmala Sitharaman unveiled an extensive Rs 2-lakh-crore package aimed at boosting employment and skill development for India’s youth. This comprehensive plan includes a range of new schemes designed to support job seekers and enhance workforce skills over the next five years.
One of the key measures includes providing a one-month wage subsidy for new entrants to the formal job market. This initiative will offer a direct benefit transfer of up to Rs 15,000 in three instalments to individuals entering the workforce for the first time, benefiting approximately 2.1 crore young people. The eligibility for this wage support extends to those earning up to Rs 1 lakh per month.
In addition to this wage subsidy, Sitharaman outlined a Rs 1.48 lakh crore provision dedicated to education, employment, and skill enhancement. The government is also set to focus on job creation within the manufacturing sector, with incentives for both employees and employers related to EPFO contributions.
To promote greater female participation in the workforce, the Budget includes provisions for women-specific hostels and skilling programs, aiming to create a more inclusive job market.
Continuing the trend of digital modernization, this Budget 2024 presentation was paperless, following the format of the past three years. As the first Budget of Modi’s third term, it aligns with the government’s Vision 2047 for a developed India while adhering to fiscal discipline.
Sitharaman highlighted the stability of India’s economic growth amid global uncertainties, noting that inflation is stabilizing around 4%, with core inflation at 3.1%. The continued support from the Indian electorate reinforces confidence in the Modi administration as it embarks on its latest policy initiatives.
