A Focus on Employment and Skilling
A Focus on Employment and Skilling The Union Budget 2024-25, presented by the Hon’ble Finance Minister, underscores a robust commitment to enhancing employment across India, with a strong emphasis on Employment and Skilling. This year’s budget introduces substantial initiatives aimed at creating job opportunities, upskilling the workforce, and fostering economic growth.
A Comprehensive Employment Package
As part of the Prime Minister’s employment package, five pivotal schemes and initiatives have been announced, backed by a significant central outlay of ₹2 lakh crore. This package aims to provide employment and skill development opportunities for 4.1 crore youth over a five-year period. A Focus on Employment and Skilling The initiatives are designed to offer Employment Linked Incentives, promote women’s workforce participation, support MSMEs, and strengthen capital infrastructure, collectively driving a positive impact on the nation’s employment landscape.
Key Employment Linked Incentive Schemes
A Focus on Employment and Skilling Three of the five announced schemes will be executed through the Employee Provident Fund Organization (EPFO), promoting workforce formalization by incentivizing both employers and employees. These schemes recognize first-time employees and offer comprehensive support:
- Scheme A: This scheme targets first-time employees in the formal sector registered with EPFO, providing a one-month wage (up to ₹15,000) in three installments.
- Scheme B: Focused on job creation in manufacturing, this scheme incentivizes both employees and employers for the additional employment of first-time employees. Benefits are based on their EPFO contributions during the first four years of employment, with eligibility for employees earning up to ₹1 lakh.
- Scheme C: This scheme supports employers by reimbursing ₹3,000 per month for two years towards their EPFO contribution for each additional employee with a salary of up to ₹1 lakh per month.
Enhancing Labour Welfare
Significant reforms for labor welfare are also a highlight of the budget. This includes integrating E-shram portals with other platforms, providing a comprehensive solution for skill requirements, job roles, and connecting job seekers with employers and skill providers. A Focus on Employment and Skilling The integration aims to establish E-shram as a one-stop solution for labor welfare, employment, and skilling.
Moreover, the Shram Suvidha and Samadhan portals will be revamped to streamline industry compliance processes and enhance grievance redressal mechanisms for workers.
Skilling and Internship Initiatives
The remaining two schemes under the Prime Minister’s package focus on skilling and internship opportunities:
- Scheme D: A new centrally sponsored scheme aims to skill 20 lakh youth over five years in collaboration with state governments and industry. This includes upgrading 1,000 Industrial Training Institutes to align with industry skill needs.
- Scheme E: This scheme offers internship opportunities to one crore youth in 500 top companies over the next five years, with an internship allowance of ₹5,000 per month and a one-time assistance of ₹6,000, providing exposure to real-life business and professional environments.
Boosting Women’s Workforce Participation
To enhance women’s participation in the workforce, the budget proposes the establishment of working women hostels and crèches in collaboration with industry, along with organizing women-specific skilling programs and promoting market access for women self-help group (SHG) enterprises.
Additional Employment-Boosting Initiatives
Several other initiatives announced in the budget are expected to foster a diverse and robust job market, including:
– Job Creation through Infrastructure Projects: An 11% increase in capital expenditure to ₹11.11 lakh crore is expected to generate numerous job opportunities across sectors such as construction, transportation, and logistics. A Focus on Employment and Skilling This move is anticipated to address unemployment and underemployment in both urban and rural areas.
– Encouraging Entrepreneurship: Financial support and tax benefits for start-ups and MSMEs will foster a culture of entrepreneurship, creating diverse job opportunities.
– Rural Employment and Livelihoods: Increased funding for MGNREGA will ensure employment opportunities in rural areas, supporting rural communities and reducing migration to urban centers.
– Promoting Manufacturing and Services: A Focus on Employment and Skilling The establishment of “plug and play” industrial parks with complete infrastructure in 100 cities and the development of twelve industrial parks under the National Industrial Corridor Development programme will promote new industries, thereby creating millions of jobs.
Conclusion
A Focus on Employment and Skilling The Union Budget 2024-25 reflects a steadfast commitment to sustainable growth, unprecedented employment and self-employment opportunities, skill enhancement, and social welfare. These comprehensive measures lay a strong foundation for a prosperous and inclusive future, driving towards the vision of Viksit Bharat.
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