The Honourable Finance Minister, Smt. Nirmala Sitharaman and the Government have taken strides towards realizing the Viksit Bharat vision by 2047 with a forward-looking Union Budget for FY24-25 which successfully strikes a balance between stability and growth-oriented initiatives. I think three key takeaways stand out: the removal of Angel Tax to encourage startup funding and entrepreneurship; a focus on infrastructure development and job creation to attract more Global Capability Centres (GCCs) to tier 2 cities; and initiatives to increase women’s participation in the workforce, fostering a more inclusive economic growth.
I believe that the Budget’s employment measures are commendable, offering incentives to 30 lakh youth, including one month’s PF contribution and skilling initiatives worth ₹1.48 crore, aiming to skill 20 lakh youth over five years. Upgrading 1,000 industrial training institutes and providing a one-time wage for first-time employees in all sectors through Direct Benefit Transfer will also help in bridging the employment gap.
Additionally, the internship initiative with 500 companies participating to offer positions to one crore youth over five years at ₹5,000 per month, will significantly enhance skilled employment in the country. This comprehensive approach addresses current challenges and sets a solid foundation for sustainable growth.