R. Nandini
| Photo Credit: SPECIAL ARRANGEMENT

The Union Budget presented by the Finance Minister on July 23 embodies an inclusive and progressive vision, effectively addressing the diverse concerns of various sectors of the economy. It not only recognises a significant portion of the recommendations put forth by economic advisers and experts but also places a strong emphasis on key stakeholders, especially youth and women.

The Economic Survey tabled in the Parliament on July 22, 2024 points out that the rising youth and women participation in the workforce presents an opportunity to tap the demographic and gender dividend. It also lists six key areas as the growth strategy for Amrit Kaal. One of it is bridging the education-employment gap.

One of the critical challenges facing the government in recent years has been the issue of unemployment. The budget adeptly tackles this by emphasising the importance of creating employment opportunities. Incentives for first-time job seekers is set to benefit approximately 2.1 crore youth across the country. The allocation of ₹1,48,000 crore for education, employment, and skill development underscores the government’s commitment to this essential sector.

As we aim for “India @ 100,” a skilled workforce is the need of the hour. The plan to upgrade 1,000 Industrial Training Institutes (ITIs) is a pivotal step toward enhancing the skill sets of our future workforce. The government has proposed in the budget a new scheme to support the skilling of 20 lakh youth over the next five years, ensuring that our young population is equipped for the challenges of tomorrow.

Additionally, students who have not benefited from previous government schemes will have the opportunity to access support loans of up to ₹10 lakh at an attractive interest rate of 3% for pursuing skill development courses in domestic institutions. This initiative will not only improve the Gross Enrollment Ratio (GER) but also empower youth by making quality education more accessible.

I am particularly heartened by the allocation of over ₹3 lakh crore for women-led development initiatives, including provisions for accommodation through working women hostels, which will greatly benefit the women workforce, especially those in the manufacturing industries.

The Budget 2024 reflects a holistic approach to national development, placing education, women empowerment, skill development, and research at its core. As the nation navigates the complexities of a post-pandemic world, these allocations represent more than just financial figures; they symbolise India’s vision for a more equitable and prosperous future. With strategic investments in these critical areas, India is poised to emerge stronger, fostering a society where every individual has the opportunity to thrive.

In conclusion, this budget signals a transformative phase for our economy, addressing pressing challenges while laying the groundwork for sustainable growth. By prioritising the needs of our youth, women, and the entrepreneurial spirit of MSMEs, we are not just investing in the economy but also in the fabric of our society.

(The writer is Managing Director of Chandra Group, and Chairperson of CII – Southern Region)