Summary:

The finance minister's presentation of the Union Budget 2024-25 focuses on job creation and skill development. A major component is the Prime Minister's package, which allocates US$ 23.88 billion (Rs. 2 lakh crore) to fund five key projects aimed at providing employment, skilling, and opportunities for 4.1 crore young people over the next five years. This package includes Employment Linked Incentives, enhanced skilling programs, increased female labor participation, MSME support, and capital infrastructure improvements. Notably, three programs will be administered by the Employee Provident Fund Organisation (EPFO).

The budget proposes several changes, including the integration of E-shram portals for comprehensive skill and employment solutions and the redesign of Shram Suvidha and Samadhan portals for better industry compliance. It introduces a new initiative to train 20 lakh youth, upgrades 1,000 industrial training institutes, and provides financial assistance to one crore students through an internship program. Additionally, the budget promotes women’s labor participation with proposed hostels and crèches, supports entrepreneurship through financial and tax benefits, and increases capital expenditure by 11% to boost job creation and rural employment.

Source: IBEF 

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