Growth-oriented outlook, inclusive provisions to uplift all sections of society
Budget 2024 indicate an intention to have a multiplier effect for uplifting the poor, youth, women, and farmers. Some key themes emerge out from this year.
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The manufacturing sector has received a big boost aligned with the government's 'Make in India' initiative and the vision of Aatmanirbhar Bharat. For instance, allocating ₹1,000 crore in venture capital for the private space sector will help enhance research and development for commercial product development in the country. The allocation of ₹11.11 lakh crore for infrastructure development is expected to boost economic growth in the country with its multiplier effect.
The focus on job creation and long-term skill development through various Employment Linked Incentive schemes across the manufacturing and services sector government has proposed solutions to generate employment of nearly 78.5 lakh jobs annually until 2030 in the non-farm sector. Through the initiatives earmarked for skilling the youth, the current government seems to have also set itself the long-term goal of building a 'skilled India'.
Deemed as the future workforce of the globe, the youth in India needs to be skilled on a par with international industry standards. Today, a large majority of the nation's youth remains unemployable due to lack of requisite skills. The announcement of a centrally sponsored scheme to skill 20 lakh
