Union Budget 2024: Boosting Employment and Women's Workforce Participation

 Various schemes and incentives were unveiled to support these areas. The budget also includes significant allocations for youth education, employment, and new technologies like drones, solar, and EVs.

Industry experts on Wednesday endorsed the Union Budget's emphasis on skilling, employment, and enhanced participation of women in the workforce, believing it will spur job creation and overall growth.

Finance Minister Nirmala Sitharaman introduced numerous schemes and incentives for skilling, employment, and women-led development in the Union Budget 2024.   The announcement of paid internships and budget allocation for boosting women's workforce participation has garnered applause from stakeholders. They affirm that the strategic shift towards employment and skilling marks a crucial milestone for growth in the employment sector over the next five years.

''The budget allocation of Rs 2 lakh crore package for youth, focusing on jobs, skilling, and education is commendable. The provision of Rs 1.48 lakh crore for education, employment, and skills along with a 6.8 per cent increase in overall budget allocation was necessary,'' stated Naman Jain, education policy expert and Vice Chairman at Silverline Prestige School.Jain emphasized the importance of developing a robust skill development infrastructure at the K12 or school level to nurture a future-ready workforce. The focus on employment and skilling is expected to drive growth in various industries, ensuring youth empowerment. New segments like drones, solar, and electric vehicles will receive a significant boost with India's vision to become a global hub. ''The Indian drone market is poised to generate USD 27 million in revenue in 2024, with a CAGR of 5.96 per cent from 2024 to 2028. Budget 2024 is centered on employment, skilling, and MSMEs. We are confident that significant allocations in these areas will also propel India's ambitious mission to become a global drone hub,'' commented Sharad Khanna, Founder Director of Aebocode Technologies Pvt. Ltd.

By increasing women's workforce participation through various initiatives, the government is also opening new avenues for bridging the gender gap in the drone industry, Khanna added.

To create a strong economic foundation, the government will also address the motherhood penalty, enabling more women to be part of the employment sector. The promotion of market access for women SHG enterprises has been well-received.

''This budget strikes a fine balance between women's fiscal discipline and economic and social growth drivers. Enhanced initiatives on women's empowerment and education highlight the focus on welfare schemes,'' said Rakesh K Singh, Professor and Associate Dean - Academics at IMT Ghaziabad.

Rahul Walawalkar, President of India Energy Storage Alliance (IESA) and President and Managing Director of Customized Energy Solutions India pointed out that the four-year PF support is beneficial for new manufacturing facilities. The demand for over 1000 industrial training institutes with industry-aligned course content has been met, addressing the needs of today's youth, he noted.

IESA is planning to collaborate with members to launch women-specific skilling programs through the IESA Academy under the IESA-WE (Women in Energy) Initiative, Walawalkar added.