Union Budget 2024-25: Boosting Employment and Empowering Women

Union Finance Minister Nirmala Sitharaman unveils a bold employment generation plan in the Union Budget for fiscal year 2024-25, targeting 4.1 crore new jobs with Rs 2 lakh crore investment. Industry leaders applaud the initiative, emphasizing its focus on women's participation, youth training, and workforce development.

Union Finance Minister Nirmala Sitharaman announced an employment generation plan in the Union Budget for the fiscal year 2024-25, aiming to address unemployment and foster economic growth. The plan proposes the creation of 4.1 crore jobs over the next five years, backed by a substantial allocation of Rs 2 lakh crore.

Industry leaders have praised the budget's focus on employment generation and workforce development. Sanjeev Krishan, Chairperson of PwC in India, described the budget as highlighting India's next leap forward by empowering Indian citizens. The focus on increasing women's workforce participation and enhancing youth employability is seen as building a future-ready workforce, he stated.

Krishan further noted that the Government has outlined a clear path towards a developed India by combining the strengths of the private and public sectors, leveraging the nation's demographic advantage. The employment generation plan includes various measures for job creation and skill development nationwide.

The budget allocates Rs 1.48 crore for skilling initiatives, aiming to train 20 lakh youth over five years. Additionally, 1,000 industrial training institutes will be upgraded to better equip the workforce with necessary skills. A one-time wage incentive for first-time employees across all sectors will also be provided through Direct Benefit Transfer (DBT) to ease their transition into the workforce.

Significantly, the budget emphasizes women's participation and upskilling, with over Rs 3 lakh crore allocated for schemes benefiting women and girls. Programs aimed at increasing women's participation in various sectors, including the online gaming industry, have been highlighted.

Nikita Luther, Brand Ambassador of Natural8 India, commended the budget's focus on women's upskilling and participation in the workforce. She emphasized that the Rs 3 lakh crore allocation for women-led development will provide essential support for upskilling and enable women to enter diverse sectors, including online gaming.