The FY 2024-25 budget emphasizes continuity and forward-looking initiatives to bolster India’s growth. By focusing on employment, skilling, inclusiveness, infrastructure, innovation, and reforms, it addresses current challenges and lays the groundwork for a knowledge-based economy. Women’s workforce participation is vital for sustained growth, and creating a supportive and culturally aligned ecosystem is essential.
The budget’s commitment to skilling 20 lakh youth over five years highlights the government’s dedication to nurturing young talent. Initiatives like providing internships to 1 crore youth in top companies, with financial support, bridge the gap between education and employment.
The revision of the model skill loan scheme to facilitate loans up to ₹7.5 lakh, guaranteed by a government-promoted fund, will enable more students to access quality education and skill development programs, enhancing their employability and contributing to the country’s economic growth. The proposed three schemes to encourage employment for new candidates will boost the country’s employment scenario. The wage subsidy for employees and support for employers will motivate them to hire fresh candidates, and linking these to EPFO registration will help formalize jobs.
At ESSCI, we are ready to support these initiatives and contribute to the nation’s progress. We align our efforts with the government’s vision to drive economic growth, social justice, and sustainable development.
