Akash Soni
Posted on 20th November 2023
India's 2024 Union Budget: A Comprehensive Focus on Skill-Based Learning and Workforce Development
budget
Summary: The 2024 Union Budget of India is becoming skill-based; ₹1.48 lakh crore is apportioned to improve the employability of Indian youth. The key initiatives are expanded vocational training, investments in digital skills, and the setting up of Green Skill Academies. Explore how new schemes—internship and financial support, through this—are changing India's education scenario and empowering the future generation.
The Union Budget 2024 Allocates Substantial Funds for Education and Skilling
Finance Minister Nirmala Sitharaman pegged ₹1.48 lakh crore for education, employment, and skill development in the 2024 budget. The proposed fund input is supposed to be injected into the crying need for a skilled workforce amidst a rapidly changing economy. The budget has put emphasis on how employability could be enhanced with focussed skill development amid a bulging population of young people, along with the requirements in a fast-paced digital economy.
More Emphasis on Vocational Training and Apprenticeship
During the implementation of NEP 2020, the real step toward bridging the skills gap in India will have to be revisited and re-established. The government will gradually introduce vocational courses at every level of Bachelor's degree programs so that students at the graduation level are not only imparted with theoretical knowledge but also equipped with practical skills. This move is expected to enable the 'job readiness' of the graduating students, making their entry into the job market smooth.
Expanding Apprenticeship Programs
The government considers apprenticeship programs to be an integral part of its skill development strategy. The government will collaborate with industries in increasing the number of apprenticeships, which provide practical experience in the workplace. It will help young people to gain employment and industries, especially manufacturing and services sectors, to overcome their skill deficiencies.
Green Education and Sustainable Skill Development
The budget has also put forth impetus on green education and skilling. The establishment of the Green Skill Academies, as envisioned, will work to skill one crore youth in areas relevant to the green economy by 2025. This move lies within global sustainability goals and places India at a vantage point to capture new opportunities in the space of renewable energy, sustainable agriculture, and environment conservation.
First-Time Employment Support
The scheme incentivizes first-time employment in the workforce by giving financial support to new entrants. Every registered employee of EPFO will receive one month's salary up to ₹15,000, which will be paid in three installments. It was the essence of the initiative that facilitated joining the workforce easier and more financially secure at the initial phase of employment.
Manufacturing Job Creation
This will be done to incentivize job creation in the manufacturing sector whereby both employees and employers will be rewarded based on their contribution to EPFO. The scheme shall aid employers in expanding their workforce while motivating new hires, especially during the early years of employment, which are crucial in the life cycle of an employment.
Centrally Sponsored Skilling Scheme
Under the programme, 20 lakh youth would be skilled within five years. There is also a provision to upgrade 1,000 Industrial Training Institutes across the country to provide better infrastructure and training facilities. The step is aimed at improving the quality of vocational training and making pass-outs from the courses job-ready.
Financial Support for Education and Skill Development
This was to make access to higher education easier by proposing a budget of up to ₹10 lakh for education loans and interest subsidy. The model skill loan scheme shall be overhauled in order to cover 25,000 students per annum for loans up to ₹7.5 lakh. Financial support schemes like this will ensure that no student shall be prevented by financial constraints from pursuing any educational and professional goal.
Conclusion: A Vision for Employable and Skilled Workforce
The goal of the 2024 Union Budget is to have a well-planned and skillful education system that will ultimately build an employable and strong workforce. The government drives vocational training, technological integration, and sustainable skill development, gearing it toward a future-ready economy. The proposed financial support and new employment schemes lend weight to the policy commitment for better prospects of the country's youth while facing up to an increasingly transformed job market.