Industry Experts Applauds Union Budget 2024 Emphasis on Skilling, Employment, and Enhanced Women Workforce Participation

PR, New Delhi; 24.07.2024: Union Finance Minister Nirmala Sitharaman unveiled various schemes and incentives for the skilling, employment, and women-led development in the Union Budget 2024. The budget emphasis on skilling, employment generations, and enhanced women workforce has garnered reactions from the industry's experts. Paid internships and the allocation of budget for schemes to boost women's participation in the workforce is yet another announcement that is being applauded by the stakeholders. The strategic shift towards employment and skilling is a significant milestone that will facilitate growth in the employment sector in the upcoming five years. 

This is how the industry’s experts and stakeholders have applauded and shared their views about the Union Budget 2024 focus on employment, upskilling of youth, and more schemes to empower women in the workforce:

“I welcome and appreciate the budget allocation of ₹2 lakh crore package for youth, focussing on jobs, skilling, and education. The provision of ₹1.48 lakh crores for education, employment, and skills and the increase of 6.8% in overall budget allocation this year was the need of the hour. However, we were expecting a higher investment in digital infrastructure and a special budget allocation for teacher professional development for further enhancement and access to quality education. Government must focus on creating a robust skill development infrastructure at K12 or school level as this is the entry point for creating a future-ready workforce.” says Naman Jain, education policy expert, and Vice Chairman at Silverline Prestige School.

Special emphasis on employment and skilling is going to fuel growth in various industries ensuring youth empowerment. India’s new and promising segments such as Drones, Solar, EV etc are going to get the much needed boost with the country’s vision of becoming global hub.

“The Indian drone market is projected to generate a revenue of US$27 million in 2024, with a CAGR of 5.96% from 2024 to 2028. Budget 2024 is a budget for employment, skilling, and MSMEs. We are confident that a huge allocation in these areas will also fuel India’s ambitious mission of becoming a global drone hub. By facilitating higher participation of women in the workforce through various initiatives the government has also opened new doors for the drone industry to bridge the gender gap. Although we expect the government to allot dedicated R&D Fund and extension of PLI scheme for Drone sector in near future to propel the growth.” Sharad Khanna, Founder Director, Aebocode Technologies Pvt. Ltd.

The pension schemes and women-specific skilling programs reflect the government’s commitment to boost women’s role in economic development. To create a robust economic structure in India, the government will also address the “motherhood penalty” which will enable more women to participate and indulge in the employment sector.  The promotion of market access for women SHG enterprises is also being appreciated.

“This year’s budget strikes a fine balance between women's keen fiscal discipline and drivers of economic and social growth. Enhanced initiatives on women's empowerment and education underscore the focus on welfare schemes. Structural reforms propose new policies to foster innovation and skill development in emerging areas such as AI and renewable energy. Overall, the budget aligns with the “Viksit Bharat” vision and is filled with hope and optimism. Dr Rakesh K Singh, Professor, and Associate Dean - Academics - IMT Ghaziabad

“IESA Academy welcomes various initiatives announced in the Budget for Skilling and Employment. The four-year PF support is a good move to benefit new manufacturing facilities. Over 1000 industrial training institutes with course content aligned to industry and emerging needs were a demand of today’s youth. Keeping the promise of the development and empowerment of women, Rs 3 lakh crore for schemes benefitting women has been announced this financial year. IESA is willing to work with members to see if we can launch such efforts for women-specific skilling programs through the IESA Academy under the IESA -WE (Women in Energy) Initiative.” Dr Rahul Walawalkar, President of India Energy Storage Alliance (IESA) and President and Managing Director of Customized Energy Solutions India Pvt. Ltd.