Will the Indian Budget 2024's initiatives for women have real impact?

 

The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, places a significant emphasis on skilling, employment, and enhancing women's participation in the workforce. With a strategic allocation of resources and targeted initiatives, the budget aims to drive job creation and economic growth in emerging sectors, positioning India for a more prosperous future.

Key Initiatives and Budget Allocations

Youth Empowerment and Skilling: A central highlight of the budget is the Rs. 2 lakh crore packages dedicated to youth, focusing on job creation, skilling, and education. This substantial investment underscores the government's commitment to preparing a future-ready workforce capable of thriving in new and evolving industries. The provision of Rs. 1.48 lakh crore specifically for education, employment, and skills represents a 6.5% increase in overall budget allocation, addressing the urgent need for skill development infrastructure.

Educational Reforms: Recognizing the importance of early intervention, the government plans to enhance skill development infrastructure at the K-12 or school level. This initiative aims to equip students with essential skills from a young age, ensuring they are well-prepared for the demands of the modern job market. By focusing on foundational education, the budget seeks to create a robust pipeline of talent that can support India's ambitious growth targets.

Support for Emerging Sectors: The budget also highlights the strategic shift towards supporting emerging sectors such as drones, solar energy, and electric vehicles (EVs). These industries are poised for significant growth and will play a crucial role in India's economic development. Sharad Khanna, Founder Director of Aebocode Technologies Pvt. Ltd., notes that the Indian drone market is expected to generate USD 27 million in revenue in 2024, with a CAGR of 5.96% from 2024 to 2028. The substantial budget allocation for these areas is expected to propel India's mission of becoming a global hub for these technologies.

Women-Led Development

Increased Workforce Participation: The budget's focus on increasing women's participation in the workforce is a noteworthy development. Paid internships and specific budget allocations aim to boost women's involvement in various industries. By addressing the "motherhood penalty," the government seeks to create a more inclusive employment environment that encourages women to pursue careers without facing undue disadvantages.

Support for Women SHG Enterprises: The promotion of market access for women Self-Help Group (SHG) enterprises is another commendable aspect of the budget. These initiatives not only empower women economically but also contribute to the broader goal of gender equality. Enhanced initiatives on women's empowerment and education highlight the government's commitment to social welfare and economic growth.

Industrial Training and MSMEs

Industrial Training Institutes: Over 1,000 industrial training institutes with course content aligned to industry needs are set to be established. This move addresses the demand for skilled labor and ensures that training programs are relevant to current and future market requirements. By aligning education with industry needs, the government aims to reduce the skill gap and enhance employability among the youth.

Support for MSMEs: Micro, Small, and Medium Enterprises (MSMEs) are vital to India's economy, and the budget allocates significant resources to support their growth. The four-year PF support for new manufacturing facilities is a strategic measure designed to boost industrial output and create more job opportunities.

Conclusion

The Union Budget 2024 is a forward-looking document that places a strong emphasis on skilling, employment, and women's workforce participation. By allocating substantial resources to education, emerging sectors, and inclusive development, the government aims to create a dynamic and robust economic environment. While the budget sets the stage for significant progress, the real test will lie in the effective implementation of these initiatives. The strategic focus on youth empowerment, support for women, and industrial growth reflects a comprehensive approach to driving India's economic and social advancement in the coming years.

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