Budget 2024 for jobs: The Modi 3.0 government’s first Budget is expected to focus on sustaining economic growth with impetus to job creation, with an eye on maintaining the fiscal deficit target. The Union Budget 2024 will be presented in the concluding weeks of July, and in the meantime, expectant eyes of various citizens, sectors and organisations are on Finance Minister Nirmala Sitharaman, with everyone hoping for the announcement of policies and initiatives favourable to them.
Various industry associations have released their Pre-Budget 2024 memorandum to present recommendations and suggestions suited for particular sectors and the Indian economy at large. CII (Confederation of Indian Industry) as part of its pre-Budget 2024 memorandum has listed some important measures that the Union Budget 2024 should look to take for employment generation. These are:
Various industry associations have released their Pre-Budget 2024 memorandum to present recommendations and suggestions suited for particular sectors and the Indian economy at large. CII (Confederation of Indian Industry) as part of its pre-Budget 2024 memorandum has listed some important measures that the Union Budget 2024 should look to take for employment generation. These are:
- Drawing inspiration from the success of the Production Linked Incentive Scheme (PLI) in the manufacturing sector, implement an Employment Linked Incentive Scheme in the service sector, with special focus on labour-intensive sectors such as tourism, hospitality, logistics, retail, film / Entertainment and animation and gaming.
- Establish an ‘International Mobility Authority’ under the Ministry of External Affairs to cater to Indian labour employed in the labour market, similar to the ‘Philippine Overseas Employment Administration (POEA)’.
- Initiate a study on the skill gaps of the Indian workforce for different sectors world-wide which are facing, or are projected to face, labour shortages in the near future. Based on its findings, start targeted skill upgradation schemes; for countries with large-scale requirements of labour, make provisions for training sessions on the countries’ language and culture.
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As the world’s most populous country, secure employment is one of India’s foremost concerns. These measures, if implemented, are expected to address the same and augment the government’s efforts to ensure proper utilisation of India’s demographic dividend, believes CII.
