The Indian Budget 2024 holds significant expectations for various job sectors, aiming to address the pressing issues of unemployment and underemployment. As policymakers deliberate on economic strategies, there is a strong emphasis on job creation, skill development and reskilling. This approach is expected to cater to the evolving needs of the labour market and the economy.
Emphasis on Vocational Training and Skill Development
One of the key expectations from the budget is increased funding for vocational training programs and apprenticeships. In recent years, the gap between the skills possessed by the workforce and the skills demanded by employers has widened. To bridge this gap, the government is likely to allocate substantial resources towards enhancing employability. This includes expanding vocational training institutes to provide specialized training in sectors such as manufacturing, healthcare, and technology. Encouraging and incentivizing businesses to offer more apprenticeship opportunities can help students and job seekers gain hands-on experience. Additionally, skill upgradation schemes aimed at continuous learning for existing employees can ensure that the workforce remains competitive.
Support for Gig Workforce
The gig economy has seen substantial growth in recent years, and the upcoming budget is anticipated to include measures to enhance welfare for gig workers. Extending social security benefits to gig workers would provide a safety net for these individuals. Implementing regulations that ensure fair wages and working conditions for gig economy participants is also expected.
Tax Reforms and Compliance Streamlining
Tax reforms are another critical area where the budget is expected to focus. Simplifying tax procedures and reducing the compliance burden can significantly benefit businesses, particularly in creating more formal job opportunities. Lowering corporate tax rates could make tax rates more competitive to encourage business expansion and job creation. Lowering individual tax rates can increase disposable income, assisting in spending, increased local consumption, and more job creation.
Promoting Self-Employment and Business via ONDC
The Open Network for Digital Commerce (ONDC) platform is poised to play a pivotal role in promoting self-employment. The budget is expected to include measures that make it easier for individuals to engage in self-employment without necessarily becoming part of the formal labour workforce. Simplified registration processes can streamline the registration process for small businesses and self-employed individuals on the ONDC platform. Financial incentives for those using the ONDC platform to start their own businesses are likely. Furthermore, enhancing digital literacy to ensure that self-employed individuals can effectively use digital platforms for their business operations is expected to be a key initiative.
MSME & Start-ups: Major Employer of Blue and Grey Collar Workers
Both MSMEs and Startups are crucial for employment generation, especially for blue and grey-collar workers. The budget is expected to provide enhanced support through various measures. Introducing schemes that provide low-interest loans and easier credit access, especially for startups through a dedicated Fund can help them overcome financial constraints. Offering subsidies for technological upgrades and process improvements in MSMEs can enhance their productivity and competitiveness. Industrial corridors of the country have a higher concentration of the workforce and more incentives and schemes like PLI across sectors can boost employment immensely.
With the Vision of Viksit Bharat 2047 by Hon. Prime Minister Modi, the Indian Budget 2024 is poised to be a transformative one, with significant implications for job sectors across the country. These measures are expected to drive economic growth, improve livelihoods, and create a more resilient workforce equipped to meet the challenges of the future. As we await the detailed announcements, there is a sense of optimism that these initiatives will pave the way for a more prosperous and equitable job market in India.
In recent years, the gap between the skills possessed by the workforce and the skills demanded by employers has widened. Business Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
