The Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman emphasizes on skill development and employment generation – two very important areas for realizing the country’s demographic dividend. The three schemes for the employment-linked incentives shall facilitate smooth entry of graduates and post-graduates into industry through the one-month wage allowance and EPFO contribution. The decision to upgrade 1000 industrial institutes and aligning the course content with the industry needs will address the skills gap. Many of India’s youth who have the potential but can’t afford quality higher education will benefit immensely from the provisions for availing loans upto Rs. 10 lakh through e-vouchers. This initiative will also improve the gross enrolment ratio in higher education from its present 28.4% to the 50% target for 2035 proposed in the National Education Policy 2020. To provide learners an industry exposure, the initiative to give internship to 1 crore youth in the next five years is indeed commendable. With an outlay of 1.48 lakh crore collectively for education, skilling and employment, the Union Budget is aimed at empowering the youth to play an active role in nation-building for Viksit Bharat.
