Modi’s New Gen Budget: Will It Create Jobs?

The New Gen Budget: Modi Government’s Bold Job Creation Plans

The Modi government’s latest budget presents ambitious plans to tackle India’s job crisis. Union Finance Minister Nirmala Sitharaman’s new initiatives aim to create millions of jobs and enhance employability. Here’s an in-depth look at the key aspects of the budget.

Key Budget Initiatives for Job Creation

The centerpiece of the budget is the ‘Prime Minister’s Package,’ designed to create jobs for 41 million youth over the next five years. This Rs 2 lakh crore initiative includes five major schemes to boost employment and skill development.

Tackling the Demographic Dividend

India’s current working-age population presents a significant opportunity. With 650 million people in the 18-35 age group, the government aims to capitalize on this demographic dividend to drive growth and avoid a future workforce crisis.

Addressing Employed Poverty

The budget also focuses on reducing ‘employed poverty,’ where individuals are employed but still struggle financially. By shifting labor from agriculture to more productive sectors, the government aims to enhance overall economic productivity.

Innovative Schemes for Employment and Skilling

Three new schemes are introduced to provide financial incentives for employers. These include subsidies for new hires, support for bulk hiring in manufacturing, and incentives for hiring additional employees. Additionally, a Rs 63,000 crore scheme will offer internships and training to 10 million youth.

Challenges and Future Prospects

Despite these ambitious plans, challenges such as labor laws and regulatory constraints remain. The government’s approach to involve both public and private sectors aims to address these issues and drive sustainable job creation.

Aakhir Tak Editor-in-Chief

See Full Bio