Union Budget 2024: Skill Development and Entrepreneurship

Union Minister for Finance and Corporate Affairs, Ms. Nirmala Sitharaman, unveiled the Interim Budget for FY 2024-25 on February 1, 2024.

Union Finance Minister Nirmala Sitharaman emphasized that the government’s focus is on achieving the vision of a ‘Viksit Bharat’ by 2047, highlighting the principle of inclusive growth embodied in the motto “sabka sath, sabka vikas.”

Union Budget 2024–25 highlights – Skill development, education, and entrepreneurship

Pradhan Mantri Kisan Sampada Yojana has benefited 38 lakh farmers and generated 10 lakh jobs.

The government projects unprecedented economic growth in the next five years, aiming for a ‘Viksit’ (developed) India by 2047.

Success stories of self-help groups highlight empowerment, with 1 crore women achieving financial prosperity.

The government is poised to make substantial investments in the country’s tourism sector.

Centre’s Efforts for Youth

The Skill India Mission has been instrumental in training 1.4 crore individuals, enhancing their empowerment and employability. Moreover, it has upskilled and reskilled 54 lakh youth while establishing 3000 new ITIs.
Substantial investments have been made in higher education, leading to the establishment of key institutions such as 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities.
PM Mudra Yojana has sanctioned 43 crore loans amounting to 22.5 lakh crores, fostering entrepreneurial aspirations among the youth.
Various schemes like Fund of Funds, Start-Up India, and Start-Up Credit Guarantee are supporting youth, enabling them to become ‘rozgardata’ or job providers.

Centre’s Efforts for Women

Female enrollment in higher education has surged by 28 percent over the past decade, with significant representation in STEM courses reflecting a global standard.
In a significant move towards financial inclusion and empowerment, Ms. Nirmala Sitharaman revealed that 34 crore Mudra Yojana loans have been extended to women entrepreneurs. This initiative underscores the government’s commitment to fostering entrepreneurship among women, thereby empowering them financially.

India’s G20 Presidency

During its G20 Presidency, India navigated global economic challenges, demonstrating resilience amidst high inflation, interest rates, and climate crises. The country facilitated consensus-building to address global issues effectively.

Ms. Nirmala Sitharaman added that India, as a G20 host, has shown the way forward and built a consensus for solutions to problems being faced by the world.

Entrepreneurship and Employment Opportunities in Electric Vehicles

The Budget 2024 also highlighted initiatives like EV (Electric Vehicle) promotion, which offers entrepreneurship and employment avenues, particularly for youth with technical skills in manufacturing, installation, and maintenance.

Also read: Union Budget 2023 – Highlights on Skill Development, Work-Integrated Education

PM Vishwakarma Yojana: End-to-End Support for Artisans

The Finance Minister Ms. Nirmala Sitharaman highlighted the PM Vishwakarma Yojana, a comprehensive initiative aimed at providing end-to-end support to artisans and craftspeople. This program is designed to recognize the importance of preserving and promoting traditional crafts, thereby contributing to the overall growth and sustenance of the artisan community.

Ms. Nirmala Sitharaman reiterated the motto “Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anusandhaan” of the Modi government, emphasizing the importance of honoring the contributions of the armed forces, farmers, scientists, and researchers in nation-building. This motto reflects a holistic approach to national development, acknowledging the pivotal roles played by various sectors.

Empowering Diverse Communities

The government introduced a scheme for Divyang and transgender individuals, aiming to empower them by creating opportunities for education, employment, and overall societal integration. This initiative underscores the government’s commitment to inclusivity and ensuring equal opportunities for all members of society.