India’s G20 Sherpa Amitabh Kant Highlights Job Creation in Budget 2024-25
New Delhi [India], July 23: Soon after the presentation of Budget 2024-25, India’s G20 Sherpa and former CEO of Niti Aayog, Amitabh Kant, highlighted the main focus of the annual budget as job creation. He described the budget as ‘very progressive, very pragmatic, and forward-looking,’ emphasizing its roadmap for the next three decades.
Kant stated, ‘The high key point of this Budget is employment creation, not just through specific schemes but also through sectors like tourism, MSMEs, startups, and the space sector. Urbanization, new industrial corridors, and growth centers in 100 cities will drive this growth.’
When asked about the budget’s benefits for the middle class, Kant explained that the budget should be viewed in its entirety. He noted that the middle class would benefit from a Rs 17,500 tax relief but stressed that the budget’s overall economic growth would benefit everyone.
Finance Minister Nirmala Sitharaman presented the budget, focusing on employment, skilling, MSMEs, and the middle class. She announced a Rs 2 lakh crore package to facilitate employment and skilling for 4.1 crore youth over five years, with Rs 1.48 lakh crore allocated for education and employment this year.
For first-time job market entrants, the government will provide a one-month salary of up to Rs 15,000 in three installments and reimburse up to Rs 3,000 per month for two years towards EPFO contributions for each additional employee. Additionally, 20 lakh youth will be skilled over five years, and 1,000 Industrial Training Institutes will be upgraded. A new internship scheme in 500 top companies will offer internships to one crore youth over five years, with an internship allowance of Rs 5,000 per month. Companies will cover training costs using their Corporate Social Responsibility funds.
Doubts Revealed
G20 Sherpa -: A G20 Sherpa is a representative of a country who helps prepare for the G20 meetings. The G20 is a group of 20 major economies in the world.
Amitabh Kant -: Amitabh Kant is an important Indian government official who helps with big international meetings like the G20.
Budget 2024-25 -: The Budget 2024-25 is a financial plan made by the Indian government for the year 2024 to 2025. It shows how the government will spend its money.
MSMEs -: MSMEs stands for Micro, Small, and Medium Enterprises. These are small businesses that are very important for the economy.
Finance Minister -: The Finance Minister is the person in the government who is in charge of money matters. In India, this is Nirmala Sitharaman.
Rs 2 lakh crore -: Rs 2 lakh crore is a very large amount of money. In Indian numbering, ‘lakh’ means 100,000, so 2 lakh crore is 2 trillion rupees.
Youth employment and skilling -: Youth employment and skilling means creating jobs for young people and teaching them the skills they need to work.
Incentives -: Incentives are rewards or benefits given to encourage people to do something, like hiring new employees.
Internships -: Internships are temporary jobs that help people, especially students, gain work experience in a company.
