Nirmala Sitharaman’s Big Plan: 4.1 Crore Jobs and Support for Women in 2024 Budget
Union Finance Minister Nirmala Sitharaman announced an employment generation plan in the Union Budget for the fiscal year 2024-25. The plan aims to create approximately 4.1 crore jobs over the next five years, with a substantial allocation of Rs 2 lakh crore to drive this initiative.
Industry leaders have expressed strong support for the budget’s focus on employment generation and workforce development. Sanjeev Krishan, Chairperson of PwC in India, said, “The budget highlights India’s next leap forward – empowering the very nucleus of the nation – Indian citizens. Right from driving the participation of women in the workforce to enhancing the employability of the youth across the nation, the focus on building a future-ready workforce is evident.”
The proposed employment generation plan includes a range of measures to enhance job creation and skill development across the country. A portion of the budget, Rs 1.48 crore, has been earmarked for skilling initiatives, targeting the training of 20 lakh youth over a five-year period. Furthermore, Sitharaman announced the upgrade of 1,000 industrial training institutes to better equip the workforce with the necessary skills to meet industry demands.
In a step to encourage youth employment, the budget includes a one-time wage incentive for all first-time employees across all sectors. This incentive, provided through Direct Benefit Transfer (DBT), aims to reduce the initial financial burden on new entrants to the workforce and promote smoother transitions into employment.
A highlight of the budget was its focus on women’s participation and upskilling in the workforce. An allocation of over Rs 3 lakh crore has been made for schemes benefiting women and girls. This includes specific programs aimed at increasing women’s participation in various sectors, including the rapidly growing online gaming industry.
Nikita Luther, Brand Ambassador of Natural8 India, said, “The 2024 Budget’s dedicated focus on women’s upskilling programs and increasing women’s participation in the workforce. Finance Minister Nirmala Sitharaman has prioritized women-led development, allocating over Rs 3 lakh crore for schemes benefiting women and girls.” She added, “With these progressive measures, women will receive the essential support needed for upskilling, enabling them to tap into diverse sectors, including the burgeoning online gaming space.”
Doubts Revealed
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the country’s money and budget.
4.1 Crore Jobs -: 4.1 crore means 41 million. The plan is to create 41 million jobs in India over five years.
2024 Budget -: The 2024 Budget is a financial plan for the year 2024, where the government decides how to spend its money.
Union Finance Minister -: The Union Finance Minister is the person in charge of the financial matters of the whole country of India.
Rs 2 lakh crore -: Rs 2 lakh crore is a very large amount of money, equal to 2 trillion rupees. It is being set aside for creating jobs.
Skilling 20 lakh youth -: Skilling means teaching people new skills. 20 lakh means 2 million young people will be taught new skills to help them get jobs.
One-time wage incentive -: A one-time wage incentive is a special payment given to first-time employees to encourage them to start working.
Rs 3 lakh crore -: Rs 3 lakh crore is another large amount of money, equal to 3 trillion rupees. This money is for programs that help women.
Industry leaders -: Industry leaders are important people who run big companies. They support the government’s focus on creating jobs and helping workers.