Finance Minister Nirmala Sitharaman emphasized women’s workforce participation as a key priority in the Union budget 2024-25. To enhance female labour force participation in both rural and urban areas, the finance minister announced plans to set up working women’s hostels in partnership with industry, organise women-specific skilling programs, and improve market access for women-led SHG enterprises.
The budget for Education, Skilling, and Employment has been increased by 30%, from ₹1.13 lakh crore last year to ₹1.48 lakh crore this year.
Employment scenario to propel
“The three schemes proposed by the government for encouraging employment for new candidates shall propel the employment scenario in the country. The wage subsidy for the employees and the support to the employers shall encourage employers to hire fresh candidates for their organisations; furthermore, the linkage to EPFO registration shall help the cause of the formalisation of jobs in the country,” says Shantanu Rooj, Founder and CEO, TeamLease Edtech.
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Focus on skilling
The government’s renewed focus on youth employment and skilling is seen as the beginning of a brighter future. “The Rs 2 lakh crore allocation for employment schemes, incentives for job creation, and the plan to skill 20 lakh youth over five years are welcome initiatives,” says Ankit Aggarwal, Founder & CEO, Unstop.
For Ankit, support for higher education loans and the push for women in the workforce is also a big plus. “It feels good to see the government recognising the need to focus on key areas that can make our journey towards a skill based economy smoother.”
Pro-viksit Bharat budget
The Budget 2024–25 will enable citizens to transform the country into “Viksit Bharat, says Pranay Prakash, Head of Human Resources, BluWheelz. “The trinity of “demography, democracy, and diversity” will ensure the inclusive economic participation of every individual, which will pave the way for our nation’s progress.”
Boost for women empowerment
Establishing hostels and women-specific skilling programs, alongside promoting internships in top companies, says Rashmi Mittal, Pro Chancellor, LPU. “The provision of a Rs 5,000 internship allowance and Rs6,000 one-time assistance, along with skilling 20 lakh youth over five years, will significantly boost opportunities. These measures, coupled with enhanced educational support, will empower women and youth, driving India’s economic and social progress forward.”
Seeing this as a forward-thinking move that recognises the untapped potential of women in driving India’s economic progress and social development, Shalini Aggarwal, a certified soft skills trainer says, by setting up hostels and creating partnerships for women-specific skilling programs, the government is addressing critical barriers to women’s employment. “This initiative will empower women, enhance their skills, and provide them with safe and supportive environments.”