The Budget places a pivotal focus on youth and skilling, highlighting the government’s commitment to harnessing the potential of India’s young population. The allocation of Rs 2 lakh crore to benefit 4.1 crore youth over the next five years underscores the importance of equipping the younger generation with essential skills, driving them towards self-sufficiency and economic contribution.
Channelling youth power for positive outcomes
The substantial investment in youth skilling is a strategic move to bridge the gap between education and employment. By focusing on practical, industry-specific skills, the Budget aims to prepare young Indians to excel in various sectors, including healthcare, technology, and manufacturing.
Striving for self-sufficiency
It is pivotal to instil in youth the value of striving for ‘roti, kapda, aur makaan’ (food, clothing, and shelter) through their own efforts. This approach is key to prevent a dependency mindset and to encourage a workforce that is resilient, innovative, and industrious.
Practical opportunities
One of the standout features of the Budget is the initiative to provide internship opportunities for educated youth who lack practical skills. By partnering with top companies, the government plans to offer one-year internships to one crore youth. This initiative will provide them with invaluable real-life business environment exposure, particularly relevant in sectors where practical experience is essential.
Leveraging CSR for skilling
The budget also encourages the use of Corporate Social Responsibility (CSR) funds to support skilling initiatives. By leveraging CSR contributions, the government aims to enhance the reach and impact of its skilling programmes, ensuring the availability of skilled professionals.
Promoting inclusivity and innovation
The establishment of research funds and incentives for private sector-driven innovation will drive advancements in various fields. By promoting a culture of innovation, the budget aims to create an environment where young entrepreneurs and innovators can thrive.
The 2024 Budget’s focused investment in youth and skilling lays a solid foundation for incremental improvements. With the right implementation and support from all stakeholders, the initiatives outlined in the budget have the potential to transform the economic landscape of India.
Preetha Reddy
Executive Vice-Chairperson, Apollo Hospitals
Enterprises Limited