In this year’s budget, there is a strong focus on skill development and employment with the announcement of a package of five schemes and initiatives aimed at facilitating job creation. The “Prime Minister’s package for employment and skilling” is described as holistic and comprehensive, with a total budget of Rs 2 lakh crore over the next five years.
Part of the budget allocation includes Rs 1.07 lakh crore for three schemes related to formalizing employment through EPFO, bulk hiring in manufacturing, and providing reimbursement to employers. Additionally, Rs 63,000 crore is earmarked for internships in top 500 companies, benefiting one crore youth in the age group of 21-24 years. Furthermore, Rs 30,000 crore will be spent on upgrading 1,000 ITIs.
The industry’s increased involvement is expected to enhance the effectiveness of these initiatives, particularly in integrating industry and academia through work-integrated degree programs. Despite previous challenges, the government is committed to improving skill development and employment opportunities to address the changing landscape of Industry 4.0.
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