'Govt cannot go alone in skilling, pvt sector crucial'

Finance Secretary TV SOMANATHAN in conversation with Ruchika Chitravanshi, Shrimi Choudhary, and Asit Ranjan Mishra discusses the Union Budget's emphasis on employment, skills, and state-level reforms. Edited excerpts:

- Ruchika Chitravanshi, Shrimi Choudhary, and Asit Ranjan Mishra

The Economic Survey has stated that around 8 million jobs in the non-farm sector need to be created each year until 2036. How many jobs could be generated this year and in subsequent years with the Budget schemes?

Job creation in the economy will occur through various inherent economic processes, not solely because of government schemes. However, will government incentives act as a catalyst for faster and greater employment? I believe so.

Industry always claims that it will spend more if given fiscal incentives. By the same logic, if you provide industry and employers with incentives to hire, they will employ more. At the margin, incentives make a difference.

We know that many companies say they struggle to find qualified people. Skilling is an area where we have found that the government cannot do it alone. Private sector or industry participation, to be more precise, is extremely important.

How will you ensure that?

The internship programme is voluntary; it is only for companies required to do corporate social responsibility (CSR). We do not expect companies to spend any of their bottom-line money on the scheme. The government will cover the lion's share of the internship cost, which is 90 per cent of the stipend.