EMPLOYMENT AND SKILLING: these words came up 23 times and 10 times, respectively, in the Budget speech of Union Finance Minister Nirmala Sitharaman on July 23. No wonder then that these are perhaps the most talked about proposals in this year's Budget, even overshadowing Part B of the Budget that deals with tax and tends to be the most-awaited part of the annual exercise.
With a population of 1.44 billion and a median age of 29 years, India's unemployment problem has been a crucial challenge confronting policymakers. What's more, nearly 80% of India's workforce is in the informal sector, making social security another concern. In fact, unemployment was a very prominent issue during the General Elections.
Factoring in these concerns, the Budget has proposed an outlay of ₹2 lakh crore over the next five years targeting 41 million youth as part of the Prime Minister's package on employment and skilling. The objective is to promote skilling and upskilling of youth to meet the requirements of employers and create an ecosystem where employers are nudged to invest more and hire more, especially first-timers, and move towards formalisation.
The announcements include three employment-linked incentive (ELI) schemes-Scheme A that will target first-time employees in the formal sector registered with EPFO and will offer one month's wage up to ₹15,000 in three instalments; Scheme B that will incentivise employment in the manufacturing sector, especially for first-timers, through a contribution to the EPFO; and Scheme C that is employer-focussed and will cover additional jobs in all sectors. Plus, there are proposals for upgrading 1,000 industrial training institutes (ITIS) where 2 million youth will be skilled over five years, and internships for 10 million youth at the Top 500 companies over five years.
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