Only 4.4% of India’s young workforce is formally skilled, said the Economic Survey 2023-24. File
| Photo Credit: M. Moorthy

With only 4.4% of India’s young workforce formally skilled, linking skill development with production Linked Incentive (PLI) and employment-linked incentive schemes in high-growth potential sectors like toy, apparel, tourism, logistics and textiles would aid upgrading of skills as production moves up the value chain, the Economic Survey said on July 22.

The Survey for 2023-24 tabled in the Parliament stated, “in order to reap the demographic advantage, it is necessary to equip the workforce with employable skills and knowledge that meet the requirements of the globalised labour market”.

Currently, the PLI scheme is available for 14 sectors. Industry bodies have been demanding introduction of an employment-linked incentive scheme to promote job creation in the economy, in the face of a growing young population amidst concerns about jobless growth.

Also Read:Economic Survey 2023-24 LIVE updates

According to the Survey, to maximise the outcomes from skilling initiatives, convergence, and utilisation of synergies with other employment-centric programmes would mutually benefit the two verticals.

“Measures are being taken by government to translate India’s demographic dividend into a productivity dividend by enabling job and entrepreneurial opportunities that are in sync with the aspirations and abilities of India’s youth. It is partnering with the industry to enhance skilling with employability,” said the Survey.

Click here to download Economic Survey 2023-24

It further stated that “linking skill development with PLI scheme and employment-linked incentive schemes in high-growth potential sectors like toy, apparel, tourism, logistics, textiles, leather sector etc. would aid upgrading of skills as production moves up the value chain”.

Watch: Union Budget 2024: Insurance sector expectations

The insurance sector is one of India’s fast growing and key segments within the country’s financial system.

Given its sheer size, insurance is in itself an industry and makes for a strong case for reforms, continued push for regulatory changes and some tax tweaks.

We look at the expectations the insurance sector has from the Union Budget 2024, which will be presented by the Union Finance Minister, Nirmala Sitharaman, on July 23.

Presentation: N. Ravikumar

Video: Nagara Gopal

Production: Aniket Singh Chauhan

Jaipur:

Rajasthan Deputy Chief Minister and Finance Minister Diya Kumari, presenting the state budget in the Assembly on Wednesday, made a series of announcements, including four lakh recruitments in five years, construction of nine greenfield expressways, new tourism policy and reduction in VAT on cooking gas and CNG from 14.5 per cent to 10 per cent.

She said that more than 1 lakh recruitment will be made in the current year.

Deputy CM Kumari proposed a new ‘Youth Policy-2024’ and announced apprenticeship/internship programmes and Artificial Intelligence-based counselling for youth.

The development of an integrated system for additional resource mobilisation in online gaming, e-commerce and OTT platform services was also announced for this segment.

In her 2-hour 51-minute budget speech, the Deputy CM made many significant announcements for different segments including youth, women, and others.

She proposed the construction of nine greenfield expressways stretching to more than 2,750 km in the state.

Deputy CM Kumari also proposed the ‘Industrial Policy 2024’ based on the concept of Ease of Doing Business (EoDB).

She further proposed an Export Promotion Policy and Garment and Apparel Policy to boost exports.

The Deputy CM also proposed the development of a Textile Park in Bhilwara, Ceramic Park in Bikaner, Industrial and Logistical Hub near Bandikui in Dausa, Solar Panel Manufacturing Park in Pali, Biomass Pellet and Chemical Manufacturing Park in Banswara, Tiles Manufacturing Park in Kishangarh and Handicraft Park in Jodhpur.

The budget further proposed setting up new solar parks in Bikaner’s Pugal and Chhatargarh and Jaisalmer’s Bodana.

Deputy CM Kumari announced that all government offices in the state will be connected to solar energy in a phased manner. Also, more than two lakh houses deprived of electricity will be provided domestic electricity connections in the next two years, she said.

Tap water will be supplied to 25 lakh rural homes this year by spending Rs 15000 crore, the Deputy CM said.

She further said that the state government will also provide loans at low interest rates to women working with self-help groups. For meritorious students, the state government proposed free tablets and the internet.

Further, it was announced that a defence manufacturing hub will be established in the state.

Under a new tourism policy, the Deputy CM proposed setting up the state tourism development board as well as a heritage conservation board to develop archaeological places and heritage sites.

Rajasthan Mandapam will be developed on the lines of the Bharat Mandapam of Delhi and like Kashi Vishwanath, a corridor of Khatu Shyam Ji temple will be built at a cost of about Rs 100 crore, she said.

Deputy CM Kumari announced that Vice Chancellors in universities would be called ‘Kul Guru’.

She said that a ‘PM Unity Mall’ will be built in Jaipur to promote ODOP (one district one product). A budget of Rs 100 crore has been allocated for this.

Engineering colleges of Bharatpur, Bikaner and Ajmer will be developed as Rajasthan Institute of Technology with Rs 300 crore. Basic facilities including libraries and toilets will be developed in schools at a cost of Rs 350 crore, the Deputy CM said.

In the budget, arrangements have been made for Atal Udyam Yojana for the youth. Rs 25 crore has been announced for startups.

Also, a Rs 200-crore corpus fund will created as e-Vehicle Promotion Fund under the Electric Vehicle Policy.

In the budget, the government has estimated a revenue receipt of Rs 2.64 lakh crore, revenue expenditure of Rs 2.90 lakh crore and revenue deficit of Rs 25,758 crore.

The fiscal deficit is estimated at 3.93 per cent of the GSDP (Gross State Domestic Product).

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Under the PM Awas Yojna (Rural) housing scheme, the government aims to facilitate construction of an additional 20 million houses over the next few years. File.
| Photo Credit: Ranjeet Kumar

India plans to increase state subsidies on rural housing in the upcoming Union Budget by as much as 50% from the previous year to more than $6.5 billion, after setbacks for the Bharatiya Janata Party (BJP)in elections, two government sources said.

The planned hike in housing subsidies is part of a broader government initiative to boost spending on rural infrastructure including village roads and a jobs programme to help millions of young people stuck in the agriculture sector amid limited manufacturing jobs.

If approved, it would mark the largest annual increase in central spending on the rural housing programme since its inception in 2016.

“The government is worried over widespread rural economic distress, driven by higher food inflation and sluggish growth in farmers’ incomes,” said one of the government sources with knowledge of budget discussions.

Shares of Housing and Urban Development Corp rose as much as 9% after the Reuters report, while Aadhar Housing Finance and GIC Housing Finance rose around 4.5%.

Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) is having to rely on allies to run the government for the first time in a decade, after the opposition did much better than expected in a bitterly fought national election that ended last month.

Under the PM Awas Yojna (Rural) housing scheme, the government aims to facilitate construction of an additional 20 million houses over the next few years, after providing aid for more than 26 million homes for poor households over the past eight years.

Finance Minister Nirmala Sitharaman is expected to announce details of plan during the budget presentation later this month.

“We expect a substantial increase in allocations for several rural schemes this year, including housing, roads and jobs programme,” said the second government source, noting central subsidies for rural housing could exceed ₹550 billion, up from ₹320 billion last fiscal year.

He said state spending on the rural jobs programme was expected to increase substantially from an earlier estimate of ₹860 billion, but the government may seek parliament approval for this additional spending later, not as part of the budget.

He said a separate proposal for increasing spending on village roads was also under consideration, from earlier estimates of ₹120 billion in the current fiscal year.

Both sources spoke on the condition of anonymity as they were not authorised to discuss budget proposals with the media.

During pre-budget consultations, economists and industry leaders urged the government to ramp up rural spending to stimulate consumer demand, noting that private consumption was growing at half the pace of nearly 8% annual economic growth.

The sources said to build 20 million houses for the poor in the rural areas, the central and state governments are expected to allocate up to ₹4 trillion over the next few years, with the central government contributing around ₹2.63 trillion.

A finance ministry spokeswomen didn’t comment when asked about spending plans.

Last month, shortly after assuming office, Mr. Modi’s cabinet announced plans to assist in the construction of 30 million houses in rural and urban areas, without disclosing financial details.

The Ministry of Rural Development has proposed increasing state subsidies to about ₹2,00,000 rupees per housing unit, up from ₹1,20,000 rupees previously, citing rising costs of raw materials, the second official said.

In a pre-Budget meeting with Finance Minister Nirmala Sitharaman, players demanded incentives in terms of affordable financing option and cheaper land for setting up hospitals in Tier 3 cities. File.
| Photo Credit: ANI

The healthcare industry on June 27 demanded incentives and increased allocations for the sector in the upcoming Budget.

In a pre-Budget meeting with Finance Minister Nirmala Sitharaman, players demanded incentives in terms of affordable financing option and cheaper land for setting up hospitals in Tier 3 cities.

“Prime Minister wanted 3,000 hospitals in the tier 3 towns with 100 bed which has not happened. So, we want government should incentivise private sector in terms of cheaper electricity, cheaper land, affordable loan and single window clearences so that these hospitals can be set up,” Association of Healthcare Providers of India (AHPI) DG Girdhar Gyani said.

Indian Red Cross vice chairman Anand Pandhari said the government should create a cell which will strengthen national education policy’s implementation.

This implementation of NEP would help in capacity building for the healthcare sector.

This was the ninth Pre-Budget consultation chaired by the Finance Minister where experts from health and education sectors gave their suggestions for the upcoming general Budget 2024-25.

The Pre-Budget consultation meeting was also attended by Union Minister of State for Finance Pankaj Chaudhary along with Finance Secretary and Expenditure Secretary, Secretaries of Department of Economic Affairs, Department of Revenue, and Ministry of Finance.

Besides, Secretary, Department of Higher Education and Department of School Education, and Health Secretary also participated in the meeting.

Nagpur:

Maharashtra Deputy Chief Minister Devendra Fadnavis on Friday made light of Shiv Sena (UBT) leader Uddhav Thackeray’s criticism of the budget by saying the latter had himself once admitted he does not understand it.

The budget for 2024-25 presented in the Assembly earlier in the day by deputy chief minister and finance minister Ajit Pawar brings happiness to all sections of society with various welfare schemes, Mr Fadnavis asserted while speaking to reporters at the airport here.

Mr Thackeray had described the Maharashtra budget as a “torrent of assurances” and a “false narrative” pretending to offer something to every section of society.

“Uddhav Thackeray had earlier said, and that too on stage, that he does not understand the budget. When he has said something like this then there is no need to respond to his comment,” Me Fadnavis asserted.

Answering a query, the deputy chief minister said cotton and soybean farmers, most of whom are from Vidarbha, will get relief from the budget announcements and financial aid will be deposited in their bank accounts directly.

The decision on DBT for them was taken earlier but could not be implemented due to the model code of conduct in force for the Lok Sabha polls, the senior Bharatiya Janata Party leader said.

“Dairy farmers will get subsidy of Rs 5 per litre. The Mukhyamantri Ladki Bahin Yojana, the provision for three free gas cylinders, Rs 10,000 stipend for youth etc have brought happiness to all sections of society. The CM and finance minister have given a very good budget,” he said. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)