Budget focus on job creation for youth seen spurring economic growth too

India’s job market faces a significant mismatch between the aspirations of job seekers and the reality in the employment landscape, says Anshuman Das, CEO & Co-Founder of Careernet. This is one of the reasons why many graduates are unemployed or underpaid. The good thing, he says, is that the Budget 2024-25 has made an attempt to address this issue.

The schemes and initiatives proposed in the budget bring a fresh perspective to youth employment through internship programmes and skilling initiatives. An allocation of Rs 2 lakh crore for education, employment and skilling is a substantial investment to strengthen our workforce.

Among the significant initiatives are one month’s salary support for first-time employees, encouraging companies to hire fresh talent; skilling initiatives aligned with industry needs, enhancing employability and addressing skills gaps; incentives for job creation in manufacturing, leading to increased hiring in this sector; and reimbursement of EPFO contributions to employers, creating a win-win situation for both employees and employers.

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