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On the penultimate day of the presentation of Union Budget 2024, Finance Minister Nirmala Sitharaman presented the Economic survey, a comprehensive document highlighting the state of Indian Economy.
Here's what the economic survey says on employment and skill development in our country:
The last six years saw a stark improvement in the labour market. The unemployment rate declined to 3.2 per cent.
With an increase in youth and female participation in the workforce, the government has an opportunity to tap the demographic and gender divide.
Increase in in net payroll additions under EPFO showcases that there has been an increase in formal employment.
With the advent of AI, the right balance needs to be struck between collective welfare and deployment of labour.
Agro-processing and care economy are upcoming sectors which show promise in sustaining the economy.
Measures have been undertaken by the government to promote employment and create an environment for self-employment, while managing worker welfare.
The government's flagship programmes have seen a rise in the number of candidates who aim to hone and develop their skills, thus earning the moniker of 'Skill India'.
Regulatory chokeholds, however, like building codes, restricting sectors and restrictions on women's employment have hindered employment generation. Releasing such chokeholds will boost employment and also raise participation of women in labour force.
Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.