Union Budget 2024: Catalysing Sustainable Growth, Advanced Skilling & Women Empowerment

The Union Budget 2024 signifies more than just economic decisions; it holds the promise of reshaping our workforce dynamics and fostering sustainable growth across sectors. As we eagerly await the budget announcements, there is a buzz of anticipation surrounding the policies aimed at driving job creation, skill development and empowerment within the labour force. Additionally, there is hope that these policies will nurture an environment conducive to the flourishing of the real estate sector.

At the heart of our expectations lies a pressing need for sustainable job generation across diverse sectors. In a job market characterised by rapid technological innovations and global disruptions, the forecast of economic stability and growth offers a window of opportunity to strengthen employment prospects. The budget must introduce robust tax incentives and subsidies for companies that consistently demonstrate job creation, especially in high-growth sectors like technology, manufacturing, and services. Such measures will encourage businesses to expand their workforce and invest in human capital. Additionally, financial and regulatory support for small and medium enterprises (SMEs) and start-ups is crucial. Simplified compliance processes and access to grants or low-interest loans can empower these businesses to hire more employees and contribute to the economy.

Women empowerment is another key area that deserves special attention in the budget narrative. Enhancing the socio-economic status of women and increasing their participation in the workforce are vital for holistic economic growth. Strengthening schemes like “Lakhpati Didi” by setting ambitious targets and extending healthcare coverage to women workers such as Asha and Anganwadi workers can provide better opportunities and security. Additionally, offering tax benefits and recognition to companies that make significant progress in gender diversity and inclusion can motivate more organisations to adopt inclusive policies. Creating a supportive environment for women in the workplace is essential for driving gender parity and fostering a more balanced workforce.

Labour law reforms and enhanced social security measures are crucial for safeguarding the rights and welfare of the workforce. Streamlining and simplifying labour codes to reduce compliance burdens on businesses while ensuring robust worker protection is necessary. Clear and transparent regulations will foster harmonious employer-employee relationships, benefiting both parties. Expanding social security coverage to include all workers, especially those in the informal sector, is also essential. Comprehensive schemes that provide health insurance, retirement benefits, and unemployment support can offer a safety net for workers and promote economic stability.

Investing in infrastructure and innovation is another area with the potential to trigger a ripple effect on job creation and economic growth. Significant budget allocations to support research, innovation, the establishment of centers of excellence in AI, and labs for 5G can accelerate technological advancements and create employment opportunities. Continued investments in infrastructure projects such as digital infrastructure and roads not only create jobs but also enhance the business ecosystem, attracting further investments for overall economic development. 

In today's fast-evolving technological landscape, the emphasis on upskilling and reskilling the workforce stands paramount. A well-structured budget should earmark substantial funds for comprehensive skilling programmes tailored to meet emerging market demands. Investing in vocational training centers, STEM education initiatives and fostering collaborations between educational institutions and industries are essential for equipping our workforce with future-ready skills in areas like artificial intelligence, robotics and renewable energy.

Finally, the government’s focus on empowering youth through initiatives like the National Education Policy and Pradhan Mantri Kaushal Vikas Yojana 4.0 is commendable. The budget should emphasise comprehensive skill development initiatives to prepare the youth for future job markets. Programmes focused on on-the-job training, industry partnerships and aligning courses with industry needs will equip young professionals with the skills required for Industry 4.0. Additionally, the establishment of Skill India International Centers across different states will prepare youth for international opportunities, further enhancing their career prospects.

The Union Budget 2024 has the potential to be a catalyst for change in India’s employment landscape. Prioritising sustainable employment, comprehensive skilling, women empowerment and inclusive policies can pave the way for a prosperous and equitable future. Through appropriate policy changes, the nation can harness the talent and potential of its workforce to foster growth and development, ensuring a dynamic and inclusive India that utilises technology and innovation for its advancement.

The author is Prabhakar Azad, Chief People and Process Officer, Ashwin Sheth Group.