Union Budget 2024: What New Changes To Expect On Women's Empowerment & Employment From FM?

As Finance Minister Nirmala Sitharaman gears up to present the Union Budget in July, the nation waits with bated breath. This will mark her seventh time presenting the budget since she took office as the Finance Minister, and expectations are sky-high. Her previous budget address in the interim budget of 2024 was her shortest yet, at just 56 minutes, a stark contrast to her typically lengthy speeches. The interim budget emphasized four key areas: women, the poor, youth, and farmers, setting the stage for the comprehensive plans anticipated in the upcoming full budget.

The interim budget provided a glimpse into the government's priorities, focusing on development, taxation, agriculture, and women empowerment.

Sitharaman's interim budget speech was laden with references to "development" and "viksit". This shows the government's focus on a developed India by 2047, a vision encapsulated in "Viksit Bharat 2047." The budget reviewed the various development initiatives undertaken over the past decade under the Modi administration, promising a detailed roadmap in the full budget to drive the nation's progress.

Taxation

With multiple references to taxation, the interim budget highlighted significant benefits for startups and sovereign wealth funds. Although there were no major tax reliefs for the salaried class, the scrapping of certain categories of outstanding direct tax demands brought relief to up to one crore taxpayers. These moves are part of the government's broader strategy to streamline taxation and promote economic activity.

Focus on Farmers

The term "Annadata" featured prominently in the budget speech, reflecting the government's focus on the agricultural sector. Plans to promote investments in post-harvest activities, modern storage, and supply chains were announced, alongside comprehensive programs for dairy farmers and increased spending on fisheries to boost productivity. These initiatives are designed to uplift the agricultural sector, ensuring better incomes and living standards for farmers.

Women Empowerment

Women's empowerment was a major theme in the interim budget. The government revised targets under the "Lakhpati Didi" scheme and extended healthcare coverage to Asha and Anganwadi workers. These measures aim to enhance the socio-economic status of women, providing them with better opportunities and security.

Employment and Skill Development

The interim budget emphasized job creation through various government schemes, such as the Pradhan Mantri Kisan Sampada Yojana and Pradhan Mantri Matsya Sampada. Significant funds were allocated for research and innovation (Rs 1 lakh crore) and infrastructure (Rs 1,11,111 crore), aimed at spurring job growth.

Jasvinder Bedi, Managing Partner at Biz Staffing Comrade Pvt Ltd, highlighted the importance of job creation and skill development in his pre-budget expectations. "The job market has been like a rollercoaster with its ups and downs influenced by technological advancements and global influences," Bedi remarked. "With a stronger GDP forecast, the job market now looks set for stability, maybe even growth. The increasing demand for talent and higher consumption in India make the future look bright for both job seekers and employers."

Bedi stressed the need for measures focusing on employee welfare, formal job creation, reducing compliance complexity, and addressing the skill-gap challenge. He emphasized the critical role of the staffing industry in opening up employment opportunities and fueling economic growth, suggesting that the industry deserves official recognition and support.

Ramesh Alluri Reddy, CEO at TeamLease Degree Apprenticeship, echoed similar sentiments. He expects the upcoming budget to reinforce India's economic priorities, particularly through initiatives like Make in India, the PLI scheme, the Skill India Mission, and Digital India. "The budget is expected to prioritize skill development and expand apprenticeship programs, crucial for building a highly skilled workforce capable of advanced manufacturing and tech adoptions," Reddy said.

Reddy outlined several key reforms needed to enhance the apprenticeship system, including increasing the apprenticeship quota in PLI-registered organizations and providing government incentives for TPAs to support MSMEs. He also suggested extending the tenure of apprenticeships to reflect the current higher secondary education to postgraduate education pathway, simplifying regulatory frameworks, and integrating an Apprenticeship Credit Framework in line with the NEP and NSQF.

Economic Growth and Development
The upcoming Union Budget is expected to lay out a detailed roadmap for India's development, focusing on economic growth, job creation, and social inclusion. With the Modi government at the helm, the budget is anticipated to reinforce India's economic priorities, acknowledging that progress can only be achieved through strategic initiatives and robust foundations.

The budget will likely emphasize strengthening domestic industries across various sectors, investing in human capital, infrastructure, and education. This includes not only creating jobs but also addressing skill gaps, which are crucial for sustaining economic growth.

Key Expectations

Skilling and Workforce Development: The need for upskilling and reskilling has become more significant, especially in technology. The budget is expected to allocate more funds for structured and comprehensive skilling programs, aligning the workforce with emerging market demands. Vocational training, STEM education, and digital upskilling programs are anticipated to receive substantial support.

Employment Generation: Sustainable employment generation and micro-entrepreneurship are seen as crucial for driving India's economic growth. The government is expected to announce measures to increase women's participation in the workforce and support various initiatives aimed at job creation.

Infrastructure and Innovation: Significant investments in infrastructure and innovation are expected to continue, aimed at creating jobs and driving economic growth. The budget is likely to allocate substantial funds for research and development.

Taxation Reforms: While the interim budget provided some tax reliefs, the full budget is expected to introduce further measures to streamline the taxation system, providing relief to taxpayers and promoting economic activity.

Agricultural Development: The government is expected to continue its focus on the agricultural sector, introducing measures to boost productivity and income for farmers. Investments in post-harvest activities, modern storage, and supply chains are likely to be emphasized.

Women Empowerment: Initiatives aimed at women empowerment are expected to receive continued support, with measures to enhance healthcare coverage, economic opportunities, and social security for women.

As Nirmala Sitharaman prepares to announce the Union Budget, the nation looks forward to a detailed roadmap that will drive India towards its developmental goals. With a focus on economic growth, job creation, and social inclusion, the budget is expected to set the stage for a prosperous and developed India by 2047.

The upcoming budget has the potential to shape the nation's future, addressing critical issues and laying the groundwork for sustained economic growth and development. The government's focus and work on "Viksit Bharat 2047" will be closely watched, with hopes that the budget will provide the necessary impetus for India.