The Union Budget 2024 has been unveiled, and it’s clear that the government is committed to driving economic growth, employment, and skilling opportunities for the nation’s youth. The budget outlines a comprehensive plan to facilitate employment, skilling, and other opportunities for 4.1 crore youth over the next five years, with a central outlay of ₹2 lakh crore. This article will delve into the 13 key points that highlight the government’s priorities and initiatives to achieve sustainable growth.
Employment and Skilling
The budget allocates ₹1.48 lakh crore for education, employment, and skilling, with a focus on upskilling 20 lakh youth over the next five years. To achieve this, 1,000 Industrial Training Institutes will be upgraded in hub and spoke arrangements, with course content and design aligned to the skill needs of industry. New courses will be introduced to cater to emerging needs, ensuring that the workforce is equipped to meet the demands of a rapidly changing economy.
Critical Mineral Mission
The government has announced the establishment of a Critical Mineral Mission to promote domestic production, recycling, and overseas acquisition of critical minerals. This mission will focus on technology development, skilled workforce, extended producer responsibility framework, and a suitable financing mechanism. This initiative aims to reduce India’s dependence on imported critical minerals and promote self-sufficiency.
Energy Transition
The budget emphasizes the need for energy security, availability, accessibility, and affordability. A policy document will be released outlining appropriate energy transition pathways that balance employment, growth, and environmental sustainability. The government has also launched the PM Surya Ghar Muft Bijli Yojana, which aims to install rooftop solar plants to provide free electricity to 1 crore households. Additionally, a policy for promoting pumped storage projects will be introduced to facilitate the integration of renewable energy into the overall energy mix.
Nuclear Energy and Advanced Technologies
The government has announced plans to partner with the private sector to develop small and modular nuclear reactors, as well as research and development of newer technologies for nuclear energy. The R&D funding announced in the interim budget will be made available for this sector. Furthermore, the development of indigenous technology for Advanced Ultra Super Critical (AUSC) thermal power plants has been completed, and a joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant using AUSC technology.
Support to MSMEs and Traditional Industries
The budget provides financial support to traditional micro and small industries to shift to cleaner forms of energy and implement energy efficiency measures. This scheme will be replicated in another 100 clusters in the next phase. Additionally, the government has announced plans to create a roadmap for hard-to-abate industries to transition from energy efficiency targets to emission targets.
Customs Duty Reduction/Exemption
The budget proposes several customs duty reductions and exemptions to encourage energy transition and promote the growth of strategic sectors. These include the expansion of the list of exempted capital goods used in the manufacturing of solar cells, complete exemption of customs duties on 25 critical minerals, and reduction of BCD on two of them. The exemption from BCD on nickel cathode will continue, while the exemption on solar glass and tinned copper interconnect will not be extended, indicating confidence in the domestic industry’s ability to supply these components.
In conclusion, the Budget 2024 is a forward-looking document that prioritizes employment, skilling, and sustainable growth. The government’s initiatives and policies outlined in the budget are designed to drive economic growth, promote energy security, and support the growth of MSMEs and traditional industries. As India strives to become a $5 trillion economy, this budget provides a roadmap for achieving that goal.