India’s 2024 Budget : Key Takeaways for Youth and Students
The 2024 Union Budget, presented by Finance Minister Nirmala Sitharaman, brings forth a host of initiatives aimed at empowering India’s youth. This budget, a crucial step towards the vision of a developed India by 2047, addresses the aspirations and needs of the younger generation across various sectors. From education and skill development to employment generation, entrepreneurship, affordable housing, and healthcare, this youth-focused budget seeks to lay a robust foundation for the future leaders of the nation.
1. Enhanced Education and Skill Development for Youth
New Skill Development Programs: Recognizing the importance of emerging technologies, the budget introduces new skill development programs focused on AI, machine learning, and renewable energy. These programs are designed to equip students with the skills necessary to thrive in the modern job market.
Increased Funding for Education: The budget allocates substantial funds to improve the infrastructure and quality of education across institutions. This initiative aims to provide students with better facilities and resources, fostering an environment conducive to learning and innovation.
2. Employment Generation Initiatives in the 2024 Union Budget
New Employment Schemes: Five new schemes targeting employment generation for the youth have been launched. These schemes aim to create job opportunities in various sectors, particularly in infrastructure and green energy, aligning with the government’s focus on sustainable development.
Increased Capital Expenditure: An 11% increase in capital expenditure, totaling ₹11.11 trillion, is expected to create numerous job opportunities. This investment in infrastructure development will directly benefit young job seekers by generating employment in construction, technology, and related fields.
3. Support for Startups and Young Entrepreneurship
Tax Incentives and Funding: The budget enhances support for startups through tax incentives and easier access to funding. This move encourages entrepreneurial ventures among the youth, providing them with the financial backing needed to innovate and grow their businesses.
Innovation and Self-Reliance: A significant allocation of ₹1 trillion is set aside for a fund aimed at promoting deep-tech and defense technologies. This initiative is expected to drive innovation and self-reliance, offering young entrepreneurs and researchers opportunities to develop cutting-edge technologies.
4. Affordable Housing for all
New Housing Schemes: To address the housing needs of young professionals and middle-class families, the budget introduces new schemes under the PM Awas Yojana. These schemes aim to provide affordable housing options, ensuring better living standards for the youth.
Rural Housing Initiatives: The government plans to construct two crore homes in rural areas over the next five years. This initiative not only provides housing but also creates job opportunities in rural construction and allied sectors.
5. Expanded Healthcare Coverage
Ayushman Bharat Scheme: The expansion of the Ayushman Bharat scheme now includes ASHA workers, Anganwadi Workers, and helpers, ensuring better healthcare coverage for these essential service providers and their families.
6. Tax Reforms Benefiting Young Professionals
Adjustments in Income Tax Slabs: The budget introduces adjustments to the income tax slabs and increases the standard deduction, providing financial relief to young salaried professionals. These changes aim to lighten the financial burden and increase disposable income for the youth.
The 2024 Union Budget presents a comprehensive approach to addressing the needs and aspirations of India’s youth and students. With a strong focus on education, employment, entrepreneurship, housing, and healthcare, the budget lays a robust foundation for the younger generation to build a prosperous and sustainable future. As India marches towards its goal of becoming a developed nation by 2047, these initiatives are crucial steps in empowering the youth to lead the way.
