The Union Budget 2024 has attracted a range of reactions from industry leaders, with many applauding the government’s commitment to skills development, employment generation, and technological advancement. The budget, which aims to propel India toward becoming a developed economy by 2047, has emphasised the importance of education, skills development, and manufacturing, with substantial allocations to support these sectors.
“Talent is a crucial driver of economic progress and essential to our transition toward becoming a developed economy by 2047. It is encouraging to see the government’s commitment to employment generation initiatives and youth skills development, aligned with evolving job requirements,” said Prativa Mohapatra, Vice President and Managing Director, Adobe India.
Mohapatra stated that enhancing digital infrastructure is vital for boosting productivity and developing critical skills such as AI, creativity, and digital literacy among the youth. She also stressed the need for strong government support and industry collaboration to devise strategies for providing job-ready education and targeted training programmes, investing in a merit-based and future-ready workforce.
Similarly, Pankaj Jathar, CEO, NIIT, said: “The budget announcement has laid a strong foundation for advancing education, skills development, and employment opportunities and is truly commendable.”
Jathar highlighted the substantial allocations for employment and skills development schemes, including the Rs 2 lakh crore for five employment and skills development schemes and Rs 1.48 lakh crore for education, employment, and skills development.
He noted that these allocations underscore the government’s dedication to the country’s youth and its commitment to fostering growth. The new centrally sponsored scheme aimed at developing skills in 20 lakh youth over five years was particularly lauded by Jathar, who said it would significantly contribute to fostering a skilled workforce and bridging the gap between education and industry-required skills.
“We welcome the initiatives announced in the Union Budget. The significant emphasis on manufacturing is heartwarming and much needed for the growth of the economy,” said A. Gururaj, Managing Director, Optiemus Electronics.
Gururaj emphasised the importance of a skilled workforce in the electronics manufacturing industry and praised the skills development initiatives and schemes to incentivise additional employment in the manufacturing sector.
He also welcomed the proposal to reduce the Basic Customs Duty on mobile phones, mobile PCBA, and mobile chargers to 15%, viewing it as a positive step. According to him, these measures collectively send a strong message about the manufacturing sector and its related ecosystem in India.
The overarching theme among these industry leaders is a positive reception to the budget’s focus on skills development, education, and employment generation. The initiatives to enhance digital infrastructure and provide targeted training programmes are seen as critical steps towards developing a future-ready workforce. The significant allocations for skills development and education underscore the government’s commitment to empowering the youth and propelling economic growth.
However, while the budget has been largely praised, it also brings to light the need for effective implementation and industry collaboration. Mohapatra’s call for a collaborative strategy between the government and industry to provide job-ready education and targeted training programmes highlights a critical aspect of ensuring the budget’s success. The emphasis on developing critical skills such as AI, creativity, and digital literacy is seen as essential for harnessing the opportunities presented by technological advancements.
Industry leaders view on bridging the gap between education and industry-required skills point to a longstanding issue in the Indian education system. The new skills development schemes and substantial financial allocations are expected to address this gap, providing the youth with the necessary skills to be industry-ready.
