Title: Shuffling the deck: On the Union Budget 2024-25
Finance Minister Nirmala Sitharaman’s first Budget of the BJP-led NDA government’s third consecutive term in power is a distinct attempt to tell India’s voters that it has heard the angst-ridden message from the country’s unemployed youth loud and clear. With the BJP having suffered reverses in the general election in the face of a concerted Opposition campaign that spotlighted issues agitating young voters such as a palpable lack of jobs, the Minister was keen to redress matters ahead of the slew of State elections later this year. Asserting that the women, youth and farmers were the four ‘castes’ that this government was focused on serving, Ms. Sitharaman stressed that this year’s Budget laid particular emphasis on “employment, skilling, MSMEs, and the middle class”. As a part of this effort, a package of five schemes and initiatives have been proposed with a view to facilitating employment, skilling and other opportunities for 4.1 crore youth over a five-year period with a central outlay of ₹2 lakh crore. The centrepiece is a scheme to provide a month’s wage as subsidy to all persons newly entering the workforce in a formal sector job, which would entail the employer registering the employee at the Employees’ Provident Fund Organisation (EPFO). The direct benefit transfer of one-month salary, subject to a cap of ₹15,000, would be made in three instalments to first-time employees. The key caveat is that the employer would have to refund the subsidy if the first-timer’s employment ended within 12 months of hiring. Other schemes are an incentive support for job creation in the manufacturing sector, one offering direct support to employers who boost the number of jobs registered with the EPFO, and another, a skilling programme in concert with States, and the private sector that leverages the existing network of ITIs to boost the employability of the youth. The fifth in this quiver of schemes, predictably credited as being under the aegis of the Prime Minister, is an interesting move to facilitate internship opportunities to the youth in 500 top companies. The scheme, which appears to mirror a similar proposal contained in the Congress manifesto, entails the interns being paid a monthly allowance of ₹5,000 and a one-time assistance of ₹6,000, with the participating corporates expected to bear the training cost for the 12-month period as well as 10% of the internship allowance from CSR funds. Targeted at unemployed persons aged between 21 and 24 who are not engaged in full-time education at the time of applying, the Minister said this scheme would, over a five-year period, potentially provide one crore youth with a chance to gain exposure to a real-life business environment and varied professions. All these schemes will, however, need to be weighed against the backdrop of the fact that India needs to, on average, generate 78.5 lakh non-farm jobs annually until 2030, as the Chief Economic Adviser highlighted in his Economic Survey, largely to absorb the workforce exiting agriculture.
Meaning of the word:
| Word | Meaning | Synonyms | Antonyms |
| Agitating | “Agitating” means to stir up or excite emotions, feelings, or thoughts in others, often with the intention of causing action or protest. It can also refer to physically stirring or shaking something. | Provoking Inciting Stirring Rousing | Calming Pacifying Soothing Tranquilizing |
| Asserting | “Asserting” means to state or declare something confidently and forcefully. It can also mean to insist on one’s rights or to make a claim to something | Declaring Stating Affirming Claiming | Denying Refuting Disavowing Rejecting |
| Caveat | “Caveat” is a noun that means a warning or caution about specific conditions or limitations. It is often used to advise someone to be mindful of potential risks or to consider certain factors before making a decision. | Warning Caution Admonition Notice | Assurance Guarantee Certainty Confirmation |
