Budget 2023: Focus On Employment Creation As per Sitharaman's words, the vision for Amrit Kaal includes a technology-driven and knowledge-based economy with strong public finances and a robust financial sector

By Teena Jose

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Finance minister Nirmala Sitharaman, while presenting the Union Budget 2023, announced the impetus to growth and job creation as one of the key focuses of the national budget.

As per Sitharaman's words, the vision for Amrit Kaal includes a technology-driven and knowledge-based economy with strong public finances and a robust financial sector. The economic agenda for achieving this vision mainly focuses on three things. (i) facilitating ample opportunities for citizens especially the youth to fulfill their aspirations (ii) providing strong impetus to growth and job creation (iii) strengthening macroeconomic stability.

In today's Budget, government focuses on the measures to upskill the youth and create more employment opportunities.

Tourism: According to Sitharaman, tourism is the one sector that holds huge opportunities for youth and also the government is planning to implement many notable policies for green and sustainable growth which will eventually reduce the carbon intensity and promote green jobs. There is a huge thrust on tourism sector in the budget.

"There is great potential for tourism, domestic and international, to promote job opportunities, especially for the youth. Promotion of tourism will be done in mission mode. 50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism.States will be encouraged to set a 'unity mall' in state capital or the most popular tourist destination in the state for the promotion and sale of 'One District, One product' and GI products and other handicraft," said Sitharaman.

In the Union Budget 2023, the minister promised 60 lakh new jobs under schemes and projects that would create employment opportunities. As per earlier reports, the government discussed schemes to increase employment in urban areas to support the gig economy.

PMKVY Scheme: Speaking about the Pradhan Mantri Kaushal Vikas Yojana (PMKVY), Sitharaman stated that the government plans to set up 30 Skill India International Centres to ensure job creation.

"The PMKVY scheme covers new age courses for industry 4.0 like coding, artificial intelligence, robotics, mechatronics, Internet of Things (IoT), 3D printing drones and other soft skills to skill youth. The government aims to skill lakhs of youth for over three years with enabled demand based skilling and sector specific skilling i.e. they will be trained with skills that are relevant in the industry," said the minister.

"The government's commitment to Make AI in India and Make AI work for India is commendable. AI has already become an integral part of businesses and is driving innovation across industries. Establishing 'Centres of Excellence for AI' and focusing on the development of skilled IT professionals, will empower the next generation of workforce and economic growth in the future. This initiative towards a robust AI ecosystem in India is truly aspiring," Opined Nitin Agarwal, co-founder and CTO of Locobuzz.

"We welcome the government's stance on 'janbhagidari' through 'sabka saath, sabka prayaas', which endeavors to build a public-private partnership model in upskilling and career development. Learners will have the option to look beyond traditional career choices and make informed career decisions. This exercise will make startups more attractive to investors since a lower tax burden means better income and returns on investment, thereby creating a more lucrative market for jobs and growth opportunities in the startup space," said Sandesha Jaitapkar, CPO and CHRO of Artha Group, while reacting to the Budget 2023.

Education Sector: With the projects like 500 new 'waste to wealth' plants, airports, infrastructure, and more announced by the finance minister, it is likely that these plants will create jobs not just during the process of building but also after these projects are functional. Focusing on empowering the youth, Sitharaman mentioned about the National Education Policy, which will be focused on skilling, facilitate job creation at scale, and at the same time create business opportunities. The Centre will also recruit 38,800 teachers and support staff for the 740 schools under Eklavya Model Residential Schools, a government of India scheme for model residential school specifically for scheduled tribes across India.

"The education sector is a key area of investment, with the launch of PM Schools for Rising India, the recruitment of 38,800 teachers, and the establishment of a National Digital Library for children. These initiatives will help equip students with the skills and knowledge needed for success in the future, and the emphasis on teacher training and innovative pedagogy will ensure that the quality of education in India continues to improve. This forward-thinking budget sets India on a path towards self-reliance and global competitiveness," said Divya Gokulnath, co-founder of BYJU'S.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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