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Budget focus on employment UPSC NOTE

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  Shift in Budget Focus The Budget speech emphasizes employment more than before. Prime Minister’s Employment Package A ₹2 lakh crore packa...

 Shift in Budget Focus

  • The Budget speech emphasizes employment more than before.

Prime Minister’s Employment Package

  • A ₹2 lakh crore package aims to help 4.1 crore youth over five years with three employment schemes.

  • Two schemes offer subsidies for hiring fresh entrants for at least one year.

  • A third scheme incentivizes companies to increase their hiring beyond the previous year’s level.

Institutes & Internships

  • 1,000 industrial training institutes will be updated with industry-aligned courses.

  • An internship program will place a crore youth in 500 top companies, with the Centre covering most of the stipend.

Voluntary Corporate Participation

  • Firms can join the internship scheme voluntarily and use corporate social responsibility funds for remaining costs.

Jobs Crisis

  • The focus on employment acknowledges a problem previously downplayed by the government.

  • Jobless growth criticism is not new; previous governments, including UPA, faced similar issues.


Challenges with Investment Preferences

  • Investors prefer capital-intensive projects, partly due to outdated labor laws discouraging larger, labor-intensive units.

Impact of Economic Shocks

  • The informal sector, which is crucial for employment, has been hit by demonetisation, GST, and COVID-19 lockdowns.

Way forward

  • For employment to improve, the government must address its own vacancies and stimulate consumption to drive private sector expansion and hiring.


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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Budget focus on employment UPSC NOTE
Budget focus on employment UPSC NOTE
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