BUDGET FOR AN EMPOWERED AND DEVELOPED INDIA

India, now the world's most populous nation with over 1.4 billion people, boasts a significant working-age demographic, with about 65 percent of its population between 15 and 64 years.

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Recognizing this demographic dividend, the Modi government has consistently focused on youth empowerment through initiatives like the Skill India Mission, Start Up India and targeted provisions in the Union Budgets.

The Union Budget 2024 explicitly emphasizes on job creation and youth empowerment, crucial for propelling India's economic growth. Key initiatives include the Production Linked Incentives (PLI) scheme to boost manufacturing and job creation, along with Industry-linked Incentives and the Employment Linked Incentives.

Schemes like Pradhan Mantri Kaushal Vikas Yojana, Startup India, Make in India, and Atmanirbhar Bharat aim to equip youth with skills and opportunities for entrepreneurship.

Investments in infrastructure, digital advancements, and education reforms further align with market needs, preparing young Indians for a competitive global economy.

The Union Budget 2024 delineates a roadmap to harness India's demographic dividend, aiming to transform the country's youthful energy into a powerful driver of economic prosperity and realizing Prime Minister Narendra Modi's vision of a Viksit Bharat an empowered and developed India.

The focus of the Union Budget 2024 was to empower youth by job creation, hence, emphasis was laid on creating 8 million jobs annually until 2036. It introduced three 'Employment Linked Incentive' schemes: Scheme A-First-time Employment providing a salary benefit for new EPFO-enrolled employees; Scheme B-Job Creation in Manufacturing EPFO-based incentives to manufacturing employers; and Scheme C - Support to Employers- reimbursing EPFO contributions for workforce expansion. With a total outlay of Rs. 107,000 crores, these schemes highlight the government's focus on employment generation.